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

                      A S I A   P A C I F I C

          Thursday, January 18, 2018, Vol. 21, No. 013

                            Headlines


A U S T R A L I A

AIR360 PTY: First Creditors' Meeting Set for Jan. 25
AVIATION ENGINEERS: First Creditors' Meeting Set for Jan. 25
BIS INDUSTRIES: S&P Lowers CCR to 'D' Then Withdraws Rating
CATERING CONNECTION: First Creditors' Meeting Set for Jan. 29
HUMMINGBIRD HOMES: Administrator Recommends Firm's Liquidation

RANVEER MEDICAL: Second Creditors' Meeting Set for Jan. 24
SPECIALTY PRODUCE: First Creditors' Meeting Set for Jan. 24
SPLASH BAY: Second Creditors' Meeting Set for Jan. 31


C H I N A

CIFI HOLDINGS: Fitch Rates Proposed USD Senior Notes 'BB'
CIFI HOLDINGS: S&P Rates New US Dollar Sr. Unsecured Notes 'B+'
GEELY AUTO: Positive Profit Alert No Impact on Moody's Ba1 CFR
HNA GROUP: Unit Halted From Trading, Pending Major Announcement
PARKSON RETAIL: Fitch Ups IDR to B- After Bond Refinancing

TAHOE GROUP: Fitch Assigns B- Rating to US$425MM Senior Notes


H O N G  K O N G

LIFESTYLE INT'L: Fitch Affirms BB+ IDR; Revises Outlook to Stable


I N D I A

AG8 VENTURES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
AHAN ADD: CARE Assigns B+ Rating to INR18.20cr LT Loan
AJANTA GARTEX: CARE Assigns B+ Rating to INR5.99cr LT Loan
AKASH PET: CARE Reaffirms B+ Rating on INR6.80cr LT Loan
ARMAAX AUTO: CRISIL Lowers Rating on INR4.15MM Demand Loan to D

BANASHANKARI ENGINEERS: CARE Assigns B+ Rating to INR2cr Loan
C. J. CORPORATION: CARE Moves D Rating to Not Cooperating
CALCUTTA RADIO: Ind-Ra Puts 'BB-' Issuer Ratings, Outlook Stable
CH.GOWRI SHANKAR: Ind-Ra Upgrades LT Issuer Ratings to 'BB+'
DECCAN JEWELLERS: CARE Lowers Rating on INR29cr LT Loan to B+

DYNAMIC CG: CARE Moves D Rating to Not Cooperating Category
ELKOSTA SECURITY: CARE Reaffirms B Rating on INR7cr LT Loan
EXCELLENT MOULDERS: Ind-Ra Affirms 'BB' Rating; Outlook Stable
FLEXPACK FIBC: CARE Moves B Rating to Not Cooperating Category
FORTUNE CARS: CARE Lowers Rating on INR19.50cr Loan to 'B'

FRIENDS POLYPACK: CARE Moves B+ Rating to Not Cooperating
GWALIOR BYPASS: CARE Reaffirms D Rating on INR161.26cr Loan
HIGHNESS COTTON: CARE Moves B+ Rating to Not Cooperating Category
ICE TOUCH: CARE Upgrades Rating on INR7cr LT Loan to B+
J. M. D. INDUSTRIES: CRISIL Cuts Rating on INR8.0MM Loan to D

KHANDAKA SONS: CARE Assigns B Rating to INR6cr Long Term Loan
MADHAR NALA: CRISIL Assigns B Rating to INR5MM LT Loan
METHRA INDUSTRIES: CARE Reaffirms D Rating on INR5.64cr LT Loan
MOHAN GOLDWATER: Ind-Ra Affirms 'BB' Ratings, Outlook Stable
OM COTTEX: CARE Moves D Rating to Not Cooperating Category

PK GLOBAL: CRISIL Reaffirms B+ Rating on INR2.7MM Cash Loan
SAI OM: CRISIL Reaffirms B Rating on INR2.75MM Cash Loan
SHAKTHI KNITTING: Ind-Ra Migrates 'BB+' Rating to Not Cooperating
SHRIRAM TRANSPORT: Fitch Affirms BB+ IDR; Outlook Stable
SRI KUMARAN: CARE Assigns B Rating to INR17.10cr LT Loan

SSZ COMMODITIES: CRISIL Moves B+ Rating to Not Cooperating
SUBHANG CAPSAS: CARE Moves B+ Rating to Not Cooperating Category
SUPER COTTON: CARE Moves B+ Rating to Not Cooperating Category


I N D O N E S I A

MEDCO ENERGI: Fitch Assigns B Rating to New USD Notes
MEDCO ENERGI: Moody's Affirms B2 CFR; Alters Outlook to Positive
MEDCO ENERGI: S&P Rates New US Dollar Sr. Unsecured Notes 'B'
SAWIT SUMBERMAS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+'
WIJAYA KARYA: Moody's Assigns Ba2 Rating to New Sr. Unsec. Bonds


J A P A N

TK HOLDINGS: Unsecureds to Recover 0.1% - 0.4% Under Latest Plan


N E W  Z E A L A N D

BANKS GROUP: Sold for NZ$2.3 Million, Covering BNZ Loan
BEST PACIFIC: Breaches Funding Conditions and Education Act
ROSS ASSET: Liquidators to Chase 10 Former Investors for Funds


P H I L I P P I N E S

LAPU-LAPU RURAL BANK: Depositors Claims Deadline Set January 29


                            - - - - -


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A U S T R A L I A
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AIR360 PTY: First Creditors' Meeting Set for Jan. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of Air360 Pty
Ltd will be held at 'Wharf Room' Twin Towns, Level 3, 2 Wharf
Street, in Tweed Heads, New South Wales, on Jan. 25, 2018, at
11:30 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Air360 Pty on Jan. 15, 2018.


AVIATION ENGINEERS: First Creditors' Meeting Set for Jan. 25
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aviation
Engineers Pty Ltd will be held at 'Wharf Room' Twin Towns, Level
3, 2 Wharf Street, in Tweed Heads, New South Wales, on Jan. 25,
2018, at 11:00 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Air360 Pty on Jan. 15, 2018.


BIS INDUSTRIES: S&P Lowers CCR to 'D' Then Withdraws Rating
-----------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating to 'D' from 'CC' on BIS Industries Ltd.,
an Australia-based mining-logistics company.

S&P said, "At the same time, we lowered the rating on the
company's payment-in-kind (PIK) notes issued by BIS' related
entity Artsonig Pty Ltd to 'D' from 'C'.

"We are withdrawing our corporate credit rating on BIS and the
issue rating on its PIK notes at Artsonig Pty Ltd. at the
issuer's request.

"The rating actions follow the completion of BIS' scheme of
arrangement to recapitalize the company, which we consider to be
a distressed exchange.

"In our view, the recapitalization has improved BIS' capital
structure because it has reduced about AUD685 million of debt
from the company's senior facilities."


CATERING CONNECTION: First Creditors' Meeting Set for Jan. 29
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Catering
Connection Enterprises Pty Ltd will be held at the offices of
Clifton Hall, Level 3, 431 King William Street, in Adelaide,
South Australia, on Jan. 29, 2018, at 12:30 p.m.

Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of Catering Connection on Jan. 16,
2018.


HUMMINGBIRD HOMES: Administrator Recommends Firm's Liquidation
--------------------------------------------------------------
Giuseppe Tauriello at The Advertiser reports that the
administrator of Hummingbird Homes SA has recommended creditors
liquidate the company when they meet to decide the company's fate
today, Jan. 18.

In his latest report to creditors, BCR Advisory's Stephen James
has also suggested the company may have been trading while
insolvent for at least a year before entering administration - an
offence that carries up to five years' jail, The Advertiser
relates.

According to The Advertiser, the report suggests unsecured
creditors, owed a total of AUD1.3 million, can expect a return of
up to 6.7 cents in the dollar if the company is liquidated,
compared to a repayment of up to 0.9 cents if a deed of company
arrangement proposal is accepted.

Ross McOmish, father of Hummingbird Homes SA director Daniel
McOmish, would contribute AUD85,000 as part of his proposal to
hand back control of the company to his son, The Advertiser says.

The Advertiser relates that Mr. James said the proposal would
allow the company to continue legal proceedings regarding leaking
cellars in a North Adelaide townhouse development, for which it
has already incurred AUD300,000 in legal fees.

Under liquidation, the proceedings would be abandoned, The
Advertiser states.

"The company will be responsible for funding the legal action,
will run the risk of costs orders if it loses, but will also be
the recipient of funds if it is successful," the administrator's
report, as cited by The Advertiser, said.  "Those funds will not
be available for return to creditors but will remain with the
company."

A deed of company arrangement would also prevent employees, owed
more than AUD29,000, from making a claim under the Federal
Government's Fair Entitlements Guarantee, which provides
financial assistance to workers affected by employer insolvency,
The Advertiser relates.

According to The Advertiser, Mr. James reports that liquidation
would also offer the opportunity to recover up to AUD400,000 in
unfair preference payments made by the company in the six months
leading up to its collapse.

Payments made to a creditor in the six months prior to
administration can be recovered where the company was deemed to
be insolvent at the time, The Advertiser says.

"Based on my review of the company's records, specifically
payment arrangements and deeds of compromise entered into between
the company and creditors, I have identified payments to
creditors in the six months prior to the commencement of the
administration that have the potential to give rise to
approximately 100 unfair preference claims," the administrator's
report, as cited by The Advertiser, said.

Mr. James' preliminary investigations suggest the company was
trading while insolvent since at least Jan. 31, 2017, The
Advertiser discloses.

However, with no property in his name, Mr. McOmish would not have
the financial capacity to meet a judgment or order against him
for insolvent trading, Mr. James reports, The Advertiser adds.

Under the Corporations Act company directors found guilty of
trading insolvent can face civil penalties of up to AUD200,000 or
criminal penalties of a maximum AUD220,000 fine and up to five
years in jail.

Creditors will have to wait up to two years to receive any
dividend. They will vote on whether to liquidate the company at a
creditors' meeting today, The Advertiser adds.

                      About Hummingbird Homes

Hummingbird Homes SA was established in 2006 building luxury
homes for clients largely in Adelaide's eastern suburbs.

Stephen Glen James of BCR Advisory was appointed as administrator
of Hummingbird Homes on Dec. 1, 2017.


RANVEER MEDICAL: Second Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ranveer
Medical Practice Group Pty Ltd has been set for Jan. 24, 2018, at
11:00 a.m. at the offices of SV Partners, 138 Mary Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 23, 2016, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Ranveer Medical Practice on Dec. 8, 2017.


SPECIALTY PRODUCE: First Creditors' Meeting Set for Jan. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Specialty
Produce Lara Pty Ltd will be held at The Boardroom, APL
Insolvency, Level 5, 150 Albert Road, in South Melbourne,
Victoria, on Jan. 24, 2018, at 11:00 a.m.

Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Specialty Produce on Jan. 15, 2018.


SPLASH BAY: Second Creditors' Meeting Set for Jan. 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of Splash Bay
Pty Ltd has been set for Jan. 31, 2018, at 10:00 a.m. at the
offices of Robson Cotter Insolvency Group, Unit 1, 78 Logan Road,
in Woolloongabba, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 30, 2018 at 4:00 p.m.

William Roland Robson and Bill Cotter were appointed as
administrators of Splash Bay on Jan. 8, 2018.



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


CIFI HOLDINGS: Fitch Rates Proposed USD Senior Notes 'BB'
---------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) proposed US dollar senior
notes an expected rating of 'BB(EXP)'.

The final rating is contingent on the receipt of final documents
conforming to information already received. The notes are rated
at the same level as CIFI's senior unsecured debt rating as they
represent direct, unconditional, unsecured and unsubordinated
obligations of the company. The proceeds of the notes will be
used to refinance debt and for general corporate purposes.

KEY RATING DRIVERS

Larger Scale: Fitch expects CIFI's attributable contracted sales
to quadruple from 2015 levels to around CNY75 billion in 2018
based on its project-launch pipeline and strong land bank. Total
attributable contracted sales for 2017 rose strongly by 88% yoy
to CNY55 billion, after CIFI doubled its number of ready-for-sale
properties. The larger scale gives CIFI a more stable sales base
and greater financial flexibility for land acquisitions. The
average selling price (ASP) of contracted sales in 2017 slightly
decreased to CNY16,500 per sq m from CNY18,200 a year earlier due
to a lower contribution from first-tier cities, where stricter
pricing controls are in place.

Leverage to be Stable: CIFI's net leverage, measured by net
debt/adjusted inventory with proportionate consolidation of JVs
and associates, was 36.1% at end-June 2017. This was higher than
the 29.5% at end-2016, but lower than that of most 'BB' rated
Chinese homebuilders. The low leverage was due to CIFI's prudent
land acquisitions and adoption of the JV model, which improves
operational efficiency and lowers land acquisition and funding
costs. Fitch expects leverage to remain stable for the next 12-18
months because CIFI's land acquisitions in 1H17 have given it
abundant resources for 2018 and it raised HKD2.4 billion in a
share placement at end-July 2017.

Healthy Margin: CIFI's EBITDA margin, excluding the effect of
acquisition revaluation, has been consistently above 25% and
further increased to 28.4% in 1H17, from 25.5% in 1H16. Fitch
expects the margin to continue widening to 30% by 2018 due to its
resilient ASP and low land bank costs, which Fitch estimates at
30% of the contracted ASP. CIFI's large portfolio of projects in
Tier 1 and 2 cities and its shift to offer products that appeal
to upgraders rather than the mass market have enhanced its profit
structure.

Focus on Top-Tier Cities: CIFI has a diversified presence in the
Yangtze River Delta, Pan Bohai Rim, Central Western Region and
Guangdong Province, reducing its exposure to uncertainty in local
policies and economies while providing room to expand. More than
90% of the company's attributable land bank at mid-2017 was in
Tier 1 and 2 cities, which means CIFI is less exposed to the
oversupply plaguing lower-tier cities. In addition, its projects
are spread over 29 cities, helping mitigate risks arising from
policy intervention in individual cities. Nevertheless, strong
and widespread implementation of home-purchase restrictions by
the authorities may slow CIFI's growth.

Lower Funding Costs: CIFI has developed diversified funding
channels, including onshore bonds and offshore bank loans. The
company sold USD285 million in five-year 5.5% bonds in January
2017 and signed a USD303 million four-year offshore club-loan
facility to redeem its USD400 million 8.875% bonds due 2019. It
also issued USD300 million of senior perpetual debt at 5.375% in
August 2017 and another USD300 million in December 2017. The
proceeds will be used to refinance its existing borrowings. The
company reduced its average funding cost to 5.0% in 1H17, from
5.5% in 2016. Fitch expects its funding cost to decline further
to below 5% in 2018 due to active management of its debt
structure.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited (BBB-
/Stable: standalone credit profile: BB) in terms of contracted
sales, land bank size and geographic focus on Tier 1 and affluent
Tier 2 cities. CIFI's leverage of around 35% is lower than the
40% leverage Fitch expects for Sino-Ocean in 2018 and
significantly lower than the above 60% leverage of 'BB' peers,
such as Guangzhou R&F Properties Co. Ltd. (BB/Rating Watch
Negative) and Beijing Capital Development Holding (Group) Co.,
Ltd. (BBB-/Negative, standalone credit profile: BB). CIFI's
EBITDA margin of above 25% is also slightly higher than Sino-
Ocean's 23%-25%, but in line with that of Guangzhou R&F and
Beijing Capital Development. However, its nil recurring EBITDA
interest coverage is inferior to Sino-Ocean's 0.4x and Guangzhou
R&F's 0.2x.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
- Attributable contracted sales of CNY75 billion in 2018
- Attributable land acquisition at 70% of contracted sales in
   2017 then slowing to 55% in 2018 (2016: 45%)
- Adjusted EBITDA margin improving to around 30% by 2018
- Flattish average land cost in 2018 compared with 2017
   acquisition costs
- 30% dividend payout

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- leverage, measured by net debt/adjusted inventory, sustained
   below 30% (1H17: 36.1%)
- EBITDA margin, excluding the effect of acquisition
   revaluations, of over 30% on a sustained basis (1H17: 28.4%)
- maintaining high cash flow turnover despite the JV business
   model and consolidated contracted sales/debt at over 1.2x
   (1H17: 1.0x)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- substantial decrease in contracted sales
- EBITDA margin, excluding the effect of acquisition
   revaluation, below 25% for a sustained period
- net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY25.0 billion at
end-June 2017, enough to cover short-term debt of CNY6.5 billion.
The company issued USD285 million in offshore bonds in
January 2017 and had approved but unutilised facilities of CNY4.5
billion at end-June 2017. This will be sufficient to fund
development costs, land premium payments and debt obligations for
the next 18 months.


CIFI HOLDINGS: S&P Rates New US Dollar Sr. Unsecured Notes 'B+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by CIFI Holdings (Group) Co. Ltd. (CIFI; BB-/Stable/--). The
issue rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We rate the senior unsecured notes one notch lower
than the issuer credit rating because of subordination risk. The
proposed notes will rank behind a material amount of secured debt
and subsidiary level debt in CIFI's capital structure. As of
June 30, 2017, the company has around Chinese renminbi (RMB) 22.1
billion in unsecured debt at the subsidiary level and secured
debt combined, out of total debt of RMB39.6 billion.

"We expect CIFI to use the notes proceeds for refinancing
existing debt and general corporate purposes. In our view, the
new issuance will help the company to repay onshore corporate
bonds and offshore club loans maturing in the first quarter of
2018, lengthen its debt maturity profile, and control its average
funding cost.

"We view CIFI's sales performance in 2017 to have been strong,
will full year sales of RMB104 billion exceeding its annual
target by 30%. At the same time, joint venture (JV) projects'
contribution to sales increased to 47% from 45% in 2016. This is
consistent with CIFI's active use of JVs in land acquisition in
recent years. In our view, the company's debt will surpass RMB50
billion in the first quarter of 2018. The new issuance will not
significantly affect the company's overall leverage.

"The stable outlook reflects our expectation that CIFI will
control its leverage despite aggressive scale expansion. We
forecast that the company will achieve fast sales and revenue
growth in the next two years, while maintaining stable
profitability. In our base case, CIFI's see-through debt-to-
EBITDA ratio after proportionally consolidating JVs will be 4.5x-
5x in the next 12 months due to increasing project delivery and
revenue recognition, which underpin the rating."


GEELY AUTO: Positive Profit Alert No Impact on Moody's Ba1 CFR
--------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holdings
Limited's positive alert for its consolidated net profit for 2017
and proposed USD bond issuance have no immediate impact on its
Ba1 corporate family rating.

The rating outlook remains stable.

"Geely's positive profit alert for its 2017 results -- when
compared with 2016 -- is consistent with Moody's expectations,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst.

On January 9, 2018, Geely announced that it expects its 2017
consolidated net profit to rise around 100% year-on-year from
RMB5.1 billion in 2016.

The expected profit is mainly attributable to the significant
increase in sales revenue, a result in turn of the large rise in
overall sales volumes and the improvement in the company's
product mix during the year.

Geely's total sales grew about 63% year-on-year to 1.2 million
units in 2017. In particular, domestic sales, which made up about
99% of total sales, grew about 66% to 1.2 million units.

Its sales growth in 2017 reflected (1) a positive market response
to its new models and robust sales of existing models; and (2) an
improvement in its product mix, reflecting the introduction of
higher-end models in Geely's line-up and greater consumer
acceptance of such products.

On January 12, 2018, Geely announced a proposed issuance of USD
bonds. The bond proceeds will be used to refinance existing debt
and for business development and other general corporate
purposes.

"The new notes issuance will further improve the company's strong
liquidity and lengthen its debt maturity profile," adds Ho.

Moody's analysis of Geely's financial metrics account for its
50%-owned Lynk & Co joint venture on a consolidated basis.

Volvo Car Corporation, a subsidiary of Volvo Car AB (Ba2 stable),
and Zhejiang Geely Holding Group Company Limited own 30% and 20%
of Lynk & Co joint venture respectively.

Moody's expects Geely's debt leverage will rise slightly to about
0.4x over the next 12-18 months from 0.3x in the 12 months to
June 30, 2017. These levels of leverage are strong for its Ba
rating category.

Its liquidity position at the end of June 2017 -- measured by net
cash holdings but excluding pledged cash - was also strong at
RMB18.8 billion.

Geely's Ba1 corporate family rating reflects Moody's expectation
that the company will achieve robust unit sales growth in 2018,
given its growing market share and the fact that it operates in
China's (A1 stable) large and rapidly growing passenger vehicle
market.

The company's Ba1 corporate family rating also takes into
consideration the continued operational support it receives from
its parent Zhejiang Geely, which owned 45.9% of Geely at the end
of June 2017, including model incubations and passenger vehicle
manufacturing licenses. The rating also considers the parent's
track record of not imposing excessive shareholder distributions
and corporate activities that would significantly impact Geely's
credit profile.

Moreover, the company's sustained low debt leverage, as measured
by debt/EBITDA, supports its Ba1 rating.

Geely's rating is constrained by strong competition in China's
auto market, and its narrow but expanding product range.

The stable rating outlook reflects Moody's expectation that Geely
will achieve sales growth and improve its product breadth. It
will also maintain its discipline in financial management, as
evidenced by low debt levels and a strong liquidity position.

Moody's expects Geely's unit sales to grow about 27% year-on-year
in 2018, outpacing Moody's expectation of a 2% year-on-year rise
for overall auto unit sales in China. As such, Geely's share of
China's auto market should continue to expand in 2018.

In December 2017, Geely launched a new model, branded Lynk & Co,
based on the Compact Modular Architecture (CMA). The CMA is a new
passenger vehicle platform developed by Volvo Car AB (Ba2 stable)
and China-Euro Vehicle Technology AB, which is a Sweden-based
subsidiary of Geely's parent, Zhejiang Geely Holding Group
Company Limited.

The introduction of CMA-based models will help Geely grow vehicle
sales and improve its product breadth and strength in terms of
price points and geography.

The principal methodology used in this rating was Automobile
Manufacturer Industry published in June 2017.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops and produces
passenger vehicles that are sold in China and overseas. Its
chairman and founder, Mr. Li Shufu, and his family held a 46.2%
stake in the company at the end of June 2017. The company is
incorporated in the Cayman Islands and listed on the Hong Kong
Stock Exchange.


HNA GROUP: Unit Halted From Trading, Pending Major Announcement
---------------------------------------------------------------
Bloomberg News reports that HNA Group Co.'s Bohai Capital Holding
Co. halted its shares from trading in Shenzhen ahead of a major
announcement, becoming the Chinese conglomerate's third unit to
do so since last week.

Bohai Capital didn't provide any further details in its statement
to the Shenzhen stock exchange on Jan. 17, Bloomberg relates. It
joins Tianjin Tianhai Investment Co. and flagship Hainan Airlines
Holding Co. in suspending their stock. Tianjin Tianhai and Hainan
Air have said they'll provide updates on the situation in the
coming weeks, according to Bloomberg.

Bloomberg says HNA has been facing increasing pressure -- some
banks are said to have frozen some unused credit lines to HNA
units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.

HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.


PARKSON RETAIL: Fitch Ups IDR to B- After Bond Refinancing
----------------------------------------------------------
Fitch Ratings has upgraded Parkson Retail Group Limited's Long-
Term Issuer Default Rating (IDR) to 'B-' from 'CCC' and assigned
a Stable Outlook. Fitch has also upgraded the senior unsecured
rating and the rating on its USD500 million 4.5% bonds due 2018
to 'B-' from 'CCC', with a Recovery Rating of 'RR4'. Fitch has
also removed the ratings from Rating Watch Positive.

The rating actions come after the company secured refinancing
arrangements for its USD500 million bonds maturing in May 2018.

KEY RATING DRIVERS

Bond Refinancing Obtained: The upgrade reflects Fitch expectation
that Parkson's liquidity will improve in 2018 after it secured a
credit facility from the Bank of Beijing (BB+/Stable) for CNY3.5
billion (USD540 million). This facility will be used to repay or
refinance the company's USD500 million 4.5% bonds maturing in May
2018. A tender offer for the outstanding bonds was made on 9
January 2018 and Fitch expects any amount not redeemed through
the offer to be repaid upon bond maturity. The credit facility is
denominated in US dollars and will be secured by Parkson's retail
properties in Beijing and Qingdao as well as cash on hand.

Operations Stabilising: Parkson's EBIT turned slightly positive
starting in 1H17, following losses in 2015-2016, but a more
meaningful recovery in sales will be needed to offset the
company's high operating costs. Same-store sales growth turned
slightly positive in 9M16 at 0.4%, following falls in 2014-2016,
showing that improvements in the main concessionaire business and
higher contribution from direct sales and rental income have
offset loss of sales from store closures. However, heavy reliance
on rented properties makes Parkson's profitability sensitive to
sales trends.

High Leverage: Parkson's leverage remains high in the context of
marginal EBITDA generation, despite dropping slightly by end-2016
after the company raised CNY1.9 billion in net proceeds from the
sale of a store in Beijing. More controlled capex with a focus on
maintenance, along with better profitability, may have generated
neutral to slightly positive free cash flow in 2017. Fitch
expects FFO payables-adjusted net leverage to range between 6x
and 7x in the coming two to three years and FFO fixed-charge
coverage at around 1x, assuming no significant interest and
rental cost increases.

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
- Flat gross sales proceeds and low-single-digit revenue growth
   from higher direct sales (2016: -8% and -3%, respectively)
- EBITDA margin of 7%-8% of revenue and 3% of gross sales
   proceeds (2016: 6% and 2%, respectively)
- Capex of CNY100 million in 2017 and CNY150 million annually
   from 2018-2020 (2016: CNY426 million)
- No common dividends beyond the actual amount paid in 1H17

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Significant improvement in operating revenue and gross sales
   proceeds
- FFO fixed-charge coverage above 1.5x for a sustained period
   (2016: 1.0x)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Decline in operating revenue and gross sales proceeds
- FFO fixed-charge coverage below 1.0x for a sustained period
- Negative FCF for a sustained period

LIQUIDITY

Credit Facility Improves Liquidity: Parkson had over CNY3.7
billion of cash and principal guaranteed investments as of end-
September 2017. Combined with the CNY3.5 billion credit facility
from Bank of Beijing, the company should be able to repay the
USD500 million bonds (approximately CNY3.3 billion outstanding)
maturing in May 2018 along with short-term bank borrowing of
CNY539 million. Parkson also held financial assets of CNY1.2
billion, which Fitch does not classify as readily available cash.


TAHOE GROUP: Fitch Assigns B- Rating to US$425MM Senior Notes
-------------------------------------------------------------
Fitch Ratings has assigned Tahoe Group Global (Co.,) Limited's
US$200 million 7.875% senior notes due 2021 and USD225 million
8.125% senior notes due 2023 final 'B-' ratings and Recovery
Ratings of 'RR5'.

The notes are rated at the same level as Tahoe Group Co., Ltd.'s
(Tahoe) senior unsecured rating because the notes are
unconditionally and irrevocably guaranteed by the group.

Tahoe's rating is supported by its rapidly growing contracted
sales, diversified footprint across China and its strong product
lines. Tahoe's projects, which are designed to include references
to Chinese culture, differentiate it from other small to medium
homebuilders, who have fast-churn business models. These are
offset by its very weak financial profile due to aggressive land
acquisitions since 2013.

KEY RATING DRIVERS

High Leverage Constrains Rating: Tahoe's leverage of 73.9% at
end-2016 was high, and increased to 87.9% at end-September 2017
due to its aggressive land banking. Fitch expects Tahoe's net
leverage to stay at around 85%-90% as Fitch think Tahoe is not
likely to deleverage because a faster churn rate will require the
company to expand its current land bank, which is sufficient for
only around 2.5 to 3 years of development. Tahoe's high interest
cost is a drag on its cash flow. Its annual interest expenses of
above CNY7 billion are the single largest cash outflow, other
than land and construction expenditure.

The company has little cash flow left to fund working capital
expansion and dividend payment after paying for interest
expenses, taxes, and sales, general and administrative expenses,
and capex. Therefore, Tahoe will have to fund its inventory
expansion with additional debt.

Growing Contracted Sales: Tahoe's rating is supported by the
rapid increase in contracted sales and diversification outside of
Fujian province. Tahoe's attributable contracted sales rose 14%
to CNY34.3 billion in 2016, and the company will increase its
churn rate from 2017 with contracted sales estimated at above
CNY60 billion in 2017 despite unfavourable government policies.
Tahoe also has a strong product line. Its unique project designs
differentiate its products from those of other small to medium
sized homebuilders that focus on fast-churn models.

Low Cash Collection: Fitch estimates that Tahoe's cash collection
rate was around 65% for the past three years, which is much lower
than industry average of above 80%. This was because its reported
sales include purchase intentions that did not result in actual
sales, and the company's relatively high-end product type is more
affected by tight bank mortgage policy. Furthermore, Tahoe had
slower collections from its commercial properties, which is in
line with industry norm.

Given the deviation, Fitch has used collected sales in place of
contracted sales in Fitch calculation of ratios. Fitch may adopt
contracted sales ratios when Tahoe's cash collection rates are
more comparable to industry peers, of above 80%, on a sustained
basis.

Weak Parent, Weak Linkage: Fitch believes Tahoe's largest
shareholder, Tahoe Investment Group Co., Ltd. (Tahoe Investment),
which owns 48.97% of Tahoe, does not have an impact on its
ratings. Fitch has not linked Tahoe's ratings to the parent's
because linkages between the two are weak. Tahoe has a low
dividend payout rate despite the weaker financial profile of
Tahoe Investment; the related-party transactions that give Tahoe
Investment access to Tahoe's cash are limited; and both entities
have separate management teams. Tahoe Investment has pledged
almost all its shares in Tahoe, and the parent may reduce control
over Tahoe, especially when Tahoe Investment is under extreme
credit stress.

DERIVATION SUMMARY

Tahoe's business profile is similar to that of peers in the low
'BB' rating category as the company's contracted sales are
increasing rapidly and it is diversified across geography and
products. These support its ratings and offset its very
aggressive financial profile, which is in the weak 'B' category.

Tahoe's leverage is among the highest in the rated homebuilder
space. Its net debt / adjusted inventory was 87.1% as of end-June
2017, compared with Oceanwide Holdings Co. Ltd.'s (B/Negative)
97% and China Evergrande Group's (B+/Stable) 54.1%. However,
Oceanwide has more substantial available-for-sale assets and debt
allocated to the expansion in the financial sector, which, if
included, would reduce net leverage to around 70%. Evergrande is
much bigger than Tahoe, but it also has a large accounts payable
as working capital funding to support its expansion.

Tahoe's faster churn of closer to 0.5x expected in 2017 coupled
with its EBITDA margin in the low 20% reflects its decent product
and land bank quality. This is neutral to its rating compared
with either faster-churn peers such as Future Land Development
Holdings Limited's (BB-/Positive), whose churn is around 2.0x and
margin in the high teens, or lower-churn peers such as Oceanwide,
whose churn is as low as 0.2x but margin in the mid-30%.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Attributable contracted sales to rise to CNY60 billion in 2017
   and CNY70 billion in 2018
- Cash collection rate of 85% in 2017-2019
- Average selling price of contracted sales and land acquisition
   costs continue to drop, with an increasing share of sales from
   second- tier cities or cities adjacent to first-tier cities
   rather than Beijing, Shanghai and Shenzhen.
- Attributable land premium to be 100% of the total attributable
   contracted sales in 2017 and 60% in 2018.
- 8% borrowing cost for new borrowings

Recovery rating assumptions
- Tahoe would be liquidated in a bankruptcy because it is an
   asset-trading company
- 10% administrative claims
- The value of inventory and other assets can be realised in a
   reorganisation and distributed to creditors
- A haircut of 30% on adjusted inventory, which is lower than
   the norm used for peers because of Tahoe's higher-than-
   industry profit margin, which implies its inventory will have
   a higher liquidation value than that of peers
- A 20% haircut to investment properties and the net tangible
   assets of its financial subsidiaries
- A 60% haircut to available-for-sale financial securities
- Based on Fitch calculation of the adjusted liquidation value
   after administrative claims, Fitch estimate the recovery rate
   of the offshore senior unsecured debt to be 12%, which
   corresponds to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:
- EBITDA margin sustained below 18%
- Land bank sustaining below 2.5 years of development activity
- Increasing linkage with Tahoe Investment, including more
   related-party transactions or consistently high dividend
   payouts, which lead to a sustained weakening in Tahoe's
   profile

Developments that may, individually or collectively, lead to
positive rating action include:
- Net debt/adjusted inventory sustained below 55% and EBITDA
   margin sustaining above 25%
- Collected sales/total debt sustained above 1.0x (2016: 0.3x)

LIQUIDITY

Sufficient Liquidity: Tahoe has CNY15.7 billion in unrestricted
cash and CNY66.5 billion in unused banking facilities as of end-
September 2017. This is enough to cover the CNY36.5 billion in
short-term debt. Meanwhile, the company is quite active in
domestic bond markets and it recently received approval for a
CNY6 billion corporate bond quota and a CNY7 billion onshore
medium-term note programme. The company also has access to equity
markets while its CNY7 billion private placement is waiting for
approval from the regulator.



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


LIFESTYLE INT'L: Fitch Affirms BB+ IDR; Revises Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Lifestyle International Holdings
Limited's (Lifestyle) Outlook to Stable from Negative and
affirmed its Long-Term Foreign-Currency Issuer Default Rating at
'BB+'. Fitch has also affirmed Lifestyle's foreign-currency
senior unsecured rating and the ratings on all its outstanding
bonds at 'BB+'.

Lifestyle's ratings are supported by its prime retail assets in
Hong Kong and strong cash-flow generation. The revision to a
Stable Outlook reflects Lifestyle's sufficient funding
arrangements for the development of a commercial site in Kai Tak,
Kowloon, into a large retail property and stable operations at
its existing stores.

KEY RATING DRIVERS
Sufficient Funding: Fitch estimates Lifestyle will have
sufficient funding for its Kai Tak project. A group of banks
granted the company a five-year HKD9 billion banking facility in
1H17 to finance the development of the Kai Tak project, including
the land premium and project construction costs. The loan
facility does not require repayment until the end of the five-
year term in 2022.

Lifestyle had HKD4.5 billion in cash as of end-June 2017, which
is sufficient to cover the bank loans and bonds maturing in a
year. The company had aggregate unutilised banking facilities of
about HKD10.9 billion, which, together with the company's cash on
hand and over HKD2.6 billion in financial assets, should be
sufficient to cover the payment for the Kai Tak project in the
next few years.

Higher Leverage: Fitch expects Lifestyle's leverage to remain
high following the announcement of its Kai Tak project in
November 2016. Fitch estimates FFO adjusted net leverage will
increase to over 6x in 2018 from 2x in 2015 after the land
premium payment of HKD7.4 billion and assuming the continuation
of development capex until at least end-2021 when the project is
scheduled to be completed. Despite the higher leverage, Fitch
expects FFO fixed-charge coverage to remain at a comfortable
level of above 3x in 2017-2020.

Hong Kong Retail Stabilisation: Fitch notes Hong Kong's retail
environment recovered slightly in 2017, with retail sales in the
first 10 months of the year growing 1.2% yoy, after weakness in
2015-2016. Fitch believes the operating environment is becoming
more favourable for Lifestyle as the company's main operations
consist of two department stores in Hong Kong (SOGO Causeway Bay
and Tsim Sha Tsui).

Supportive Property Value: Lifestyle's ratings remain supported
by its property ownership, particularly East Point Centre (SOGO
Causeway Bay), which is one of the best-known retail properties
in Hong Kong. While the Kai Tak project will not contribute
meaningful EBITDA in the next five years, Fitch expects the
company's capital preservation to be supported by the resilient
capital value of retail properties in Hong Kong.

DERIVATION SUMMARY

Lifestyle's closest peer within the Hong Kong and China
department store space is Golden Eagle Retail Group Limited (BB-
/Negative), which also has a fairly high property ownership of
its stores. Although Lifestyle's leverage after the Kai Tak land
acquisition will be comparable with Golden Eagle's, Fitch believe
the two-notch differential is fair. Lifestyle's revenue and
earnings visibility are higher than Golden Eagle's, as Hong Kong
is a more mature and stable market. Golden Eagle focuses on
China, where it faces a difficult environment in the next few
years due to the fierce challenge posed by e-commerce. Meanwhile,
Lifestyle's East Point Centre in Causeway Bay with the SOGO
department store is one of the prime shopping district's most
well-known landmarks. Lifestyle's ownership of such a high-
quality property asset and its operations in a more mature market
also mean that its credit profile is closer to an investment
property company.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Stable and flat revenue from SOGO Causeway Bay from 2017
- 44% EBITDA margin in 2017-2020
- Annual capex of HKD0.9 billion in 2017-2020 primarily related
   to the development of the Kai Tak project

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- FFO net leverage below 4x (2016: 4.8x) on a sustained basis
   without a material reduction in revenue and profit
   Developments That May, Individually or Collectively, Lead to
   Negative Rating Action
- FFO fixed-charge coverage below 3x for a sustained period
   (2016: 3.6x)

LIQUIDITY

Sufficient Liquidity: As of 1H17, Lifestyle had HKD4.5 billion in
cash and aggregate unutilised banking facilities in the amount
equivalent to approximately HKD10.9 billion. This is sufficient
to cover its debt maturing in one year as well as the payment for
the Kai Tak project in the next few years. The company also had
HKD2.6 billion in financial assets, which mainly consisted of
listed equities.

FULL LIST OF RATING ACTIONS

Lifestyle International Holdings Limited
- Long-Term Issuer Default Rating affirmed at 'BB+'; Outlook
   revised to Stable from Negative
- Senior unsecured rating affirmed at 'BB+'
- USD300 million 4.25% senior notes due 2022 affirmed at 'BB+'

LS Finance (2025) Limited
- USD300 million 4.5% senior notes due 2025 guaranteed by
   Lifestyle affirmed at 'BB+'


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


AG8 VENTURES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AG8 Ventures Ltd
(AG8) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The instrument-wise rating action is:

-- INR1,379.50 mil. Long-term loans due on March 31, 2025
    assigned with IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect the risk of time and cost overruns in AG8's
four ongoing residential projects in Bhopal. All the projects are
in construction stage, and only 53.31% of the total construction
work has been completed. The projects are likely to be completed
during March 2018-March 2021.

The ratings factor in AG8's high dependence on customer advances
for project completion. Till December 2017, the company has
received customer advances of INR2,912.5 million out of the total
project cost of INR6,039.8 million.

The ratings, however, are supported by over two decades of
experience of the company's promoters in the real estate sector.
The promoters so far have developed and sold a total area of
3,004,472 sf. The ratings are also supported by the projects'
strategic location, close to schools, colleges, markets, and
other basic amenities in Bhopal.

RATING SENSITIVITIES

Positive: Sale of a substantial number of housing units leading
to strong cash flow visibility will be positive for the ratings.

Negative: Any slowdown in bookings leading to a cash flow
shortfall will be negative for the ratings.

COMPANY PROFILE

AG8 was incorporated as a private limited company in November
1997 with an objective to develop residential projects in and
around Bhopal. The company is executing four projects Aakriti
Highlands, Aakriti Business Centre, Aakriti Aqua City and Aster
Royal Jewel & Platinum.

The company is promoted by Hemant Kumar Soni, Rajeev Soni and
Shaunak Ghodke.


AHAN ADD: CARE Assigns B+ Rating to INR18.20cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ahan
Add Chem Private Limited (AACPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             18.20      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AACPL is
constrained on account of implementation and stabilization risk
associated with ongoing debt funded project, competition from
existing players coupled with threat of new entrants along with
higher regulatory burden and susceptibility of profit margins to
volatility in raw material prices.

The ratings, however, derives strength from widely experienced
and qualified promoters in the similar line of operations.

AACPL's ability to successfully complete its on-going project
within envisaged time and cost parameters, achieve envisaged
scale of operations and profitability will be the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with on-going
project: AACPL is setting up green field project at a total cost
of INR22.38 crore which will be funded through project
debt/equity ratio of 1.74x. Till November 30, 2017, AACPL has
incurred cost of INR16.48 crore while balance costs will be
incurred till March 2018. With majority of costs yet to incur,
the company is exposed to project implementation and consequent
stabilization risk.

Competition from existing players and threat of new entrants: The
Indian Chemical Industry is characterized by high fragmentation
and competitive intensity, resulting from low capital intensity
and technical complexity along with lower product
differentiation.

Susceptibility of profit margins to volatility in raw material
prices: AACPL's main raw materials include Bromination,
Nitration, Hyderogenation, Friedel Craft reactions and
Organophosphinates which will account for nearly majority of its
total cost of raw material consumption and the same will be
procured from the domestic market. Any adverse fluctuation in the
material prices is likely to impact the profit margins of AACPL
as these materials are derivatives of crude oil and prices of
which have remained volatile in recent past.

Key Rating Strengths

Qualified and experienced promoters with established track record
in the industry: Mr. Rakesh Saraiya, promoter of the company
holds experience of more than 20 years in the chemical industry
by serving as top management in few companies. whereas another
promoter, Mr. Kamlesh Shah, has successfully managed its family
company named "BMS Chemie", holds very good experience in import-
export activities and also served at Exim Club (An association of
Exporters and Importers in Gujarat).

Vadodara (Gujarat) based Ahan Add Chem Pvt. Ltd. was incorporated
in 2010 by Mr. Rakesh Saraiya, Mr. Kamlesh Shah and Mrs. Malini
Sanghvi. The company is established to undertake manufacturing of
organic chemicals which are used in Pharmaceuticals, Chemical and
Agrochemical industries, with the installed capacity of 828 MTPA.
The total cost for the proposed project is INR22.38 crore which
will be funded through term loan of INR14.20 crore and remaining
through partners' capital.


AJANTA GARTEX: CARE Assigns B+ Rating to INR5.99cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ajanta
Gartex Processors Private Limited (AGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              5.99      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AGPL are
constrained by its small though growing scale of operations and
high debt to equity ratio. The ratings are further constrained on
account of highly competitive segment with limited value
addition.

The ratings, however, draw comfort from experienced promoters,
moderate profitability and operating cycle.

Going forward, the ability of the company to increase the scale
of operations while maintaining its profitability margins and
capital structure with effective working capital management shall
be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small though growing scale of operations: The scale of operations
of the company has remained small marked by total operating
income and gross cash accruals of INR6.12 crore and INR0.48 crore
respectively during FY17 (FY refer to April 01 to March 31). The
company's net worth base was remained relatively small at INR3.66
crore as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. Though, the risk is partially mitigated by the
fact that the scale of operation is growing continuously. AGPPL's
total operating income grew from INR3.50 crore in FY15 to INR6.12
crore in FY17 reflecting a CAGR of 32%. Company achieved a total
of INR5.5 crore as total operating income till October 30, 2017.

High Debt equity ratio: The debt equity of the company stood high
at around 1.00x for the last 2 financial years (i.e FY16 and
FY17) mainly on account of higher total debt owing to addition of
rupee term loan and infusion of funds by the promoter in the form
unsecured loans to support the CAPEX plans.

Competitive segment with limited value addition: AGPPL operates
in a competitive industry marked by the presence of a large
number of players in the organized sector and unorganized sector.
The industry is characterized by low entry barriers due to
limited technological inputs and easy availability of
standardized machinery coupled with low value addition with the
segment. This further leads to high competition among the various
players and low bargaining power with suppliers.

Key Rating Strengths

Experienced Promoters: The operations of AGPPL are currently
being managed by Mr. Rajender Kumar Chindalia and Mr. Babu Lal
Daga. Both Mr. Rajender Kumar Chindalia and Mr. Babu Lal Daga are
graduates by qualification and have an experience of around three
decades in the service industry through their association with
AGPPL and other family run business.

Moderate profitability margins and operating Cycle: The
profitability margins of the company stood moderate as marked by
PBILDT and PAT margin which stood above 11% and 2.50%
respectively for the last two financial years i.e. FY16 and FY17.
Furthermore, the coverage indicators remained at satisfactory
levels.

The operating cycle of the company stood moderate at 16 days for
FY17. The company generally maintains inventory of around a month
in the form of raw material for smooth production process
resulting in an average inventory holding of 25 days for FY17.
The company offers a credit period of around 2-3 months to its
customers resulting in an average collection period of 62 days
for FY17. Further the company gets a credit period of 2-3 months
resulting in an average credit period of 71 days in FY17.

Ghaziabad, Uttar Pradesh based Ajanta Gartex Private Limited was
incorporated in 2005 and is currently being managed by Mr.
Rajender Kumar Chindalia and Mr. Babu Lal Daga. AGPPL is engaged
is in the processing and dyeing of fabric and garments. The main
raw material of the company are chemicals which is procured from
manufactures/wholesalers located in Delhi and Punjab. The company
underatakes the job of dying on job contract basis whihere in the
fabric is provided by its customers.


AKASH PET: CARE Reaffirms B+ Rating on INR6.80cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Akash Pet Containers Private Limited (APCPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            6.80      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of APCPL factors in
decline in profitability margins. However the rating continues to
be tempered by highly geared capital structure and weak debt
coverage indicators, elongated operating cycle days, concentrated
customer base, prone to changes in Government policies.

The rating continues to derive strength from growth in total
operating income, three decade long experience of the promoters
in packaging industry and established relationship with customers
derived from relationship with group entities.

Going forward, the company's ability to improve its scale of
operations, prudently manage its raw material price risk and
effective management of working capital requirements remains the
key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weakness

Decline in profitability margins: The PBILDT margin declined by
564 bps from 24.57% in FY16 to 18.93% in FY17 due to increase in
costs associated with production. On the back of increased orders
the production also increased, thus increasing the material cost,
employee cost and electricity costs. Also, during FY17 the
directors provided increment to the employees. Due to the
mentioned reasons, the profit declined marginally in absolute
terms resulting in a declined PBILDT margin. The PAT margin also
declined in line with the PBILDT margin by 76 bps from 1.82% in
FY16 to 1.06% in FY17 on the back of declined operating profit
and increased depreciation cost by 10.23% due to addition of
machinery. This resulted in growth in cash accruals by 3.16% in
FY17.

Highly geared capital structure and moderate debt coverage
indicators: The overall gearing continued to be leveraged,
however improved from 5.51x as of March 31, 2016 to 4.66x as of
March 31, 2017 due to repayment of term loans and unsecured
loans.

The debt coverage indicators marked by interest coverage ratio
and Total debt/GCA stood moderate during FY17. The Interest
coverage ratio improved marginally to 2.35x as on March 31, 2017
from 2.13x as on March 31, 2016 on the back of decrease in
interest cost by 12.8% associated with repayment of term loans.
Due to the above reason, the total debt/GCA also improved from
9.49x as on March 31, 2016 to 7.47x as on March 31, 2017.

Elongated operating cycle days: On sales, APCPL provides credit
period of 30-45 days to its customers while on purchase, APCPL
enjoys credit period upto 100 days offered by suppliers. The
inventory period of the company is high. With increase in
capacity from 100 tons per month at the time of commencement of
operations to 180 tons per month of bottling facility, the
average inventory period has increased to 182 days. Also in order
to avoid idle machines and labour, the company produces finished
goods which at the end of year stood high. The average
utilization of working capital stood at 95% for last 12 months
ended  November 2017.

Key Rating Strengths

Growth in total operating income: The Total Operating Income of
the company grew at a CAGR of 71.91% from INR1.73 crore in FY13
to INR15.11 crore in FY17. The total operating income (TOI) of
APCPL grew by 24.67% from INR12.12 crore in FY16 to INR15.11
crore in FY17 on the back of increase in orders from the existing
clients in distilleries and pharmaceutical industry coupled with
trading of PET chips. The maximum income was contributed through
sale of PET Bottles followed by Aluminium caps. The company
reported a TOI and Net Profit of INR9.92 crore INR1.51 crore as
profit before depreciation for the eight months ending November
2017 (Prov.).

Three decade long experience of the promoters in packaging
industry: Mr. D. Manickasundaram, has three decade long
experience in carton manufacturing for liquor industry. Ms. A.
Indira also has two decade long experience in carton
manufacturing industry. Both the directors look after the
operations of the company.

Akash Pet Containers Private Limited (APCPL) was incorporated in
2011 promoted by Mr. D. Manickasundaram, Managing Director along
with Ms. A. Indira and Mr. V. Ramakrishna. APCPL is engaged in
manufacturing of Polyethylene terephthalate (PET) bottle since
its inception (commercial operation started from September 2012
and FY14 was the first full year of operation). In April 2015,
APCPL included a new product line and ventured into manufacturing
of aluminium caps.

APCPL was originally established in the name of 'MRVS Pet
Containers Private Limited' and subsequently the company
was renamed as APCPL in October 2013. APCPL manufactures PET
bottles of various size such as 180ml(milliliter), 500ml,
750ml, 1litre, 2litre etc. which finds application in liquor
industry and pharmaceutical industry. APCPL has an installed
capacity to manufacture 180 tons of PET bottles per month and 35
tons of aluminium caps per month with a capacity utilization of
80% for bottle manufacturing and 85% for cap manufacturing as on
November 30, 2017.


ARMAAX AUTO: CRISIL Lowers Rating on INR4.15MM Demand Loan to D
---------------------------------------------------------------
CRISIL has been consistently following up for information with
Armaax Auto Private Limited (AAPL) through letters and emails
dated October 16, 2017, apart from telephonic communication.
However, the issuer remains non-cooperative.

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

   Proposed Long Term    1.36     CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Downgraded
                                  from 'CRISIL B-/Stable')

   Term Loan             1.84     CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL B-/Stable')

   Working Capital       4.15     CRISIL D (Issuer Not
   Demand Loan                    Cooperating; Downgraded
                                  from 'CRISIL B-/Stable')

   Working Capital       2.65     CRISIL D (Issuer Not
   Term Loan                      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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AAPL. 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
the group is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded
the rating on bank facilities of AAPL to 'CRISIL D' from 'CRISIL
B-/Stable'. The downgrade reflects overdrawn working capital
limits of the group for over 30 days and delay in debt servicing.

Analytical Approach

For arriving at the rating, CRISIL had earlier combined the
business and financial risk profiles of AAPL, Maharashtra
Engineering, and Axleo Industries, as the three entities were
managed by the same promoters, had common suppliers and
customers, and had considerable cash flow fungibility. While the
shareholding in the entities remains the same, they now have
limited cash flow fungibility. Hence, CRISIL has now considered
each entity's standalone business and financial risk profiles for
arriving at the rating.

AAPL manufactures tractor components, primary for Mahindra and
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established in by Mr. R S Kamble in Mumbai.


BANASHANKARI ENGINEERS: CARE Assigns B+ Rating to INR2cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Banashankari Engineers (BE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BE are tempered by
small scale of operations with constitution of the entity as a
partnership firm, declining PBILDT margins and fluctuating PAT
margins, moderate operating cycle, volatility in raw material
prices, geographic concentration risk and tender based nature of
operations with intense competition. However, the ratings derive
comfort from long track record of operations with experienced
promoters and financial risk profile with steady growth of
operating income and comfortable capital structure with
satisfactory coverage ratios.

Going forward, ability of BE to procure tenders, execute the
order in a timely manner along with increasing the sale of
trading goods while maintaining its profitability are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with geographic concentration and
constitution of the entity as a partnership firm: Despite being
in business operations as partnership firm since 2001 along with
consistent growth in past three years ending FY17, BE's scale of
operations continued to remain small marked by total operating
income of INR 7.07 crore in FY17(Provisional) with low net worth
base of INR 2.92 crore as on March 31, 2017.(Provisional). The
small scale limits the firm's financial flexibility in times of
stress and deprives it from scale benefits. Further, the
operations are geographically concentrated with all its customers
situated in Karnataka alone. BE, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Declining Profitability margins: The PBILDT margins of the firm
have been on a decreasing trend standing at 5.48% in
FY17(Provisional) as compared to 6.08% for FY16 due to increase
in cost of traded goods. The PAT margins of the firm also
declined standing at 3.79% in FY17 (Prov.) as compared to 4.26%
in FY16 due to increase in interest charges.

Volatility in raw material prices and traded goods cost: Mild
Steel Angle, MS sheet, aluminum and copper are the key raw
materials for the manufacturing of electrical line materials. The
prices of these raw materials, especially copper are highly
volatile in nature. These raw material costs and traded goods
cost have always been a major contributor to the total operating
cost constituting about 86% in FY17 and 82% in FY16, thereby
making profitability sensitive to their prices.

Tender based nature of operations with intense competition: The
growth of business depends upon BE's ability to successfully bid
for tenders and emerge as the lowest bidder. The high
concentration on government contracts makes BE susceptible to any
drop in government spends on infrastructure projects and changes
pertaining to government policy regarding awarding of tenders to
contractors. This also makes BE to work on tight profit margins.
However, the firm tries to increase its profit margins while
trading in goods.

Key Rating Strengths

Long track record of operations with experienced promoters: BE
has been in the manufacturing of electrical line material segment
for over a decade. They procure tenders from BESCOM and CESCOM
apart from trading in electrical insulators. The promoters have
established good relationship with their client which helps them
in increasing their trading operations.

Financial risk profile with steady growth of operating income and
comfortable capital structure with satisfactory coverage ratios:
The value of manufactured goods sold has been fluctuating over
the past four years due to the tender based nature of operation.
However, the operating income has been on increasing trend for
the past four years from INR5.71 crore in FY14 to INR7.91 crore
in FY17 (provisional) registering a CAGR of 8.49% due to increase
in sales of traded goods. The traded goods have constituted an
average of 76% of the operating income and remaining 24% from
manufacturing activity over the last four years ending FY17.

The capital structure of the firm stood comfortable marked by an
overall gearing of 0.19x as on March 31,2017 (Provisional) as
compared to 0.22x as on March 31,2016 mainly due to low debt
levels as compared to the total networth of the firm. The total
debt of the firm for FY17 (Provisional) stood at Rs 0.55 crore
which majorly consisted of working capital borrowings to the
extent of Rs 0.37 crore. Furthermore, the average monthly CC
limit utilization was about 60- 70%for the past 12 months. The
debt coverage indicators marked by interest coverage and TD/GCA
stood comfortable at 4.12x and 1.67x in FY17 (provisional)
respectively due to low financial expenses on account of low debt
levels consisting of only working capital borrowings.

Further, the firm enjoys a credit period of 2-3 months. It has
long standing association with its suppliers which helped
them in having extended credit period during FY15 and FY16. Due
to low inventory period and high credit period, the firm
enjoyed a comfortable working capital cycle during FY17.

Hubli based Banashankari Engineers (BE) was established in 2001
by the partners Mr. N.S.Biradar, Mrs V.N.Biradar and Mr.
K.N.Ninne. It was reconstituted in 2013 with inclusion of Mr.
Avinash N Biradar. The firm is involved in manufacturing of
electrical line material like horizontal cross arms, 2-pin cross
arms and 4 pin cross arms and trading of electrical insulators
like pin and disc insulators. The firm has tender based business
wherein it bids for contracts with the Bangalore Electricity
Supply Company Limited (BESCOM) and Chamundeswari Electricity
Supply Corporation Ltd (CESCOM) for supply of electricity wires
and cables. The firm has a current installed capacity of 70
ton/week. Its main raw materials are MS Angle and MS sheet which
are procured from Goa and Karnataka.


C. J. CORPORATION: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from C. J. Corporation
to monitor the ratings vide e-mail communications dated
December 8, 2017; December 6, 2017; July 5, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
C. J. Corporation's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank
   Facilities
   (Fund Based)        12.00      CARE D; Issuer Not Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on April 7, 2017 the following were
the rating strengths and weaknesses: CARE revised the ratings
assigned to the bank facilities of CJ Corporation (CJ) as a
result continuous overdraw of working capital limits for more
than 30 consecutive days. The company has been facing liquidity
issues as a result of significant delay in realization of debtors
in last year which directly affected the fund inflow. For major
part of the last year the working capital utilization of the
company was overdrawn reflecting its stretched liquidity
situation.

C.J Corporation (CJ) is a partnership firm, established in March
2003, by promoters of Alok group i.e. Jiwrajka family (holding
36% partnership share) and Mr. Mahendra Chirawala & Mr. Aditya
Chirawala (holding the remaining proportion equally between
them). It is primarily engaged in manufacturing of Corrugated
Boxes and Textile tubes. It also manufactures some specialized
products like corrugated pallets, container assembly, etc. The
manufacturing plant is located at Silvassa.


CALCUTTA RADIO: Ind-Ra Puts 'BB-' Issuer Ratings, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Calcutta Radio
Service Private Limited (CRSPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The instrument-wise rating action
is:

-- INR105 mil. Fund-based limit assigned with IND BB-/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect CRSPL's low operating margins, and moderate
scale of operations and credit metrics due to the trading nature
of its business and high competition. In FY17, EBITDA margins
were 1.8% (FY16: 1.3%), revenue was INR832 million (INR823
million) net leverage was 6.9x (7.1x) and interest coverage was
1.3x (0.9x).

The ratings also reflect CRSPL's tight liquidity, indicated by an
average utilisation of the fund-based limits of 96.0% for the 12
months ended December 2017.

The ratings, however, are supported by the director's operating
experience of over 20 years in the distribution and trading
business.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics would
lead to a positive rating action.

Negative: A negative rating action could result from
deterioration in the profitability resulting in the deterioration
of the credit metrics.

COMPANY PROFILE

Incorporated in 1986, CRSPL provides IT hardware distribution
services in West Bengal only. It is managed by Mr. Dinesh
Suhasaria.


CH.GOWRI SHANKAR: Ind-Ra Upgrades LT Issuer Ratings to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ch.Gowri Shankar
Infra Build (India) Private Limited's (CHGS) Long-Term Issuer
Rating to 'IND BB+' from 'IND BB'. The Outlook is Stable. The

instrument-wise rating actions are:

-- INR80 mil. (increased from INR60 mil.) Fund-based facilities
    upgraded with IND BB+/Stable rating; and

-- INR70 mil. (increased from INR60 mil.) Non-fund-based
    facilities with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial growth in CHGS' revenue and a
sustained improvement in credit metrics. Revenue grew to INR921
million in FY17 (FY16: INR532 million) on account of execution of
higher orders; however, the scale of operations continued to be
moderate. The company undertakes direct civil contract works for
Andhra Pradesh and Telangana Government departments. As of
December 2017, CHGS had an order book of INR2,335.182 million
(2.5x the FY17 revenue). It achieved a turnover of INR600 million
as of December 2017.

EBITDA interest coverage (operating EBITDA/gross interest
expense) improved to 7.2x in FY17 (FY16: 4.5x) and net leverage
(total adjusted net debt/operating EBITDAR) to 0.9x (1.8x) on
account of debt repayments. Inda expects the credit metrics to
remain at similar levels in the near term owing to absence of a
major capex plan.

EBITDA margins ranged between 6.1% and 7.9% FY14-FY17 (FY17:
6.4%, FY16: 7.9%). The decline in the margins is attributed to an
increase in cost of materials consumed.

The ratings also factor in the company's moderate liquidity
position as reflected by 90.72% average utilisation of its fund-
based facilities over the 12 months ended December 2017.

The ratings, however, remain supported by the promoter's three
decades of experience in the civil construction business.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with an improvement in the operating profitability leading
to an improvement in the overall credit metrics will be positive
for the ratings.

Negative: Further deterioration in the operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

CHGS was established in 1986 as a proprietorship firm by Mr.
Gowri Shankar. CHGS is a special class civil contractor and
undertakes civil contract works for buildings, warehouses,
drainage systems and irrigation projects.


DECCAN JEWELLERS: CARE Lowers Rating on INR29cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Deccan Jewellers Private Limited (DJPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      29.00      CARE B+; Stable Revised from
   Facilities                     CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facility of DJPL
factors in decline in revenues and margins resulting in cash
losses during FY17 (FY refers to the period from April 1 to
March 31) and deterioration in capital structure on account of
erosion of net worth. The rating continues to take into account
the price risk associated with inventory on account of volatility
in gold prices impacting margins, working capital intensive
nature of operations and presence in a highly competitive and
fragmented gold and jewellery industry. The rating is however,
underpinned by the long-standing experience of the promoters with
over three decades of experience in the business, established and
favourable brand image and favourable industry prospects over the
medium term. The rating also takes into account infusion of funds
by promoters to support the operations and debt servicing of the
company. The ability of the company to improve its operational
and financial risk profiles are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in total income and margins resulting in cash losses for
FY17: The total operating income of the company declined during
FY17 on account of the demonetization of the currency. The
company registered operating losses and cash losses at the back
of increased raw material costs and interest burden. The company
has utilized funds infused by promoters in the form of unsecured
loans (Rs. 2.03 crore) and available Fixed Deposits (Rs. 4 crore)
for debt servicing.

Deterioration in capital structure as on March 31, 2017: The
capital structure of the company witnessed deterioration as on
March 31, 2017 vis-a-vis March 31, 2016 at the back of erosion in
net worth due to loss incurred during FY17.

Price risk associated with inventory on account of volatile gold
prices: DJPL earns around 90-95% of its revenue from sale of gold
jewellery. With DJPL's high level of inventory in hand, it is
exposed to adverse price movements in gold, which can
consequently have a bearing on the margin and the overall
financial risk profile of the company.

Working capital intensive nature of business: Being a jewellery
retailer, DJPL has to maintain high level of inventory for the
display and sales to the customers at its showrooms. The working
capital cycle stands at 185 days in FY17 and working capital
utilization levels continue to remain high.

Presence in highly competitive and fragmented gold jewellery
industry: The Gem & Jewellery industry in India is characterized
by the presence of a large number of organized and unorganized
players with the share of organized jewellery retail sector
(comprising national and regional retail chains) at a mere 20%.

Key Rating Strengths

Experienced promoters and established brand name: DJPL is closely
held and managed by the family members of the promoters, who
belong to Mohammed Khan & Sons Group, which has been in the
jewellery business since 1936 and has built a strong brand
reputation in Andhra Pradesh.

Infusion of funds by promoters in the form of unsecured loans:
The promoters continue to extended financial support to the
company by way of unsecured loans from the directors. During
FY17, the directors have infused around INR 2.03 crore in the
form of unsecured loans.

Geographically diversified revenue stream: DJPL continues to
diversify its revenue stream through its 5 retail outlets spread
across Vijaywada, Rajahmundry, Kakinada, Warangal and Vizag.
Vijaywada and Rajahmundry continue to remain the highest sales
contributors during FY17.

Favorable industry prospects: Retail jewellery segment in the
country is expected to see double digit growth rates in revenue
in FY18 on back of regulatory headwinds fading out and continued
favourable demographics. Overall domestic gems & jewellery demand
would see a growth of 6%-7% in volume terms over a medium term.

Deccan Jewellers Private Ltd (DJPL) was incorporated in February
2005 by families of Mr. Azizul Rahaman Khan and Mr. Fazulul
Rahaman Khan, who belong to the Mohammed Khan & Sons family. DJPL
is mainly engaged into retailing of gold (BIS Hallmark) ornaments
and also deals with silver, diamond and branded jewelry. DJPL
currently has five retail outlets with a total area of 20,000
square feet (sft.) spread across Vijaywada, Rajahmundry,
Kakinada, Warangal, and Vizag. The operations are being carried
out under the brand name of 'Mohammed Khan & Sons
Jewellers'.Presently, Mr. Fazalul Rahaman Khan and his son, Mr.
Irfan Khan (Managing Director) run the company.


DYNAMIC CG: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking information from Dynamic CG
Equipments Pvt. Ltd to monitor the rating(s) vide e-mail
communications dated Dec. 19, 2017 and letter dated Dec. 27, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings.  In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Dynamic CG Equipments Pvt. Ltd.'s bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities          49.00      CARE D; ISSUER NOT COOPERATING

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

Detailed description of the key rating drivers
At the time of last rating in Dec. 30, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are over-drawals in cash
credit account beyond 30 days due to delays in receipt of
receivables from its clients, which has resulted in tight
liquidity position of the company.

Deterioration in financial performance in FY16: The total
operating income of the company decreased by 27.3% in FY16 from
FY15 and stood at INR158.81 crore in FY16 vis-Ö-vis INR218.65
crore in FY15. The PBILDT margin of the company deteriorated from
3.66% in FY15 to 2.99% in FY16. The company incurred net loss of
INR2.5 crore in FY16 vis-a-vis PAT of INR1 crore in FY15.

Dynamic (CG) Equipments Pvt. Ltd. (DEPL; erstwhile Dynamic JCB
Earthmovers Private limited), incorporated in 2008, is promoted
by Mr. Ashwani Mahendru (Managing Director). DEPL is an
authorised dealer and service centre operator for JCB India
Limited (JCBI) in commercial vehicles and earth moving equipment
since 2008 in Chhattisgarh. The contract of JCB is renewable
every three years and was last renewed in September, 2013.

Further, the company is also in the business of leasing and
providing after sales service and deals in accessories & spare
parts of Earth moving Equipments. The company is also the
authorized distributor for Castrol Brand of Industrial Engine
oil, Gear oil, Hydraulic oil and other industrial oils which it
is selling to its customers. Over the years the company has built
a network in 27 branches and Any Time Parts (ATP)'s in
Chhattisgarh which provides spares and accessories of JCB.
Presently DEPL has four showrooms cum service centres at Raipur,
Siltara and Bilaspur and Raigarh.


ELKOSTA SECURITY: CARE Reaffirms B Rating on INR7cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Elkosta Security Systems India (ESSI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          7.00       CARE B; Stable Reaffirmed

   Long-term/Short-    5.00       CARE B; Stable/ CARE A4
   term Bank                      Reaffirmed
   Facilitates

   Short-term Bank
   Facilities          3.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ESSI are primarily
constrained by its small and fluctuating scale of operations
coupled with leverage capital structure, modest coverage
indicators and elongated operating cycle. The ratings are also
constrained by the tender-driven business with intense
competition in the industry and proprietorship nature of
constitution. The ratings, however, continue to take comfort from
experienced promoters with long track record of operations.

Going forward; the ability of the company to scale up its
operations while sustaining its profitability margins and
improving its capital structure along with efficient working
capital requirements shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Small and fluctuating scale of operations: The scale of
operations stood small marked by total operating income (TOI) and
gross cash accruals of INR17.97 crore and INR1.49 crore
respectively during FY17 ( refers to the period April 1 to March
31). The capital base of the firm stood modest with a net worth
of INR8.71 crore as on March 31, 2017. The small scale of
operations in a competitive industry limits the pricing power and
restricts the ability of the firm to scale up to larger-sized
contracts having better operating margins.

The firm's business is tender driven and the lowest bidder gets
the order. Firm's total operating income has been fluctuating
over the past three years (FY15-17). TOI has registered growth in
FY16; thereafter declined in FY17 owing to lower orders received
for execution. The firm has achieved a total operating income of
INR 10.00 crore as on November 30, 2017 with 8MFY18 (FY refers to
the period April 1 to November 30).

Weak financial risk profile: The financial risk profile of the
firm stood weak owing to declining profitability ratios, leverage
capital structure and modest coverage indicators.

The profitability margin of the firm has been declining for the
past three financial years (FY15-FY17) on account of tender-based
nature of business wherein the margins largely depend on
complexities involved in the contract, bidding aggression.
Despite decline in profitability, the PBILDT margin of the
company remained relatively moderate at 19.47% in FY17.
Furthermore, the PAT margin stood moderate at 7.16% in FY17. The
firm also provides Annual Maintenance Contract Services which
fetches comparatively much higher profitability as company as
compared to execution of orders of installation of security
systems. AMC income constituted about 33% of the total operating
income in FY17 and share of revenue from AMC in the particular
has also stabilized the profitability for the firm.

The capital structure stood leveraged as on past two balance
sheet dates (FY15 - FY16) mainly on account of high dependence on
external borrowings to meet the working capital requirements.
Furthermore, overall gearing has deteriorated from 1.64x as on
March 31, 2016 to 1.90x as on March 31, 2017 mainly on account of
decline in capital base due to withdrawal of funds.

Further, owing to high debt levels; the coverage indicators stood
weak marked by Interest coverage ratio and total debt to gross
cash accruals of 1.75x and 11.08x respectively for FY17.

Elongated operating cycle: The operating cycle of the firm stood
elongated mainly on account of high collection and inventory
holding period. The firm's customers are government
bodies/departments or public sector undertakings which are
attributable to varying inspection and approval timelines before
dispatched of material. In order to smooth execution of contract,
the firm has to maintain inventory at different sites; combining
all lead to high inventory holding which stood at around 4 months
in Fy17. The firm raises bills on percent completion basis and
receives nearly 80%-90% of the payment and remaining is kept as
retention money which is normally released after the project
completion. Also, the collection period of the firm remains
elongated mainly due to delay in realization of the receivables
from few of its customers owing to lengthy clearance process. The
firm receives an average payable period of around 4-5 months from
the suppliers. The working capital requirements are largely met
by bank borrowings which results in around 90% of the average
working capital limits for the past 12 months ended November,
2017.

Highly competitive industry coupled with Business risk associated
with tender-based orders: ESSI faces direct competition from
various organized and unorganized players in the market. There
are number of small and regional players and catering to the same
market which has limited the bargaining power of the firm and has
exerted pressure on its margins.

The firm majorly undertakes government projects, which are
awarded through the tender-based system. The firm is exposed to
the risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder. Hence, going forward, due to
increasing level of competition and aggressive bidding, the
profits margins are likely to be under pressure in the medium
term. Furthermore, any changes in the government policy or
government spending on projects are likely to affect the revenues
of the firm.

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

Key Rating Strengths

Experienced promoters and group concerns in same line of business
Mr. Abhay Kumar Jha, proprietor is an engineer by profession and
managing the overall operations of the firm. He has more than two
decade of experience in the technical field with his association
with Merchant Navy in individual capacity.

ESSI was established in the year 2003 as a proprietorship entity
by Mr. Abhay Kumar Jha of Delhi. The firm is engaged in
manufacturing, installation and maintenance services of security
systems like CCTVs and signal jammers etc. with their managing
office located at Delhi. The firm has a track record of executing
various security systems and security set ups for government and
private companies.


EXCELLENT MOULDERS: Ind-Ra Affirms 'BB' Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Excellent
Moulders' (EM) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR60 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR85 mil. Non-fund-based limits affirmed with IND A4+
    rating.

Ind-Ra continues to take a consolidated view of EM and Tenty
Marketing Company Private Limited ('IND BBB-'/Stable) to arrive
at the ratings on account of strong inter-operational linkages,
given they operate in the same line of business and have common
promoters.

KEY RATING DRIVERS

The affirmation reflects the consolidated group's moderate scale
of operations and moderate credit metrics. In FY17, revenue was
INR1,619 million (FY16: INR1,465 million), interest coverage
(operating EBITDA/gross interest expense) was 2.1x (2.1x), net
financial leverage (total adjusted net debt/operating EBITDAR)
was 3.4x (3.4x) and EBITDA margin of 12.0% (11.9%). Revenue
growth was driven by an increase in sales volume.

The ratings also reflect a moderate liquidity, indicated by about
89.35% average utilisation of the working capital limits for the
12 months ended November 2017, and the partnership nature of

The ratings, however, continue to be supported by the partners'
over three decades of experience in the manufacturing of plastic
moulded products.

RATING SENSITIVITIES

Negative: A decline in revenue and EBITDA margin leading to
eterioration in the credit metrics on a sustained basis will be
negative for the ratings.

Positive: A rise in revenue and an improvement in the credit
metrics, or a change in the organisational structure, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1979, EM manufactures plastic parts of fan (e.g.
blade, show cap, body cap, body ring, etc.), plastic packaging
materials and other plastic components. It procures raw material
(plastic granules) mainly from Haldia Petrochemicals Limited
('IND A+'/Stable), Reliance Industries Ltd ('IND AAA'/Stable) and
Indian Petrochemicals Corporation. The partners in the firm are
Mr. Ashok Goyal, Mr. Anil Kamoj and Mr. Giriraj Ratan Kothari.

On a standalone basis, EM's interest coverage was 1.4x (FY16:
1.5x) and net financial leverage was 4.9x (4.6x). In addition,
its EBITDA margin was 13.4% in FY17 (FY16: 12.2%).


FLEXPACK FIBC: CARE Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Flexpack FIBC to
monitor the ratings vide e-mail communications/letters dated
August 18, 2017, August 31, 2017, October 3, 2017, October 17,
2017, December 11, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term Bank         9.00     CARE B; ISSUER NOT COOPERATING
   Facilities

In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Flexpack FIBC's
bank facilities and instruments will now be denoted as CARE B;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 2, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Proprietorship nature of constitution: The constitution as a
proprietorship firm restricts FPF's overall financial flexibility
as there is inherent risk of withdrawal of capital by proprietor
in times of personal contingency.

Project implementation and stabilization risk: FPF is setting up
a project to manufacture plastic packaging products and water-
proofing sheets with proposed installed capacity of 1800 MT per
annum. The total capital cost of is INR12.98 crore, the firm had
incurred cost of only INR2.50 crore (19.26% of total project
cost) till July 31, 2016 while balance is proposed to be incurred
till February 2017. The financial closure is yet to be achieved.
With the given funding mix, project gearing stands at 2.20 times.
Further, post project implementation risk towards quick
stabilization of the manufacturing facilities to achieve the
envisaged scale of business persists.

Presence in highly competitive and fragmented industry: The
Indian FIBC industry is dominated by players operating in the
small and medium scale sector, resulting in high fragmentation
and intense competition. Furthermore, due to low product
differentiation and value addition, the industry is highly
competitive with price being the key differentiating factor.
Furthermore, majority of PP products find application in cement,
agro commodities and fertilizer industries; thereby its future
growth prospects are directly linked to the growth of end user
industries.

Raw material price volatility risk and high bargaining power of
suppliers coupled with foreign exchange fluctuation risk
The prices of inputs like PP/HDPE polypropylene granules and
chips, polyethylene resin, polyester, adhesives, chemicals
are derivatives of crude oil. Hence, any adverse fluctuation in
the crude oil prices is likely to impact the profitability
margins of FPF. Furthermore, the market is seller dominated as
there are limited producers of HDPE, PP or LDPE which restricts
the bargaining power of the buyers. Also, as the firm is going to
import some of the raw materials and export majority of its
products, it is subject to foreign exchange fluctuation risk.

Key Rating Strengths

Experienced proprietor: The proprietor of FPF, Mr. Vinayak
Sheshrao Sanap is a Bachelor of Engineering (Instrumentation) and
has an experience of more than 15 years in the FIBC industry
through companies such as Flexituff International Limited.
Overall, the promoter of the firm has vast experience in the
plastic packaging industry, which will assist FPF in establishing
customer base.

Silvassa-based FPF is a proprietorship firm, established in 2016
by the proprietor Mr. Vinayak Sheshrao Sanap. The entity is
currently undertaking a greenfield project with proposed
installed capacity of 1,800 MT of plastic tapes per annum to
manufacture Polypropylene (PP)/ High-density polyethylene (HDPE)
yarn, container liners, tarpaulin sheets, plastic woven sacks,
Flexible Intermediate Bulk Containers (FIBC's) like bulk bags and
jumbo bags which are used as plastic packaging products for
transportation and storage of goods as well as utilized for
water-proofing purposes. The products manufactured by FPF would
find application primarily in industries like construction,
agriculture and food-packaging. The total project cost is
estimated at INR12.98 crore which is to be funded through
proposed debt-equity mix of 2.20 times.

While, FPF will purchase PP/HDPE granules from local players or
import them, it will export majority of the finished goods to
U.S.A and various European and Latin American countries via
dealers or direct sales agents under the brand name of
"Flexpack". Also, its group entity Flexpack, established in
October 2015 is into similar line of business.


FORTUNE CARS: CARE Lowers Rating on INR19.50cr Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fortune Cars Private Limited (FCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           19.50     CARE B; Stable Revised
                                  from CARE B+

Detailed Rationale

The revision in rating assigned to the bank facilities of FCPL is
on account of operating and net losses and deterioration in
capital structure and debt coverage. The rating continue to be
constrained by modest and fluctuating scale of operations on
account of cyclicality of the automobile sector, dealership
nature of business and consequent limitation in growth of
profitability, profitability under pressure in the backdrop of
high fixed cost, working capital intensive nature of operations
and intense competition amongst dealers with pressure to pass on
cash discounts to customers.

The rating however, continue to derive strength from the
experienced promoters and more than a decade and a half old
relationship with Tata Motors Ltd along with demonstrated
financial support.

The ability of FCPL to increase its scale of operations and
improve its profitability and capital structure amidst intense
competition and efficient working capital management are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Growth in total income though continues to remain modest: FCPL's
total income grew by 76.41% in FY17 and stood at INR108.95 crore
vis-Ö-vis INR61.76 crore with sale of 1800 cars primarily on
launch of three new models by its principal. Further for 9MFY18
it posted total income of INR102 crore, nevertheless despite the
growth the scale continues to remain modest.

Operating and net losses: Despite the growth in total operating
income, it posted operating and net losses on account of increase
in cost of sales and expenses at operating level.

Deterioration in capital structure and debt coverage indicators
Owing to net losses the networth has eroded which has resulted in
the deterioration in the overall gearing which stood at 4.01x as
on March 31, 2017 vis-Ö-vis 1.96x as on March 31, 2016. Further
the debt coverage indicators stood weak. However comfort can be
drawn from the fact that out of the total debt outstanding as on
March 31, 2017, 40.77% is in the form of unsecured loans from
promoters having no fixed repayment schedule.

Working capital intensive nature of operation: The operation of
the entity continues to remain highly working capital intensive
with funds largely being blocked in inventory and receivables.
However, the operating cycle has shorten to 98 days in FY17 from
184 days in FY16 owing to moderate decline in inventory period
(from 114 days to 50 days due to demand of its cars' model in the
market) along with curtail in collection period (from 71 days to
52 days) The collection period for the same ranges between 50-90
days. However, sales to individuals are made on cash basis, a
high proportion of the sales are facilitated on vehicle financing
basis through banks. The said phenomenon results in a marginal
collection period of around 7-10 days. Whereas, FCPL purchases
vehicles from TML by paying in advance. On account of this, the
average utilisation of working capital borrowing stood at 100%
during 12 months ended December
2017.

Key Rating Strengths

Experienced promoters and more than a decade and a half old
relationship with Tata Motors Ltd: The promoters of FCPL have
good amount of experience in automobile industry with overall a
decade and half years of experience. Owing to this, the company
is benefiting out of it and also due to healthy relationship of
promoters with various clients, the company is getting benefits.

Demonstrated financial support: The promoters have converted
unsecured loans amounting to INR7.25 crore into equity capital
(excluding securities premium of INR3.65 crore) during 9MFY17.
Moreover, the equity share capital have increased on account of
infusion in capital; however owing to loss during FY17, the net
worth position stood low at INR 6.72 crore as compare to INR
14.17 crore as on March 31, 2016.

Fortune Cars Private Limited (FCPL), incorporated in November,
1996 was co-founded by Mr. Vinod Sharma, Mr. R.P. Mungrikar, Mr.
S. Premkumar and Mr. N. Subramanium. During 1996-2000, FCPL was
authorized dealer for DAEWOO Motors Limited for selling passenger
cars. Since July 2000, FCPL became authorized dealer for TATA
Motors Limited (TML) for selling passenger vehicles such as
Indica, Indigo, Nano, UV and Fiat in Mumbai, Thane and Nerul.
Besides, it is engaged in the servicing of vehicles and sale of
spare parts for TML. FCPL is amongst the leading dealers for TML
in Mumbai.  At present, FCPL is having 3 showrooms along with
three workshops in Andheri, Thane and Nerul (all leased
premises).

Besides, FCPL has stockyard at Panvel. The promoters have been
involved in the auto dealership sector since 1986 through another
group company viz. Unitech Automobiles Private Limited (UAPL,
rated CARE BB-) is an authorized dealer for TML's commercial
vehicles for Mumbai, Thane and Raigadh district.


FRIENDS POLYPACK: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Friends Polypack
to monitor the ratings vide e-mail communications/ letters dated
June 9, 2017, October 18, 2017, November 9, 2017, December 8,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           3.77      CARE B+; ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Friends
Polypack's bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating done on October 10, 2016, the
following were the rating strengths and weaknesses:

Key Rating Weaknesses

Partnership nature of constitution: The constitution as a
partnership firm restricts FPP's overall financial flexibility in
terms of limited access to external funds for any future
expansion plans. Furthermore, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm
in case of death/insolvency of any of the partners.

Presence in highly competitive and fragmented woven sack industry
and raw material price volatility risk: The Indian poly-woven
sacks industry is characterized by high fragmentation and
competitive intensity, resulting from low capital intensity and
technical complexity along with lower product differentiation.
The primary raw materials required for manufacturing of PP/HDPE
woven sacks are PP/HDPE granules which are derivative of crude
oil. Any adverse fluctuation in the crude oil prices is likely to
impact the profitability margins of FPP.

Small scale of operations coupled with marginal decline in profit
margins: The total operating income (TOI) of FPP though improved
but remained small at INR10.67 crore during FY16 as against
INR8.11 crore during FY15. FPP recorded PBILDT and PAT margins of
6.39% and -4.06% compared to 6.84% and -7.94% during FY15
respectively.

Moderately leveraged capital structure and debt coverage
indicators: Capital structure of FPP remained moderately
leveraged marked by debt equity ratio of 0.91 times and overall
gearing of 1.40 times as on March 31, 2016 compared to 1.40 and
2.08 times respectively, during March 31, 2015. During FY16, debt
coverage indicators remained moderate marked by interest coverage
ratio of 1.46 times and Total Debt to GCA Ratio of 16.58 times
compared to 1.15 and 60.76 times respectively, during FY15.

Moderate liquidity position: As on March 31, 2016, liquidity
profile of FPP remained moderate marked by its current ratio of
1.00 times and quick ratio of 0.56 times as against 0.97 and 0.59
times respectively during FY15. During FY16, working capital
cycle of FPP remained at 64 days compared to 40 days during FY15.
However, overall operations remained working capital intensive in
nature marked by 90% utilization of working capital limits during
last one year period ended August 2016.

Key Rating Strengths

Experienced partners: FPP is founded by nine partners' having
different profit and loss sharing proportion. Among these, Mr.
Kishorbhai J Bhagiya has 10 years of experience in similar line
of business. He has worked as a production in-charge in M/s Raja
Polymers for 10 years. He looks after marketing and purchase
function at FPP. Mr. Ajitbhai M Bhagiya has worked as production
manager for 3 years in M/s Morbi Polypack Pvt. Ltd. He looks
after production function at FPP. Mr. Sanjaybhai D Dubariya has 2
years of experience as marketing manager in Vrundavan Polypack
industries. Overall, key partners have good knowledge of woven
sack industry.

Eligible for subsidy from state and Central Government: FPP is
entitled to get benefit from the Government to encourage the
latest technology in the small and medium scale business as all
the machinery for production of different items of technical
textiles has been covered under Technology Up-gradation Fund
Scheme (TUFS).

Established in May 2013, Rajkot (Gujarat) based Friends Polypack
(FPP) is a partnership firm founded by nine partners having
different profit and loss sharing proportion in the firm. FPP is
engaged in manufacturing of HDPE/PP woven sack bags and fabrics.
The products manufactured by FPP are used in various industries
such as agriculture, cement, fertilizers, food & beverages,
paint, etc. as packaging material. FPP commenced commercial
production from May 2014 and operates from its sole manufacturing
facilities located at Rajkot (Gujarat) with an installed capacity
of 1950 MTPA as on May 31, 2014.


GWALIOR BYPASS: CARE Reaffirms D Rating on INR161.26cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gwalior Bypass Project Limited (GBPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-Convertible
   Debenture issue     161.26     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GBPL continues to
factor in delays in debt servicing by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in Debt servicing obligation: The liquidity position of the
company continues to remain weak on account of delay in receiving
of annuities from NHAI, leading to delays in debt servicing.

GBPL was incorporated in 2006 as Special Purpose Vehicle (SPV) by
consortium of Era Infra Engineering Ltd (EIEL and its group
companies with combined stake of 68.89%), Ramky Infrastructure
Ltd (RIL, rated CRISIL D, 26.01% stake) and Shriram Chits (P) Ltd
(SCPL) for implementation of a new four-lane Gwalior Bypass from
Km 103 on NH-3 to Km 16 on NH-75 (total length 42.03 km) in the
State of Madhya Pradesh on BOT-Annuity Basis. This project with
total length of 42.03 km is a part of National Highways
Development Project (NHDP-II). The concession period for the
project is 20 years (inclusive of a 30 months' construction
period) from the appointed date, which is April 09, 2007.
The total project cost as per original estimate was INR332.15
crore funded through equity of INR92.15 crore and debt of INR 240
crore. The project initially envisaged to be completed in October
2009 was delayed due to land acquisition issues and achieved
provisional commercial operation date (COD) on November 15, 2011,
and final COD with effect from April 30, 2014. The project cost
also underwent an overrun to INR584.75 crore, funded through
equity of INR92.15 crore, debt of INR 230 crore, unsecured loans
from promoter group of INR184.13 crore and unpaid contract
expenses of INR78.49 crore. The company subsequently refinanced
its term debt availed from IDFC through NCDs of INR241.55 crore
issued to L&T Infra Finance and L&T IDF.


HIGHNESS COTTON: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Highness Cotton
Industries to monitor the rating(s) vide e-mail
communications/letters dated December 06, 2017, November 16,
2017, November 1, 2017, October 17, 2017, October 3, 2017,
August 23, 2017, August 08, 2017, June 21, 2017, June 8, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Highness Cotton Industries' bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           6.50      CARE B+; ISSUER NOT COOPERATING

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

Detailed description of the key rating drivers
At the time of last rating on September 28, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Improvement in profitability despite decline in scale of
operations: Total Operating Income (TOI) declined by 34.27% and
remained at INR14 crore during FY16 (Provisional) as against
Rs.21.33 crore during FY15. The PBILDT margin improved by 240 bps
and remained at 6.01% during FY16 (Provisional) [FY15: 3.61%).
The PAT margin also improved by 43 bps but still remained thin at
0.50% during FY16 (Provisional) [FY15: 0.07%].

Leveraged capital structure and weak debt coverage indicators: As
on March 31, 2016 (Provisional), the capital structure of HCI
improved marginally over the previous year but remained leveraged
marked by an overall gearing ratio of 3.10 times as against 3.30
times as on March 31, 2015. During FY16 (Provisional), interest
coverage ratio slightly improved over the previous year and
remained low at 1.19 times as against 1.13 times during FY15. As
on March 31, 2016 (Provisional), total debt to GCA improved but
continued to remain weak at 47.16 times as against 72.94 times as
on March 31, 2015.

Working capital intensive operations with moderate liquidity:
Liquidity position improved and remained moderate as on March 31,
2016 (Provisional) as marked by current ratio of 1.33 times (1.31
times as on March 31, 2015). While, quick ratio was 0.65 times as
on March 31, 2016 (Provisional) as compared to 0.46 times as on
March 31, 2015. Working capital cycle of HCI elongated to 161
days during FY16 (Provisional), from 109 days during FY15.

Key Rating Strengths

Experienced partners in cotton ginning business: HCI is promoted
by five individuals led by Mr. Ajijali Badrudinbhai, who is
acting as managing partner, and has experience of about 25 years
in the cotton ginning business. He looks after the overall
management function of HCI.

Strategically located within the cotton-producing belt of
Gujarat: HCI's manufacturing facilities are located in Amreli
district of Gujarat. The manufacturing unit is located near the
raw material producing region, which ensures easy raw material
access and smooth supply of raw materials at competitive prices
and lower logistic expenditure (both on the transportation and
storage).

Amreli-based HCI is a partnership firm engaged in the business of
cotton ginning and pressing. The firm was established in
the year 1999, by five partners led by Mr. Ajijali Badrudinbhai.
HCI is operating from its plant located at Amreli-Gujarat.
HCI has installed capacity of processing 270 cotton bales per day
as on March 31, 2016.


ICE TOUCH: CARE Upgrades Rating on INR7cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ice Touch Resort Private Limited (ITRL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         7.00      CARE B+; Stable Revised
   Facilities                       from CARE B

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of
ITRL mainly takes into account of change in ownership of the
company, along with O&M tie-ups with Carlson Hotels (South Asia)
Private Limited.  The rating, further, continues to draw comfort
from location advantage. The rating, however, continues to remain
constrained on account of residual project execution and
stabilization risk and cyclical and competitive nature of
hospitality industry.

Going forward; ability of the company to implementation of the
project within time and cost estimates and achievability of
envisaged occupancy level shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Residual project execution and stabilization risk: ITRL is
undertaking a project to build a new hotel in Kufri. The total
cost of the green-field project is estimated at INR18.98 crore,
financed through term loan of INR6.00 crore and remaining
through promoter's contribution of INR12.98 crore in the form of
equity and unsecured loans. As on September 30, 2017, ITRL has
incurred INR9.92 crore towards the project which has been funded
through term of INR2.00 crore and balance through promoter's
contribution. The soft launch is expected in April 2019 with
full-fledged commercial operation expected to be commenced from
October 2019. Execution of project within envisaged time and cost
remains a risk for the company.

Further, streamlining of revenue also remains a concern with
respect to the credit risk profile.

Seasonality associated with hotel industry: The demand for hotel
room changes direction in direct relation to the economy, as both
business and pleasure travel are easy expenditures to eliminate
in declining economy. Although in any local market, the hotel
business is likely to have its own dynamics. The hotel business
in India is seasonal in nature, with September-March being the
peak period. This is primarily due to the increased leisure
tourism during this season. April-August is a lean period for the
hotel business due to the summer heat and monsoons. For ITRL's
the peak period is October to March, shoulder season is September
to April and average season is May to August.

Competition nature of Industry: The Indian hotel industry is
highly fragmented in nature with the presence of a large number
of organized and unorganized players spread across various
regions. Presently, there are number of hotels operational in
Kufri and nearby region, out of which more than three-fourth are
unorganized players and rest is organized. Due to the competitive
nature of hotel industry and presence of numerous players will
limit the pricing flexibility of the company. However, with
limited competition in Kufri in 4-Star category, the company is
expected to achieve sound operating metrics.

Key rating strengths

Change in ownership and management of the company: ITRL was
promoted by Mr. Narender Uppal & Ms. Savita Uppal and Ms. Kareena
Sharma., The company ownership was taken over by Mr. Ramesh
Chandra Khanna, Mr. Vinod Nagrath and Mr. Rakesh Kumar Sehgal
during FY17. Mr. Ramesh Chandra Khanna, Mr. Vinod Nagrath and Mr.
Rakesh Kumar Sehgal are graduates by qualification and has an
overall experience of around two decades in hospitality industry,
manufacturing, real estate businesses through their association
with other associate concerns.

O&M Tie ups with the reputed Carlson Hotels (South Asia) Private
Limited: ITRL has tied-up with Carlson Hotels (South Asia)
Private Limited for branding, operating and marketing of the
hotel under their 'Radisson Blu' brand for an initial period of
10 years. ITRL would pay operating and marketing fees along with
incentive to Carlson (2% of hotel revenue for 10 years). Club
Carlson (Carlson group), a global leading hospitality group with
around 1,000 properties worldwide, is one of the world's most
recognized hotel brands with a global reputation for service,
comfort and value.

Location Advantage with and good quality amenities of the hotel:
The project is located at Kufri, 13 Kms away from Shimla which is
one of the popular tourist attractions in India.  The hotel
location provides enhanced connectivity and accessibility from
all prominent catchment areas. In the months of January to March,
winter sports carnival is held at Kufri which attracts many
tourists from different parts of the country.

New Delhi based, Ice Touch Resorts Private Limited (ITRL) was
incorporated in 2005 and currently managed by Ramesh Chandra
Khanna, Vinod Nagrath and Rakesh Kumar Sehgal. ITRL is setting up
a four-star hotel "Radisson Blu" in Kufri near Shimla. The
proposed hotel is being developed on a land parcel of 7,700 sq
mtrs. The hotel would consist of 2 main blocks & conference block
wherein, the main blocks will consist of 76 deluxe rooms,
reception area, lobby, restaurant etc. The commence commercial
operations is expected to start by October 2019


J. M. D. INDUSTRIES: CRISIL Cuts Rating on INR8.0MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
J. M. D. Industries (JMD) to 'CRISIL D' from 'CRISIL B/Stable'.
The downgrade reflects delays in servicing term debt owing to
weak liquidity caused by stretch working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      1.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               8.0       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Working Capital         2.0       CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has delayed on the
installments of its term loans due to its weak liquidity. The
downgrade reflects delays in servicing term debt owing to weak
liquidity caused by stretch working capital cycle

Strengths

* Entrepreneurial experience of promoters: JMD benefits from the
extensive entrepreneurial experience of the promoters. The
promoters of the firm, Mr. Manoj Agrawal and his cousin brother
Mr. Abhishek Gurjar, hail from Harda. Mr.Manoj Agrawal is in the
business of Real Estate & Construction at Harda since last 54
years. Moreover the promoter's family is already in the business
of trading of fertilizer & agriculture products from last three
decades besides farming and have knowledge of local market.

JMD, setup in 2013, is a partnership firm of Mr. Manoj Agrawal,
Mr. Abhishek Gurjar & Mrs. Seema Gurjar. The firm is setting up a
manufacturing unit for HDPE/PP woven sacks at Harda (MP).


KHANDAKA SONS: CARE Assigns B Rating to INR6cr Long Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Khandaka Sons Jewellers (KSJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KSJ is primarily
constrained on account of its modest scale of operations,
leveraged capital structure and moderate liquidity position. The
rating is further constrained on account of its presence in a
highly competitive and fragmented Gems & Jewellery (G&J)
industry.

The rating, however, derives strength from experienced management
in G&J industry and moderate profitability margins.

The ability of the firm to Increase its scale of operations and
better management of working capital would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Modest scale of operations along with leveraged capital structure
and moderate liquidity position: The scale of operations of the
firm remained modest with Total Operating Income (TOI) and PAT of
INR8.36crore and INR0.16crore in FY17. The capital structure of
the firm stood leveraged with an overall gearing of 5.05 times as
on March 31, 2017, significantly improved from 7.29 times as on
March 31, 2016. The debt service coverage indicators of the firm
stood weak with total debt to GCA of 33.74 times as on March 31,
2017. Further, interest coverage ratio stood moderate at 1.25
times in FY17. The liquidity profile of the firm stood stressed
with full utilization of working capital bank borrowings in last
twelve month ended November 2017.

Presence in a highly competitive and fragmented Gems & Jewellery
(G&J) industry: The Indian gems & jewellery industry is highly
fragmented in nature and is characterized by stiff competition.

Key rating strengths

Experienced management in the industry: The firm was formed in
2015 as partnership firm and operation of the firm started in
October, 2015. Mr. Kuber Kumar Khandaka, partner, looks after
overall affairs of the firm and has more than three decades of
experience in the Gems & Jewellery Industry. Further, he gets
assistance from Mr. Abhishek who looks after finance related
function of the firm.

Moderate profitability margins: During FY17, the profitability of
the firm stood comfortable marked by PBILDT and PAT margin of
11.37% and 1.87% respectively.

Jaipur-based (Rajasthan) Khandaka Sons Jewellers (KSJ) was formed
in April, 2015 by Mr. Kuber Kumar Khandaka and Mrs. Alka Khandaka
as a partnership firm to share profit or loss in equal ratio. KSJ
is engaged in the business of manufacturing and retailing trading
of gold, diamond and platinum hallmark jewellery. The firm offers
wide range of products that include rings, earrings, pendants,
necklaces, bracelets, bangles, colour stones and medallions.


MADHAR NALA: CRISIL Assigns B Rating to INR5MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the proposed
bank loan facility of Madhar Nala Thondu Niruvanam - MNTN (MNTN).
The rating reflects MNTN's small scale of operations, modest
capitalisation and exposure to inherent risks in the microfinance
industry.  These weaknesses are partly offset by long track
record in microfinance sector.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Strengths

* Long track record in the microfinance sector: MNTN has a track
record of more than 3 decades in the microfinance sector, having
been set up by Mr. K. Perumal in 1984. Currently, his son Mr.
Rajendran, executive director, oversees operations. Over the
years, operations have expanded in Cuddalore and Villupuram
districts of Tamil Nadu, and Pondicherry.

Weakness

* Small scale of operations: Despite being in operations since
1984, scale of operation remains small with a loan portfolio
INR3.7 crore as on March 31, 2017, and around 200 active self-
help groups.

* Modest capitalization: Capitalisation remains modest, with
networth of INR22 lakh. Inherent limitations in raising capital
may restrict any increase in networth over the medium term. The
society intends to borrow funds and lend directly to borrowers.
Gearing may, therefore, increase, going forward.

* Exposure to risks inherent in the microfinance industry:
Promulgation of the ordinance on microfinance institutions (MFIs)
by the Government of Andhra Pradesh demonstrated the
vulnerability of MFIs to regulatory and legislative risks. The
ordinance triggered a chain of events that adversely impacted the
business models of MFIs by impairing growth, asset quality,
profitability, and solvency. Furthermore, since the business of
these institutions entails lending to the poor and downtrodden
sections of society, MFIs will remain exposed to socially
sensitive factors, especially relating to interest rates, and,
consequently, to tighter regulations and legislation.

Outlook: Stable

CRISIL believes MNTN's scale of operations will remain modest
over the medium term. The outlook may be revised to 'Positive' if
MNTN significantly improves its scale of operations, and
capitalisation. Conversely, the outlook may be revised to
'Negative' if asset quality and profitability deteriorate,
further constraining capitalisation.

MNTN is a non-profit organisation based in Cuddalore, Tamil Nadu,
started its operation's in 1981. The society was promoted by Mr.
K. Perumal and registered under the societies registration act in
1984.Currently his son Mr. Rajendran, executive director,
oversees operations. MNTN acts as a business correspondence for
NABARD Financial Services Ltd (a subsidiary of NABARD) and
provides loans to self-help groups. Over the years, the society
has expanded its operations in Cuddalore and Villupuram districts
of Tamil Nadu, and in Pondicherry. Apart from micro finance
activity, the society also undertakes social and rural
development initiatives funded by state and central government
grants and subsidies, and donations from public that are exempted
from tax under section 80G of the Income Tax Act.

For fiscal 2017, MNTN incurred a loss of INR80,000 on a total
income of INR1.1 crore, against INR28 lakh on a total income of
INR72 lakh, respectively, for the previous year.


METHRA INDUSTRIES: CARE Reaffirms D Rating on INR5.64cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Methra Industries Private Limited (MIPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         5.64      CARE D Suspension revoked
   Facilities                       and rating reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MIPL continues to
be tempered by ongoing delays in meeting the debt obligations,
owing to the stresses liquidity position arising out insufficient
cash accruals generated to meet the debt obligations and working
capital intensive nature of operations.

Detailed description of the key rating drivers

Key Rating Weakness

On-going delays in servicing debt obligations due to stressed
liquidity position and working capital intensive nature of
Operations.

The company has been facing liquidity stress due to insufficient
cash accruals during the review period to meet the debt
obligation of time. Furthermore, the company operates in a
working capital intensive nature of industry due to high
inventory holding. The company is engaged in manufacturing of
concrete blocks (Autoclaved Aerated Blocks) along with trading of
gypsum which requires high inventory holding to meet production
requirement as well as meet the customer's requirement on time.
The company is funding working capital requirements by delaying
payments to creditors along with utilisation of cash credit (CC)
facility. There are on-going delays in servicing the principal
installment in all the term loans to the extent of 60 days.
However, the interest payments are regular. The maximum
utilization of CC is 100% in the last 12 months ended November
30, 2017 and overdrawals were also observed in the CC account.
The last overdrawals in CC account was regularized within 14
days.

Negative networth: Due to the loss incurred during the previous
financial years, the reserves and surplus balance stood negative
as on balance sheet dates, thus the networth of the company
continued to stand negative.

Key Rating Strengths

Increase in total operating income, turnaround from net loss to
net profit with better operating margins and improvement in debt
coverage indicators.

The Total operating income (TOI) of the company declined by
17.49% to INR13.11 crore during FY16 over FY15 due to reduced
orders. However, TOI increased by 36% to INR17.82 crore during
FY17 over FY16 on account of improved order book position along
with timely execution of orders. There was an increase in the
operating profit from INR2.48 crore in FY16 to INR3.71 in FY17
resulting from better revenue generation and decline in employee
costs. The depreciation costs declined by 18% and interest
expenses by 21% on the back of repayment of debt. Due to above
said reasons, the company reported a net profit of INR0.12 lakh
during FY17 as against the loss of INR2.10 crore during FY16.

The PBILDT margin improved by 191 bps to 20.81% during FY17. And
the PAT margin stood positive at 0.66%. The cash accruals also
improved from INR1.96 crore in FY16 to INR2.15 crore in FY17.
With the increase in cash accruals coupled with decrease in total
debt, the total debt/GCA also improved from 10.25x in FY16 to
8.57x in FY17.

On the back of decline in finance charges and improved operating
profit, the interest coverage ratio also improved from
1.014x in FY16 to 2.16x in FY17.

Methra Industries India Private Limited (MIIPL) was established
on April 12, 2010 by Mr. P.Venkatesan and Mrs. Saraswathy
Venkatesan with the objective of manufacture of concrete blocks
(Autoclaved Aerated Blocks) which are ecofriendly under the brand
name "CELL O CON" using the German technology. In addition to the
manufacture of AAC blocks, MIIPL also trades the gypsum material
which is used in plastering of building.


MOHAN GOLDWATER: Ind-Ra Affirms 'BB' Ratings, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Mohan
Goldwater Breweries Limited's (MGWB)Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR680 mil. (reduced from INR730 mil.) Term loan due on April
    2023 affirmed with IND BB/Stable rating; and

-- INR50 mil. Fund-based working capital limit withdrawn (the
    instrument has been paid in full) with WD rating.

KEY RATING DRIVERS

The affirmation reflects MGWB's continued small scale of
operations, despite a significant revenue improvement in FY17,
due to low capacity utilisation. In FY17, revenue was INR371.81
million (FY16: INR144.06 million). Ind-Ra expects the improvement
to continue in FY18, on the back of its franchise agreement with
Carlsberg India Pvt Ltd (CIPL) to manufacture and sell

beer in Delhi, under the brand names Tuborg and Carlsberg and any
other brand as CIPL deems fit. The company has an annual capacity
of 7 million cases and according to the agreement, MGWB will
package 5 million cases of beer for CIPL every year. MGWB will
sell remaining 2 million cases of beer in Delhi from February
2017 for which it will pay royalty charges to CIPL.

The ratings continue to reflect MGWB's weak credit profile on
account of high interest expenses, despite a reduction. Interest
coverage ratio (operating EBITDAR/gross interest expense + rents)
improved to 0.96x (FY16: 0.01x) due to an improvement in margins,
but debt to equity deteriorated to 5.59x (2.36x) on account of
net losses resulting in a decline in the total equity. Ind-Ra
expects the credit profile to improve in FY18-FY19, on back of a
significant improvement in scale of operations and comfortable
operating margins.

The ratings factor in the company's high customer concentration,
as MGWB cannot bottle any from its plant. However, this is offset
by the presence of a 10-year-long contract with CIPL, which is
ending 2025.

The ratings, however, are supported by MGWB's strong operating
margins, which improved significantly to 41.88% in FY17 (FY16:
0.60%) on account of stabilisation of operations at its bottling
plant.

The ratings are also supported by more than two decades of
experience of MGWB's directors in the alcohol industry and the
potential financial support from its group company Rajasthan
Liquor Limited ('IND BBB+'/Positive).

Moreover, the company has a moderate liquidity position, with
cash flow from operations of INR109.26 million in FY17 (FY16:
INR10.65 million) and free cash flows of INR60.66 million
(INR540.40 million). The improvent in liquidity profile was on
account of the higher operating margins.

RATING SENSITIVITIES

Positive: Stabilisation of the business operations leading to a
more-than-expected improvement in the credit profile will be
positive for the ratings.

Negative: Non-fulfillment of terms of the contract and/or lower-
than-expected cash flows will lead to a negative rating action.

COMPANY PROFILE

MGWB was incorporated in 1969 by Mohan Meakin Breweries. In June
2010, the company was acquired by Mr. Tilak Raj Sharma and
undertook the manufacturing of beer under the brand name
Kingfisher for United Breweries Limited at its plant located in
Lucknow (Uttar Pradesh). In 2015, the company shifted its
production facility to Unnao (Uttar Pradesh) and has tied up with
CIPL for the bottling of beer. For 1HFY18, MGWB has indicated
revenue of INR700 million from the packaging of beer for CIPL and
from franchise contract.


OM COTTEX: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------
The rating assigned to the bank facilities of Om Cottex continues
to remain constrained primarily due to irregularity in servicing
debt obligations.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          6.00       CARE D; ISSUER NOT COOPERATING

Botad (Gujarat) based Om Cottex (OMC) was established in 2008 as
a partnership firm. Currently, OMC is managed by six partners
with unequal profit and loss sharing agreement between them. OMC
is into the business of cotton ginning & pressing and crushing of
cotton seeds. While cotton bales are used in manufacturing of
cotton yarn, cotton seeds are further processed for extraction of
edible oil. OMC operates from its sole manufacturing facility
located in Botad (Gujarat) and has an installed capacity of 6048
metric tons per annum (MTPA) for cotton bales, 756 MTPA for
cotton seed oil & 5418 MTPA for cake as on March 31, 2016. OMC
markets its products in the states of Gujarat, Tamil Nadu and
Maharashtra.


PK GLOBAL: CRISIL Reaffirms B+ Rating on INR2.7MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank facilities of PK Global Power Private Limited (PKGPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.5       CRISIL A4 (Reaffirmed)

   Cash Credit            2.7       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       1.5       CRISIL A4 (Reaffirmed)

   Term Loan              0.3       CRISIL B+/Stable (Reaffirmed)

The ratings reflect on PKGPL's modest scale of operation in an
intensively competitive insulator industry, it's highly working
capital intensive operations combined with its below average
financial risk profile. These weaknesses are partially offset by
extensive experience of promoters in insulator industry with long
relationship with suppliers and customers.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: PKGPL's net worth is at
INR6 cr. as on March 2017 with infusion of capital to the extent
of INR2.50 cr in September 2016. The company has moderate debt
protection metrics as reflected in the net cash accruals to total
debt (NCATD) of 0.11 times and interest coverage of 2.48 times in
2016 - 17. CRISIL expects the debt protection metrics of the
company to improve over the medium term as a result of increasing
cash. The company's capital structure is moderate as reflected in
the gearing of 1.36 times as on March 31, 2017. Company is
expected to have similar level of gearing in medium term also in
the absence of any further capex plans.

* Highly working capital intensive operations: Operations are
highly working capital-intensive in nature, as reflected in gross
current assets of 224 days as on March 31, 2017. Domestic raw
material suppliers extend credit of 120 - 150 days. However, the
company also extends large credit of 150 - 180 days to various
type of customers. The intensive working capital requirements of
the company have led to fully utilized bank lines. Hence, CRISIL
believes that operating efficiency will remain constrained due to
the highly working capital-intensive operations.

* Modest scale of operation in an intensively competitive
insulator industry: The business risk profile is constrained by
the modest scale of operations, as reflected in revenue of INR27
cr in fiscal 2017. There is stiff competition from peers owing to
minimal product differentiation. The modest scale of operations
is likely to restrict the financial flexibility to tap the debt
market to fund the aggressive expansion.

Strengths

* Extensive experience of promoters in insulator industry with
long relationship with suppliers and customers: The business risk
profile is benefitted from extensive industry experience of the
promoters. The main promoters of the company, Mr. Prashant Gupta
has been in the business of insulators since last 17 years. PKGPL
gets benefit of promoters experience in form of formulation of
policies and its relationship with the vendors and suppliers.
PKGPL gets advantage of the same by stretching its creditors.
CRIISL believes that in medium term PKGPL will get benefit from
the extensive experience of the promoters.

Outlook: Stable

CRISIL believes that PKGPL will continue to benefit over the
medium term from the industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability, or substantial equity infusion, leading to a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if PKGPL's revenues and margins decline,
resulting in a stretch in its liquidity, or if it undertakes a
large debt-funded capital expenditure program, leading to
deterioration in its financial risk profile.

PKGPL started operations as a proprietorship firm in 2000 and was
reconstituted as a private limited company in 2017. The company
manufactures electro porcelain disc insulators for high extension
wires. It has been promoted by Mr. Prashant Gupta, based out of
Bhopal.


SAI OM: CRISIL Reaffirms B Rating on INR2.75MM Cash Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sai Om Petro Specialities Limited (SOPSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Reaffirmed)
   Cash Credit             2.75      CRISIL B/Stable (Reaffirmed)
   Letter Of Guarantee     3.75      CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, low profitability, and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of its promoter in petroleum waste refining.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue has remained small (Rs 9.15
crore for fiscal 2017), despite long track record of operations,
on account of supply-driven manufacturing. The company is likely
to grow moderately over the medium term, but its scale will
remain small.

* Low profitability affected by volatility in raw material prices
Low operating margin of 1-3% restricts cash accrual. The margin
is constrained by limited value addition in operations, and is
expected to remain low over the medium term.

* Large working capital requirement: Gross current assets were at
293 days as on March 31, 2017, driven by large receivables. The
working capital requirement will remain large over the medium
term.

Strength

* Extensive experience of the promoter in petroleum waste
refining
SOPSL's promoter has been in the petroleum waste refining
industry for over three decades, and has developed expertise and
established relationships with customers and suppliers.

Outlook: Stable

CRISIL believes SOPSL will benefit from its promoter's
significant experience. The outlook may be revised to 'Positive'
if better-than-expected revenue and improved profitability lead
to higher-than-expected accrual. The outlook may be revised to
'Negative' if larger-than-expected working capital requirement or
sizeable, debt-funded capex leads to pressure on the financial
risk profile.

Incorporated in 1994, SOPSL is based in Mumbai and is promoted by
Mr. Purshottam Sharma. The company reprocesses and refines used
and waste oils.


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

-- INR840 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR231 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 22, 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 1992 in Tirupur (Tamil Nadu), Shakthi Knitting
manufactures and exports knitted garments and fabrics.It has a
vertically integrated manufacturing set-up with facilities for
knitting, dyeing and garmenting.


SHRIRAM TRANSPORT: Fitch Affirms BB+ IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed India-based Shriram Transport Finance
Company Limited's (STFC) Long-Term Issuer Default Rating (IDR) at
'BB+'. The Outlook is Stable.

STFC's IDR is based on its standalone credit profile, which
reflects its well-established business, its dominant position in
the niche segment of used commercial-vehicle financing and long
and established track record. The rating also takes into account
STFC's monoline business model, which is focused on higher-risk
customer segments and is reliant on wholesale funding - a feature
common across Indian non-bank financial institutions (NBFIs).
However, these risks are somewhat countered by the company's
strong business understanding and close proximity to its
customers. STFC's underwriting standards have been tested over
many cycles while tight recovery processes ensure that credit
losses are tightly managed despite early delinquencies.

The rating also reflects STFC's satisfactory capitalisation and
well-managed liquidity position although its core capitalisation
level can afford only moderate levels of stress. However,
adequate loan loss reserves, controlled credit losses and good
access to fresh capital help to partly mitigate the risk.

KEY RATING DRIVERS
IDRS

STFC's four-decade-old presence in the niche segment of used
commercial-vehicle financing provides it with certain business
strengths that peers (whether banks or NBFIs) have found
difficult to replicate. STFC's managers have also, on average,
spent many years with the company, giving them a good
understanding of the business and its dynamics. It is also one of
the key reasons why risks in its monoline business, which are
relatively higher, have been reasonably well-managed. STFC's pan-
India presence at key transport hubs helps establish a close
proximity with its customers, which are primarily first-time
commercial-vehicle buyers or small road-transport operators.
STFC's underwriting processes aim to ensure that both the
customer and the vehicle are evaluated, underpinning its
consistently good recoveries despite early delinquencies, which
is not unusual for the business.

The company's field officers have a strong knowledge of the local
market, which benefits collection and recovery efforts. STFC's
credit losses have historically remained below 2.5% of loans
despite its non-performing loan (NPL) ratio rising to marginally
above 8% as at the six months ended September 2017 (1HFYE18) from
6.6% a year earlier, due mainly to a change in asset recognition
norms to 120 days overdue from 150 days, with a transition to 90
days overdue to be completed by March 2018. STFC's loan loss
reserve cover (71% at 1HFYE18) provides it with adequate cushion
against moderate stress in asset quality. Its NPL ratio may see
some stability after FY18, although credit losses and sufficiency
of reserves would continue to act as the primary determinants for
asset quality.

Profitability has been weakening since FYE14 due to rising credit
costs and interest reversals, thanks to the sharp increase in
slippages from the change in NPL recognition norms. However,
Fitch think STFC's pre-provision operating profit/average loans
of 6.2% is still robust and likely to provide the company with
adequate cushion against higher credit costs. Fitch expects
STFC's return on assets to eventually settle in the range of 2%-
2.5% over the medium term.

In Fitch view, STFC's core capitalisation ratio is satisfactory
as steady depletion in the last few years now offer headroom for
only moderate amounts of stress. Pressure will remain with
improving growth momentum amid weak internal capital generation
although the likelihood of fresh capital injection is also high.
The management has indicated to us that it has access to
additional capital from its strategic investors should there be a
need. Fitch does not expect its capital ratio to drop sharply
below current levels, although a sustained weakness in core
capitalisation would add to the downward pressure on its overall
credit profile.

STFC's funding profile - though wholesale - does exhibit some
diversity and is reasonably well-managed from an asset-liability
mismatch perspective. STFC maintains liquidity cover generally in
the range of three to six months of liabilities, which varies
subject to macro liquidity conditions.

RATING SENSITIVITIES
IDRS

Credit losses are an important factor in STFC's credit assessment
as they drive both ultimate recoveries and sufficiency of
reserves. Sharp increases in credit losses could be negative for
the rating, particularly if loan-loss reserves also dip. Fitch
also view sufficiency in core capitalisation as an important
factor from the perspective of unexpected losses - given STFC's
riskier business profile - and thus capital ratios above a
certain threshold are also seen as important for stability in the
rating level. Fitch sees STFC's rating as well-balanced at the
current level and does not expect an upgrade in the near term
unless it is accompanied by strong core capitalisation and
overall stable performance on a sustained basis.

The rating actions are:

Shriram Transport Finance Company Limited
Long-Term Foreign-Currency Issuer Default Rating affirmed at
'BB+'; Outlook Stable
Long-Term Local-Currency Issuer Default Rating affirmed at 'BB+';
Outlook Stable
Short-Term Issuer Default Rating affirmed at 'B'


SRI KUMARAN: CARE Assigns B Rating to INR17.10cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Kumaran Mills Private Limited (SKMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            17.10       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.90       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SKMPL are tempered
by moderate scale of operations with low networth base,
fluctuating PBILDT margin with net losses incurred in FY17
(refers to the period of April 1 to March 31),leveraged capital
structure and weak debt coverage indicators along with highly
fragmented industry and volatility associated with raw material
prices. The ratings, however, derive strength by long track
record of the company and experience of the directors for more
than three decades in textile industry, growth in total operating
income with comfortable operating cycle days and stable outlook
of textile industry.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low networth base: The company
has a track record of around eighty years however the total
operating income (TOI), of the company remained low at INR66.98
crore in FY17 with low net worth base of INR6.03crore as on March
31, 2017 as compared to other peers in the industry.

Fluctuating PBILDT margins with net losses incurred in FY17:
Profitability margins of the company are seen fluctuating during
the review period. The PBILDT margin of the company has increased
from 5.00% in FY15 to 5.84% in FY16 and then declined to 4.89% in
FY17 due to fluctuation in material costs, power and fuel and
other overheads.

The PAT margin of the company is also declining y-o-y during the
review period. The PAT margin declined from 1.48% in FY15 to
0.69% in FY16 due to increase in interest cost at the back of
availment of term loans with high utilization of working capital
borrowings along with increase in depreciation charges at the
back of purchase of plant & machinery. However, due to above said
factors the company incurred net loss in FY17.

Leveraged capital structure and weak debt coverage indicators:
The debt equity ratio marginally deteriorated from 1.79x as on
March 31, 2016 to 1.80xas on March 31,2017 due to decrease in
tangible net worth at the back of net loss though decrease in
long term debt at the back repayment of term loan installments.
Due to above said factors, the overall gearing ratio deteriorated
from 3.08x as on March 31, 2016 to 3.17x as on March 31, 2017.The
company has weak debt coverage indicators during review period.
The total debt /GCA is deteriorated from 11.59x in FY16 to 13.31x
in FY17 due to decline in GCA levels at the back of net losses
incurred.

The interest coverage declined from 2.01x in FY16 to 1.77x in
FY17 due to increase in interest and finance cost at the back of
increase in unsecured loans coupled with decrease in PBILDT in
absolute amount.

Highly fragmented industry and volatility associated with raw
material prices: The cotton ginning and spinning industry is
highly fragmented in nature with several organized and
unorganized players.

Prices of raw cotton are highly volatile in nature and depend
upon the factors like area under cultivation, crop yield,
international demand-supply scenario, export quota decided by the
government and inventory carry forward of the previous year.
Hence, the profitability margins of the company are susceptible
to fluctuation in raw material prices.

Key Rating Strengths

Long track record of the company and experience of the directors
for more than three decades in textile industry: Sri Kumaran
Mills Private Limited (SKMPL) was incorporated in 1935 by Mr.
G.V. Doraiswamy Naidu. Presently SKMPL is run by Mr. D. Krishna
Murthy, Mrs.Rajini Krishnamurthy, Mr. K. Harish Kapil and Mr.
M.C. Ramamirtham. All are post graduates except Mr. M.C.
Ramamirtham who is a graduate by qualification and all have more
than three decades of experience in textile industry. Due to long
experience of the directors, they were able to establish long
term relationship with clientele which has helped in developing
their business.

Growth in total operating income along with comfortable operating
cycle days during review period:  The total operating income of
the company grew at Compounded Annual Growth Rate (CAGR) of 7.88%
i.e., from INR57.54 crore in FY15 to INR66.98 crore in FY17 due
to year on year increase in volume/size of orders from existing
customers coupled with addition of new customers. Furthermore,
during April to November 2017 (Provisional), the company has
achieved total operating income of INR41.74 crore and net profit
of INR0.21 crore.

Furthermore, the operating cycle of the company remained
comfortable during review period due to comfortable
average inventory period and average collection period. The
company receives the payment from its customers within 1-
2months. Further, the company makes the payment to its suppliers
within 1-2 months. The average inventory period 1-2 months during
review period. The average utilization of CC facility was 85% for
the last 12 months ended November 30, 2017.

Stable outlook of textile industry: The future for the Indian
textile industry looks promising, buoyed by both strong domestic
consumption as well as export demand. With consumerism and
disposable income on the rise, the retail sector has experienced
a rapid growth. The Government of India has started promotion of
its 'India Handloom' initiative on social media like Facebook,
Twitter and Instagram with a view to connect with customers,
especially youth, in order to promote high quality handloom
products.

The Revised Restructured Technology Up gradation Fund Scheme
(RRTUFS) covers manufacturing of major machinery for technical
textiles for 5 per cent interest reimbursement and 10 per cent
capital subsidy in addition to 5 per cent interest reimbursement
also provided to the specified technical textile machinery under
RRTUFS.

Sri Kumaran Mills Private Limited (SKMPL), was incorporated in
1935 as a Public Limited company by Mr.G.V.Doraiswamy Naidu and
further change in constitution to Private Limited Company in June
2016. Presently SKMPL is run by Mr. D. Krishna Murthy, Mrs.Rajini
Krishnamurthy, Mr. K. Harish Kapil and Mr.M.C.Ramamirtham. The
company is engaged in manufacturing of cotton yarn with a total
installed capacity of 35,616 spindles at its manufacturing unit
located at Coimbatore, Tamil Nadu. The manufacturing process
includes ginning of raw cotton, blending, carding, combing,
drawing out, twisting and spinning. The company has major
customers like Azhar Yarn Traders,Nav Textiles and Nizam company
among others. SKMPL purchases raw cotton mainly from dealers
based at Andhra Pradesh, Maharashtra,Tamil Nadu and Karnataka.


SSZ COMMODITIES: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
Due to inadequate information and in line with the guidelines of
Securities and Exchange Board of India, CRISIL had migrated the
ratings on the bank facilities of SSZ Commodities Private Limited
(SSZ) to 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating' on
September 29, 2017. However, the firm's management subsequently
shared the information necessary for a comprehensive review of
the ratings. Consequently, CRISIL is migrating the ratings from
'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Import Letter of         15       CRISIL A4 (Migrated from
   Credit Limit                      'CRISIL A4' Issuer Not
                                     Cooperating)

   Import Letter of         30       CRISIL B+/Stable (Migrated
   Credit Limit                      from 'CRISIL B+/Stable'
                                     Issuer Not Cooperating)

The ratings continue to reflect a weak financial risk profile,
and susceptibility to volatility in raw material prices and to
regulatory changes. These weaknesses are partially offset by the
extensive experience of the promoters in the steel trading
business and their funding support.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at INR12.40 crore
as on March 31, 2017) extended by the promoters as neither debt
nor equity. That's because these loans carry lower-than-market
interest rates and are expected to remain in the business over
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The networth was low at INR8.5
crore, while the gearing and total outside liabilities to
tangible networth (TOLTNW) ratio were high at 2.80 times and 3.29
times, respectively, as on March 31, 2017. Interest coverage and
net cash accrual to total debt ratios were 1.5 times and 0.09
time, respectively, in fiscal 2017.

* Fluctuating operating profitability margin and susceptibility
to regulatory changes: The margin has been fluctuating on the
account of volatility in the prices of the steel plates and
coils. The business is also susceptible to changes in government
regulations.

Strength

* Experienced promoters and their funding support: The promoters
have more than two decades of experience in the steel trading
business and have been providing need-based funding support.

Outlook: Stable

CRISIL believes SSZ will continue to benefit from the extensive
industry experience of its promoters and its diversified customer
base. The outlook may be revised to 'Positive' in case of
significantly better-than-expected revenue growth and healthy
operating margin and cash accrual, or if the capital structure
improves because of substantial fund infusion. The outlook may be
revised to 'Negative' if cash accrual declines because of a dip
in the operating margin or foreign exchange loss, or if the
working capital cycle is stretched, leading to weakening of
liquidity.

SSZ was established in 2009, promoted by Mr. Sanjay Gupta, Mr.
Zaheer Lokhandwala, and Mr. Mohanlal Jatia. The Mumbai-based firm
trades in steel plates and coils.


SUBHANG CAPSAS: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Subhang Capsas
Private Limited to monitor the ratings vide e-mail
communications/letters dated August 3, 2017, August 18, 2017,
August 30, 2017, September 7, 2017, September 15, 2017,
October 12, 2017, December 18, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Subhang Capsas
Private Limited's bank facilities and instruments will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities          5.46       CARE B+; ISSUER NOT COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating on January 9, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Thin profit margins: During FY16, PBILDT margin improved by 102
bps during FY16 as compared to FY15. However, the PAT margin has
dipped by 25 bps and stood below unity and very low at 0.06%
during FY16 as compared to FY15.

Leveraged capital structure and weak debt coverage indicators
The capital structure stood leveraged marked by debt equity ratio
of 1.19 times as on March 31, 2016 as against 0.83 times as on
March 31, 2015. Further, the overall gearing level has also
deteriorated from 1.39x as on March 31, 2015 to 2.19x as on March
31, 2016 on account increase in utilization of working capital
borrowings to support incremental scale of operations.

The debt protection metrics stood weak marked by an interest
coverage of 1.22 times during FY16 as against 1.49x during
FY15 on account of higher interest & finance charges and Total
debt to GCA of 53.37 times as on March 31, 2016 as against 25.18x
as on March 31, 2015 on account of increase in total debt level
on y-o-y basis.

Elongated operating cycle: The current ratio and the quick ratio
of SCPL stood at 1.91 times and 1.24 times as on March 31, 2016
respectively. The operations of the company are working capital
intensive in nature and net working capital as a % of capital
employed stood high at 70% as on March 31, 2016. Operating cycle
remained elongated at 139 days during FY16 as against 106 days
during FY15 on account of increase in the collection and
inventory period.

Operating margins are susceptible to raw material price
fluctuation: The price of its raw material i.e. polypropylene
granules (PP) is dependent on crude oil prices which are highly
volatile. Further, the company does not have any long term
contracts with the suppliers for the purchase of raw materials.
Hence, the profitability of the company could get adversely
affected with any sudden spurt in the raw material prices.
Presence in highly competitive and fragmented plastic industry

The industry is highly fragmented with a large number of small to
medium scale unorganised players. Further, fungible nature of
products with no visible differentiators has also resulted in a
highly competitive market.

Key Rating Strengths

Experienced promoters: The management of SCPLcomprises of
Mr.Jasbir Singh Arora and Mr.Angad Arora who holds experience of
more than three decades in the same line of business.

Well established marketing network and reputed client profile
Within a very short span of time SCPL has made agood presence in
the market and selling its products to Silvassa, Baroda,
Maharashtra, Indore and Gurgaon.

Its client portfolio is also well-diversified in the domestic
market and includes well-established companies from the domestic
market.

Increasing scale of operations albeit continue to remain small
Total Operating Income (TOI) of SCPL has grown at a Compounded
Annual Growth Rate (CAGR) of 25% during FY14-FY16.

During FY16 the TOI grew by 12.29% to INR15.90 crore from
INR14.16 croreduring FY15. However, overall operations stood
small.

Silvassa (U.T., D.N.H.) based SCPL was incorporated in the year
2011 and it is engaged in manufacturing of moulding
products for packaging solutions. At present, the company
manufactures blow moulded containers with the capacity
ranging from 15 litres to 120 litres. The company's manufacturing
unit is located at Silvassa and operates with an installed
capacity of 1440 MT Per Annum.


SUPER COTTON: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Super Cotton
Industries to monitor the rating(s) vide e-mail
communications/letters dated December 6, 2017, November 16, 2017,
November 1, 2017, October 17, 2017, October 3, 2017, August 23,
2017, August 8, 2017, June 21, 2017, June 8, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
entity has not provided the requisite information for monitoring
the ratings.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           7.55      CARE B+; ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Super Cotton
Industries's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on October 6, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Financial profile marked by moderate scale of operations, thin
profit margins, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position
During FY16 (A), TOI of SCI declined by 15.07% to INR42.65 crore
as against INR50.22 crore during FY15 (A). During FY16
(A), PBILDT margin of SCI declined by 24 bps over the previous
year to 2.54% (2.78% during FY15). The PAT margin declined merely
by 1 bps over the previous year to 0.02% during FY16 (0.03%
during FY15). Capital structure of SCI continued to remain
leveraged marked by an overall gearing of 2.50 times as on
March 31, 2016 (2.53 times as on March 31, 2015). As on March 31,
2016, debt coverage indicators deteriorated and continued to
remain weak marked by total debt to GCA of 24.39 times (18.16
times as on March 31, 2015). During FY16, interest coverage ratio
remained at 1.51 times (1.49 times during FY15).

As on March 31, 2016, liquidity position remained moderate as
indicated by current ratio of 1.47 times (1.42 times as on
March 31, 2015) and quick ratio of 0.24 times (0.38 times as on
March 31,2015), working capital cycle of the firm
elongated to 79 days as against 59 days during FY15.

Key Rating Strengths

Experienced partners: SCI is promoted by by Mr. Naresh Kalola and
his efforts are supported by his family members. All the partners
have an experience of more than a decade in cotton industry.
Prior to this, Mr. Naresh Kalola was working as a purchase
manager
for Rajkot Marketing Yard and later on shifted to cotton ginning
firms.

Strategically located within cotton producing belt of Gujarat:
SCI's plant is located in cotton producing belt of Gujarat region
which is the largest producer of raw cotton in India. SCI's
presence in cotton producing region results in benefit derived
from lower logistics expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective price and consistent demand for finished
goods resulting in sustainable revenue visibility.

Jamnagar-based (Gujarat) SCI was established in April 2013 as a
partnership firm by five partners namely Mr. Naresh Kalola, Mr.
Mayur Fefar, Mr. Dhaval Fefar, Mr. Haresh Fefar and Mr. Kantilal
Boda. All partners jointly look after day to day activities of
SCI. SCI is into the business of cotton ginning and pressing. SCI
has an installed capacity of 36,982 metric tonne per annum (MTPA)
for cotton bales and cotton seeds as on March 31, 2016 (A.). FY16
was the second full year of operation as SCI commenced operation
from January 2014, onwards.



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


MEDCO ENERGI: Fitch Assigns B Rating to New USD Notes
-----------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B(EXP)' and a
Recovery Rating of 'RR4' to PT Medco Energi Internasional Tbk's
(Medco; B/Stable) proposed US dollar notes. The notes will be
issued by Medco's wholly owned subsidiary, Medco Platinum Road
Pte Ltd, and guaranteed by Medco and several of its subsidiaries.
The notes are rated at the same level as Medco's Issuer Default
Rating (IDR) as they constitute direct, unsubordinated and
unsecured obligations of the company.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received.
Indonesia-based Medco plans to use the proceeds from the proposed
notes to repay some of its existing debt and spread out its debt
maturity schedule.

KEY RATING DRIVERS

Small Oil and Gas Producer: Medco's 'B'/Stable IDR reflects the
nature of its business as a small upstream oil and gas producer,
with proved (1P) reserves of 227 mmboe and proved and probable
(2P) reserves of 316 mmboe as at June 2017. This translates to 1P
and 2P reserve life of about 7.5 years and 10.5 years,
respectively. Medco has mostly controlling interests in seven
main production assets in Indonesia from which it derives nearly
all of its production. Medco is the operator of all of its
fields. The company had developed 75% of its proved reserves as
at September 2017.

Fixed-Price Gas Sales: Around 36% of the company's revenue in
2017 stemmed from upstream gas production, which is sold in
Indonesia based on fixed-price take-or-pay contracts with the
Indonesian state, with in-built annual price escalations, while
the remaining 64% comprises oil revenue and take-or-pay gas
contracts that are indexed to crude oil prices, and are
contracted with large overseas counterparties. The contracts have
tenors of 10-15 years. The fixed or indexed-pricing and take-or-
pay nature of these contracts reduces the volatility of Medco's
operating cash flows to an extent.

Moderating Leverage: Fitch expect Medco's FFO adjusted net
leverage to drop to about 5.0x in 2017 from 15.5x in 2016, driven
by a USD195 million rights issue in 4Q17, an increase in
production volumes and better realised oil and gas prices
compared with 2016. Fitch expect Medco's leverage to continue
improving due to Fitch expectation that its production volume
will continue rising for the next three to four years and Fitch
forecast for oil and gas prices to improve modestly in the next
few years. Fitch estimate the company's cash costs dropped to
about USD8.10 per barrel in 9M17 from USD12 per barrel in 2015
due to increasing economies of scale and cost containment.

Medco continues to work on measures to cut leverage, some of
which Fitch have not incorporated into Fitch forecasts as these
are subject to circumstances outside of management control. These
may result in faster deleveraging in the next 12 months compared
with Fitch rating case, which could lead to positive rating
action. These measures include raising over USD200 million via
share warrants until 2020, a planned IPO of its non-consolidated
subsidiary, PT Amman Mineral Nusa Tenggara, a company that
effectively owns gold and copper mines in Indonesia, and disposal
of non-core assets of more than USD467 million over the next 12
to 18 months.

Growth from Acquisitions: Medco's production run-rate rose to 88
mboepd in 9M17 from an annual rate of 66 mboepd in 2016,
supported by the acquisition of a 40% stake in the South Natuna
Sea Block B in 2016. Fitch expect the company to maintain a
similar annual production rate over the next three to four years.
Medco plans capex of around USD600 million in the next two years,
nearly half of which will be allocated to develop phase one of
Block A in Aceh, where first gas is likely in 2018. Medco
increased its stake in the Block A Aceh deposit in 2016 by 41% to
85% - this asset has 2P reserves of 58 mmboe, of which 92% stems
from natural gas. The South Natuna Sea Block B has 27 mmboe of 2P
reserves, of which 52% is from natural gas.

Power Business Investments Factored In: Medco increased its stake
in PT Medco Power International Tbk (MPI) to 89% from 49% for
USD129 million on 3 October 2017. Fitch continues to treat MPI as
an equity investment when assessing Medco's credit risk as MPI's
operations are largely project-financed on a non-recourse basis
and there is limited fungibility of cash flow between the
businesses due to a lack of cross-default clauses linking MPI's
debt to Medco. Furthermore, MPI's business profile is sound and
it is able to finance its own operations.

MPI's cash flows stem from long-term take-or-pay contracts with
state-owned utility company PT Perusahaan Listrik Negara
(Persero) (PLN, BBB/Stable) with a robust cost pass-through
mechanism. MPI has a track record of operating nine of its own
power plants and a large number of third-party power plants to
the standards required by the contracts without significant
interruptions, which further mitigates the risks to its operating
cash flows.

DERIVATION SUMMARY

Medco's 'B'/Stable Long-Term IDR compares well with upstream oil
and gas producers that are rated in the 'B' category. Medco's
business risk profile is similar to that of PT Saka Energi
Indonesia (BB+/Positive), which is assessed at 'B+' on a
standalone basis. Medco has a larger production base and proved
reserves, longer reserve life, and a similar mix of operating
cash flows stemming from fixed-price gas contracts compared with
Saka. However, Fitch expect Saka's production base and reserves
to catch up with Medco's in the next two years. Medco's leverage
is higher than Saka's, resulting in Saka's standalone rating
being one notch higher than Medco's.

Medco is rated in line with Kosmos Energy Ltd. (B/Positive).
Medco's business risk profile is stronger than Kosmos' on account
of larger proved reserves and production volume, and lower
production costs. This is counterbalanced by Medco's higher
leverage.

KEY ASSUMPTIONS

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

- Brent crude oil price to average USD52.50/barrel in 2018,
   USD55.00/barrel in 2019 and USD57.50/barrel thereafter
- Oil and gas production of about 32 mmboe per annum from 2018
   to 2020
- Cash operating costs per mmboe to remain between USD12 and
   USD13 (all operating costs including selling, general and
   administrative expenses)
- Annual capex of around USD300 million in 2017 and 2018

Fitch's key assumptions for bespoke recovery analysis include:

- The recovery analysis assumes that Medco would be considered a
   going-concern in bankruptcy and that the company would be
   reorganised rather than liquidated. Fitch have assumed a 10%
   administrative claim.
- Medco's going-concern EBITDA is based on expected 2018 EBITDA,
   which in Fitch's view reflects Medco's sustainable production
   and price levels. It also captures production from Medco's new
   oil and gas assets. However, the going-concern EBITDA is about
   30% below Fitch expected 2018 EBITDA to reflect the risks
   associated with oil price volatility, potential challenges in
   maintaining production of maturing fields, and other factors.
- An enterprise value multiple of 5.5x is used to calculate a
   post-reorganisation valuation and reflects a mid-cycle
   multiple for oil and gas and metals and mining companies
   globally, which is somewhat higher than the observed lowest
   multiple of 4.5x.  The higher multiple considers that a
   majority of Medco's production volume stems from long-term
   fixed-price and indexed take-or-pay gas contracts, which
   provide the company with more cash flow visibility across
   economic cycles than the average global upstream oil and
   gas production company.
- Fitch have assumed secured and prior ranking debt of USD666
   million to be repaid before Medco's senior unsecured
   creditors, including the investors of the US dollar bonds.
   Prior ranking debt include project-finance debt at non-
   guarantor subsidiaries PT Medco E&P Tomori Sulawesi of USD159
   million, drawdown of up to USD360 million on a facility at PT
   Medco E&P Malaka, as well as a USD147 million secured debt at
   PT Api Metra Graha.
- The payment waterfall results in a 65% recovery corresponding
   to a 'RR3' recovery for the USD450 million unsecured notes.
   However, Fitch have rated the senior unsecured bonds 'B'/'RR4'
   because Indonesia falls into Group D of creditor-friendliness
   under Fitch Country-Specific Treatment of Recovery Ratings
   criteria, and the instrument ratings of issuers with assets in
   this group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Ability to sustain FFO adjusted net leverage at less than
   4.0x, while maintaining its current business risk profile.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- A sustained increase in FFO adjusted net leverage to more than
   5.0x
- A sustained decline in Medco's oil and gas business risk
   profile, or a significant weakening in liquidity

LIQUIDITY

Manageable Refinancing Risk: Medco has debt maturities of USD348
million in 2018 and its liquidity is manageable with cash
balances of USD365 million and committed bank facilities of
USD290 million as at September 2017. Medco's liquidity is also
aided by the USD195 million raised in its rights issue in 4Q17.
Proceeds from the proposed notes will be used to repay some of
its debt due from 2018 to 2020, which would spread out the
company's debt maturity schedule. After the bond issuance, USD163
million of debt will be due in 2018.


MEDCO ENERGI: Moody's Affirms B2 CFR; Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating (CFR) of Medco Energi Internasional Tbk (P.T.) (Medco).

Moody's has also affirmed the B2 rating on the $400 million
backed senior unsecured bonds issued by Medco Strait Services
Pte. Ltd., a wholly-owned subsidiary of Medco.

Moody's has revised the outlook on Medco and Medco Strait
Services Pte. Ltd. to positive from stable.

At the same time, Moody's has assigned a B2 rating to the
proposed USD-denominated backed senior unsecured bonds to be
issued by Medco Platinum Road Pte. Ltd., a wholly-owned
subsidiary of Medco. The proposed bonds are irrevocably and
unconditionally guaranteed by Medco and some of its subsidiaries.
The outlook on Medco Platinum Road Pte. Ltd. is positive.

RATINGS RATIONALE

"The change in the ratings outlook to positive reflects Moody's
expectations that Medco's credit metrics will continue to improve
over the next 12 months, underpinned by a combination of strong
cash flow generation from its oil and gas business and the
company's debt reduction plan," says Rachel Chua, a Moody's
Assistant Vice President and Analyst.

Moody's expects that Medco's adjusted net debt/EBITDA (net of
cash in escrow earmarked for debt repayment) will be around 4.5x
in 2017 and further improve to 4.0x-4.2x over the next 12 months
from 6.7x in 2016.

For 2018, its EBITDA interest coverage will be around 4x and
retained cash flow (RCF) to adjusted net debt at 16%.

Moody's projections incorporate expectations that Medco's oil and
gas sales volume in 2018 will be maintained at around 80 thousand
barrels of oil equivalent per day (excluding service contracts),
thereby supporting EBITDA generation of $440-$460 million
compared to $294 million in 2016.

Moody's also expects management to continue to deliver on its
deleveraging plan, such that adjusted net debt declines by around
4% in 2018.

Medco's B2 CFR takes into account the company's modest but
improving scale of production, as well as its reserves of oil and
natural gas, which are in various stages of production and
development. The rating also reflects a modest degree of
visibility on Medco's cash flow coming from fixed-price natural
gas sales agreements, which will account for 25%-30% of the
company's total production volume over the next 2-3 years.

At the same time, the rating remains constrained by Medco's weak
but improving leverage and liquidity profiles, exposure to the
cyclicality of commodity prices, as well as execution risk
associated with its investment plan of around $1 billion over the
next four years.

"The positive ratings outlook reflects Medco's improved liquidity
profile, following its successful rights issuance exercise in
December 2017," adds Chua, who is also Moody's Lead Analyst for
Medco. "The net proceeds of $195 million will be used for debt
repayment over the next few months; thereby alleviating liquidity
pressures."

Alongside the rights issuance, Medco has also issued warrants
that shareholders can exercise in 2018-2020, which should bring
in equity proceeds of around $200 million.

As of September 30, 2017, Medco had cash and cash equivalents of
$450 million compared to $300 million of debt maturing over the
next 12 months. Moody's believes its cash balance, proceeds from
its rights issuance and operating cash flow generation will
sufficiently fund the company's capital investment plan and debt
maturities through 2018.

Moody's continues to assume that Medco will not provide financial
support in the form of equity injections, shareholder loans or
loan guarantees to its power and mining companies. Moody's also
does not expect meaningful dividend contribution from these
businesses over the next 2-3 years.

The $375 million acquisition loan at Medco's 41.1%-owned, mining
associate, Amman Mineral Nusa Tenggara (AMNT), which was partly
guaranteed by Medco was fully prepaid in December 2017. As such,
Medco no longer guarantees any of AMNT's loans.

Medco's CFR could be upgraded after the completion of its debt-
reduction plan, if the company's: (1) adjusted debt/EBITDA falls
below 4.5x, RCF/adjusted debt increases above 15%, and
EBITDA/interest expense increases above 4.0x; or cash and cash
equivalents cover at least the amount of debt maturing over the
next 12 months, all on a sustained basis.

Given the positive outlook, a rating downgrade is unlikely.

Nonetheless, the rating outlook could be revised to stable if
Medco: (1) fails to execute its deleveraging plan, or if there
are material delays in implementation; (2) makes any material
debt-funded acquisitions before completion of the debt reduction
exercise; or (3) provides funding support to its mining or power
businesses.

Specific credit metrics that Moody's would consider to revise the
outlook to stable include adjusted debt/EBITDA between 4.5x-5.5x,
RCF/adjusted debt between 10%-15%, and EBITDA/interest expense
below 4x.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Established in 1980 and headquartered in Jakarta, Medco Energi
Internasional Tbk (P.T.) is predominantly an oil and gas
exploration and production company, with additional operations in
downstream oil and gas activities, power generation, and copper,
gold and coal mining.

Medco reported proved developed reserves of 169.4 million barrels
of oil equivalent (mmboe) at September 30, 2017, and oil and gas
production volumes of 80 thousand barrels of oil equivalents per
day (mboepd) (excluding service contracts) for the nine months
ended September 30, 2017.


MEDCO ENERGI: S&P Rates New US Dollar Sr. Unsecured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B' long-term issue
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes issued by Medco Platinum Road Pte. Ltd. and
guaranteed by PT Medco Energi Internasional Tbk. (Medco;
B/Stable/--). The rating is subject to our review of the final
issuance documentation. Medco Platinum Road Pte. Ltd. is wholly
owned by Medco. Medco will use the proceeds from the proposed
notes to refinance its existing debt maturities.

S&P saoid, "We equalize the issue rating on the proposed notes
with the 'B' issuer rating on Medco. This is because all of
Medco's cash flow generating assets are located in Indonesia, a
jurisdiction that we consider to have a weak rule of law, a lack
of creditor-friendly features, and a lack of consistency in the
conformity of the distribution of proceeds to legal rankings of
claims. Recovery prospects in the event of bankruptcy are
uncertain in the country, a result of the weak jurisdictional
context.

"Our ratings on Medco reflect the company's modest oil and gas
production and reserve scale, concentrated cash flows from a few
fields in Indonesia, and elevated investment appetite despite
high leverage. Tempering these weaknesses are Medco's growing
cash flows as new fields ramp up, the company's sound control on
costs, creditworthy counterparties, and good standing in credit
markets.

"Medco's oil and gas production for the nine months ending
September 2017 was about 10% better than our expectations. Better
than expected oil prices supported Medco's EBITDA during this
period, reaching 80% of our full year expectations for the year
2017. The Block A Aceh Gas Development, a new project, will start
production and ramp up in the first half of 2018, largely in line
with our expectations. Also, as expected, Medco has increased its
ownership in Medco Power Indonesia (MPI) and MPI financials will
be consolidated with those of Medco from the last quarter of
fiscal 2017.

"In 2017, Medco raised new equity of about US$195 million that it
will use to reduce debt. Also, debt that Medco guaranteed at
Medco's mining associate has been repaid. We expect the mining
business will fund its future cash flow needs on its own and we
do not consolidate mining business financials with that of Medco.
In all, we believe Medco's adjusted debt will be lower by about
US$425 million. The net effect of healthy cash flows and lower
debt will be a small improvement in funds from operations (FFO)
to debt of about 100 basis points to 10% in fiscal 2018-2019,
from earlier expectations of about 9%. Medco needs to continue
refinancing US$440 million to US$500 million in debt maturities
every year and we expect it to continue to do so using its fair
standing in and access to local and international capital
markets.

"The stable outlook on Medco reflects our view that the company
will successfully ramp up production from new fields such that
its growing cash flows support FFO interest coverage remaining
sustainably above 2.0x. Downward rating pressure could emerge if
the ratio falls below 1.75x, due to weaker oil prices or lower
than expected production. An upgrade is likely once the company's
FFO-to-debt ratio sustainably crosses 12%. We do not expect Medco
to provide financial support to its mining assets and expect
Medco to continue to refinance its maturities comfortably."


SAWIT SUMBERMAS: Fitch Rates Proposed USD Sr. Unsec. Notes 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based palm oil and sugar
producer PT Sawit Sumbermas Sarana Tbk's (SSMS, B+/Positive)
proposed US dollar senior unsecured notes an expected rating of
'B+(EXP)' with Recovery Rating of 'RR4'.

The notes, which will be issued by SSMS's wholly owned
subsidiary, SSMS Plantation International Pte Ltd., will be
guaranteed by SSMS and its parent, PT Citra Borneo Indah (CBI),
and certain operating subsidiaries. SSMS intends to use the
proceeds mainly for refinancing existing debt. The final rating
is subject to the receipt of final documentation conforming to
information already received.

SSMS's rating reflects the small scale of its operations, which
are concentrated in Indonesia's Central Kalimantan, and the lack
of diversification in terms of products and location. Its
operating and financial metrics are in line with those of its
plantation peers rated at 'B+'.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch analyses CBI and its
subsidiaries as a single economic entity because of their strong
legal, strategic and operational linkages. Fitch's assessment
reflects the sustainability initiatives and business strategies
of CBI and its subsidiaries, which include constructing an export
platform and developing a palm oil refinery, and the guarantees
under the proposed note issuance. Therefore Fitch has based
SSMS's IDR on CBI's consolidated financial profile.

Efficient Upstream Operator: SSMS's rating is supported by its
young plantation area and favourable operating profile. SSMS
owned and operated 19 oil palm estates in Central Kalimantan at
end-June 2017. SSMS had a high oil extraction rate (OER) of 23.1%
at end-2017, one of the highest in the industry in Indonesia. The
average age of SSMS's planted area was young at 8.3 years at end-
2017. Of the more than 70,000 ha of planted area, about 15,000 ha
are immature.

The young maturity profile of the oil palm trees provides the
company with future production growth. Fitch expect overall fresh
fruit bunch (FFB) yield to gradually improve to around 22.5
tonnes/ha (2016: 18.0 tonnes/ha) as more plants enter their prime
age. Fitch expect annual crude palm oil (CPO) production to
increase to above 450,000 tonnes (2016: 289,653 tonnes) by 2019
as more trees enter maturity and the average age of the planted
area increases. With higher production and healthy CPO prices,
Fitch forecast leverage to fall to below 2.5x by 2019, which
underpins Fitch Positive Outlook.

Attractive but Small, Concentrated Plantation: SSMS's plantations
are all located within a 60 km radius in Central Kalimantan. The
area is near a port and processing facilities, which allows the
company to operate efficiently and at competitive costs. However,
the concentration in such a small area and lack of product
diversification could leave the company vulnerable to negative
developments that affect this region.

Investment to Continue: CBI plans to invest a total of IDR1.2
trillion over 2017-2018 to expand into the downstream of the palm
oil industry. CBI is constructing a refinery facility with total
capacity of 2,500 tonnes per day that is due to be completed in
2018. The refinery will expand the group's operations over the
value chain and improve its business profile in the longer run.
However, Fitch expect the refinery to take one to two years after
commissioning to ramp up its production and make meaningful
EBITDA contribution to the overall group.

As part of its strategy, company also aims to expand its
plantation assets inorganically by a total of around 80,000 ha
over the next five years. These investments are likely to push
the CBI group's leverage to above 3.0x in 2017-2018.

Healthy CPO Price Outlook: The rating on SSMS also factors in the
company's exposure to volatility in CPO prices as it is a pure
upstream player with little product and business diversification.
CPO prices have improved over the last year to an average of
USD660-670/tonne in 2017, from around USD640/tonne in 2016. Fitch
expect CPO prices to remain fairly supported at around
USD675/tonne over the longer term.

Proposed Bonds Extend Debt Maturity: The net proceeds from the
proposed issue of US dollar-denominated bonds will be used mostly
to refinance the majority of bank loans. If the issuance
proceeds, SSMS's debt maturity schedule will be extended to 2023.
The proposed bonds are rated at the same level as SSMS's IDR as
they represent the company's unconditional, unsecured and
unsubordinated obligations.

DERIVATION SUMMARY

Fitch rates SSMS based on the consolidated credit profile of its
parent CBI because of the moderate to strong linkages between the
two entities. Fitch believe the pro forma group credit profile of
CBI will be driven largely by SSMS, as SSMS currently accounts
for all of CBI's EBITDA and 94% of CBI's debt.

Compared with PT Tunas Baru Lampung Tbk (TBL, BB-/Negative), SSMS
has a larger plantation area and superior palm oil operating
performance. However, TBL has a sugar business that lends
stability and has more diversified products and distribution
channels, which justifies TBL being rated one notch higher than
SSMS.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
- Gradual increase in FFB yield to around 22.5 tonnes/ha in
2018-
   2020, as more plants enter their prime mature stage
- CPO OER at 23.4% in 2018-2020, in line with historical average
- CPO price at USD665/tonne in 2018 and USD675 from 2019.
   Realised price will be about USD70 lower.
- Cost per ha to increase by 4% per year to factor in inflation
- Capex at 5% above management guidance
- Other investment outflows of around IDR320 billion per year in
   2018-2019 and IDR480 billion in 2019 for inorganic growth
   (including new planting)
- SSMS dividend payout at 30% of net income

Key Recovery Rating Assumptions:
- The recovery analysis assumes post-default EBITDA of IDR1,245
   billion, which reflects the near mid-cycle commodity price,
   expected CPO production on normal weather conditions, and
   going-concern economic value/EBITDA multiple at 6x.
- 10% administrative claims are applied on the going-concern
   value.
- Fitch estimates high recovery of 91%-100% for SSMS's secured
   and unsecured debt, corresponding to a 'RR1' Recovery Rating
   for the senior unsecured notes after adjusting for
   administrative claims. Nevertheless, Fitch has rated SSMS's
   senior unsecured bonds at 'B+' with a Recovery Rating of 'RR4'
   because, under Fitch's Country-Specific Treatment of Recovery
   Ratings criteria, Indonesia falls into the Group D of
   countries based on creditor-friendliness. Instrument ratings
   of issuers with assets in this group are subject to a soft cap
   at the issuer's IDR.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Consolidated leverage (adjusted net debt to EBITDAR) falls to
   below 2.5x on a sustained basis, provided that the company
   demonstrates a disciplined approach towards its acquisitions
   and shows progress towards improving its sustainability, and
   its downstream operation stabilises.
- Neutral FCF generation

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Outlook may be revised back to Stable if it does not meet the
   above parameters.

LIQUIDITY

Comfortable Liquidity: Fitch believe CBI has comfortable
liquidity with cash of IDR1.13 trillion as of end-September 2017,
which are sufficient to cover the IDR415 billion of debt maturing
within one year. CBI's liquidity is also supported by SSMS's
robust operating cash flow generation.


WIJAYA KARYA: Moody's Assigns Ba2 Rating to New Sr. Unsec. Bonds
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Wijaya
Karya (Persero) Tbk. (P.T.)'s (WIKA) proposed Indonesian rupiah-
denominated, senior unsecured bond.

The rating outlook is stable.

The Ba2 bond rating is in line with WIKA's Ba2 corporate family
rating (CFR), because the bond constitutes WIKA's direct,
unconditional, unsubordinated, and unsecured obligation.

WIKA will use the net proceeds from the bond issuance to fund
capital expenditure and repay part of its existing borrowings.

RATINGS RATIONALE

"The proposed bond issuance will improve WIKA's liquidity
profile, because it plans to use the proceeds to repay around
IDR1.75 trillion in short-term debt, with the remaining funds
allocated towards partially pre-funding planned capital
expenditures and investments," says Maisam Hasnain, a Moody's
Analyst.

WIKA's planned capital expenditure and investments include toll
road construction projects, transit-oriented development
projects, and equity investments in the Jakarta to Bandung High
Speed Rail project, in which WIKA has an effective 22.8% stake.

As a government-related issuer, WIKA's Ba2 CFR reflects: (1) its
b1 baseline credit assessment (BCA); and (2) a two-notch uplift
based on Moody's expectation that the company will receive a
moderate level of extraordinary support from the government of
Indonesia (Baa3 positive) in times of need.

WIKA's BCA reflects: (1) its leading market position as one of
the largest construction companies in Indonesia, with an
established track record of completing large projects; (2) a
sizeable order book that provides good revenue and cash flow
visibility; and (3) a diversified profile with multiple business
segments; a situation which supports stable margins.

The BCA also incorporates Moody's view that WIKA will benefit
from Indonesian government initiatives to accelerate
infrastructure development in the country.

On the other hand, WIKA's standalone credit strength is
constrained by: (1) increased concentration risk associated with
its three largest contracts, which together contribute around 29%
of its order book; and (2) sizeable capital expenditure and
investment plans, which will see leverage, as measured by
adjusted debt/EBITDA, increase moderately to around 4.0x.

The rating outlook is stable, reflecting Moody's expectation that
WIKA will maintain its leading market position, and demonstrate
strong project execution capabilities. The outlook also reflects
Moody's expectation that the company's operating performance will
remain supported by its sizeable order book.

A rating upgrade is unlikely over the next 12-18 months, given
WIKA's sizeable capital expenditure and investment requirements.

Over the longer term, positive momentum on its BCA could build,
if WIKA successfully executes its business plan while maintaining
a disciplined approach to investments, with a sustained
improvement in its financial profile and a strong order book.
However, an improvement in the BCA or upgrade to the sovereign
rating will not automatically result in an upgrade of WIKA's
rating.

Alternatively, WIKA's rating could face downward pressure if the
company: (1) bids aggressively to win new contracts, resulting in
a considerable deterioration in its financial profile; (2)
experiences a substantial decline in new contracts wins; or (3)
incurs large cost overruns and delays in its projects.

Credit metrics indicative of downward rating pressure include:
(1) adjusted debt/EBITDA above 5.0x; and (2) adjusted
EBITA/interest expense below 2.0x on a sustained basis.

While unlikely given the positive outlook, a downgrade to the
Indonesian sovereign rating would result in a downgrade to WIKA's
rating. Furthermore, a reduction in the government's shareholding
level or perceived support could lead to a negative rating action
on WIKA.

The methodologies used in this rating were Construction Industry
published in March 2017, and Government-Related Issuers published
in August 2017.

Established in 1960, Wijaya Karya (Persero) Tbk. (P.T.) (WIKA) is
one of the largest engineering, procurement and construction
companies in Indonesia, with revenues of around IDR22.2 trillion
for the 12 months to September 30, 2017, and an order book of
IDR94.4 trillion as of the same date.

Listed on the Indonesian Stock Exchange since 2007, WIKA is 65%
owned by the Government of Indonesia (Baa3 positive), with the
remaining 35% shares held by members of the public.



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


TK HOLDINGS: Unsecureds to Recover 0.1% - 0.4% Under Latest Plan
----------------------------------------------------------------
TK Holdings Inc. and affiliates filed with the U.S. Bankruptcy
Court for the District of Delaware a disclosure statement for its
third amended joint chapter 11 plan of reorganization dated
Jan. 5, 2018.

The latest plan asserts that in order to supplement the
injunctive effect of the Plan Injunction of the Plan and the
Releases the Plan for PSAN PI/WD Claims, the Plan provides for
the Channeling Injunction to take effect as of the Effective Date
to permanently channel all PSAN PI/WD Claims against the
Protected Parties to the PSAN PI/WD Trust, which will forever
stay, restrain, and enjoin all Persons that have held or
asserted, that hold or assert any PSAN PI/WD Claims against the
Protected Parties from taking any action to directly or
indirectly collect, recover, or receive payment, satisfaction, or
recovery from any such Protected Party.

The Channeling Injunction provides for a non-jury resolution
process administered by a court-appointed Trustee in an attempt
to provide final, fair, and efficient resolution of PSAN PI/WD
Claims against the Participating OEMs brought by claimants
injured as a result of the PSAN Inflator Defect. The Channeling
Injunction could eliminate the need for prolonged court
involvement and the accompanying disruption caused by the
traditional legal process. The Channeling Injunction will provide
payment to holders of PSAN PI/WD Claims against the Participating
OEMs for injuries caused by the PSAN Inflator Defect from a
confirmed rupture or aggressive deployment of a PSAN Inflator
pursuant to a valuation matrix in which compensation will be
awarded based upon the injury type and severity of the injury.
Compensation determinations will be made by the PSAN PI/WD
Trustee, initially Professor Eric Green (unless he is unable or
unwilling to serve in such capacity), who was previously
appointed as the Special Master to administer the separate Takata
personal injury restitution fund. The Channeling Injunction
provides for an individualized analysis of a claimant's injuries,
an appeal process, and prompt payment of approved claims.
Class 6(d) under the third amended plan consists of the holders
of allowed general unsecured claims against the TKH Debtors.
Unless otherwise agreed, each holder of an allowed general
unsecured claim against the TKH Debtors will receive its pro rata
share of the TKH available cash allocated to the TKH Other
Creditors Fund. Estimated recovery for this class is 0.1% - 0.4%.

A full-text copy of the Latest Disclosure Statement is available
at:

     http://bankrupt.com/misc/deb17-11375-1630.pdf

A full-text copy of the Third Amended Plan is available at:

     http://bankrupt.com/misc/deb17-11375-1629.pdf

A full-text copy of the First Amended Plan is available at:

     http://bankrupt.com/misc/deb17-11375-1400.pdf

                         About TK Holdings

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

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

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

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

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

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

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

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

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

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

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



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


BANKS GROUP: Sold for NZ$2.3 Million, Covering BNZ Loan
-------------------------------------------------------
Paul McBeth at BusinessDesk reports that failed footwear chain
Banks Group's business was sold for NZ$2.3 million to a group of
investors led by the former owner's son Jeremy Bank, all but
covering an outstanding loan to Bank of New Zealand.

According to BusinessDesk, the latest report by receivers John
Fisk and David Bridgman of PwC show Shoe Co paid NZ$1.6 million
for Banks Group's fixed assets and a further NZ$666,000 for stock
in July last year. The buyer also made a NZ$50,000 payment
towards the receivers' expenses, BusinessDesk says. Banks Group
was tipped into receivership in May 2017 at the request of
director John Bank after struggling with cash flow after a period
of rapid expansion.

Shoe Co, which counts Jeremy Bank as its third-biggest
shareholder and one of two directors with Matthew West, "provided
the best price reasonably obtainable at the date of the
transaction," PwC's Fisk said in his report, BusinessDesk relays.
"The sale of the business has now settled and included all
trading assets of the business and stock."

BusinessDesk relates that BNZ, the retailer's first ranking
secured creditor, was paid about NZ$1.5 million leaving NZ$54,000
outstanding at the date of the report, which Fisk said would be
crystallised or released in February.

The shoe retailer operated under the Banks Shoes and Shoe
Connection brands, and had built a network of 14 stores across
the country before calling in receivers last year. It started
life in 1938 with a Banks Shoes store in Lower Hutt, expanding
its footprint through the Wellington region through the latter
half of the 20th century and branched out to Christchurch in 2001
and Auckland in 2013.

That expansion sought to see off the increasingly tough retail
environment but was ultimately unsuccessful, and just five stores
plus the online store were part of the sale to Shoe Co. Between
May 26 and Nov. 25, the stores generated trading receipts
totalling NZ$1.6 million and paid wages of NZ$487,000. Another
NZ$347,000 covered employee entitlements to 141 staff.

According to BusinessDesk, the receivers expect a NZ$233,000 bill
from the Inland Revenue Department and NZ$27,000 from Customs New
Zealand, which they said can be covered by the NZ$293,000 of cash
on hand.

They're also talking to the retailer's insurer over a claim
arising before their appointment and are aware of one book debt
owed to the company, BusinessDesk discloses.

BusinessDesk adds that any leftover funds are expected to go to
BNZ, and Fisk said the receivers don't anticipate any available
funds for the second-ranking creditor - the owner's family trust
is owed NZ$2.4 million from a series of loans in the two years
leading up to the receivership - or non-preferential creditors.

As reported in the Troubled Company Reporter-Asia Pacific on
May 30, 2017, John Fisk and David Bridgman, Partners from PwC,
were appointed receivers to Banks Group Limited which trades as
Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes on May 26,
2017. The receivership has occurred following a request to
appoint receivers by the director of the Company.

Banks Group operated from 14 stores in Auckland, Wellington and
Christchurch, in addition to an on-line store, and employed
approximately 170 staff. Banks Group consisted of Banks Shoes,
Shoe Connection, SNKR, and Plimmer Shoes.


BEST PACIFIC: Breaches Funding Conditions and Education Act
-----------------------------------------------------------
The failed BEST Pacific Institute of Education in Auckland filed
incorrect student information and under-delivered on its training
promises, an investigation report released by the Tertiary
Education Commission (TEC) shows.

The TEC appointed Deloitte in 2015 to investigate BEST after
becoming concerned it was resubmitting a large number of student
records.

BEST went into liquidation in December 2017 and the TEC can now
release the investigation report.

TEC manager of monitoring and crown ownership Dean Winter says it
found BEST incorrectly extended course end dates, allowing
student completion rates to be manipulated.

"This was directly relevant to BEST gaining funding from the TEC.
Incorrectly extending the course end dates artificially inflated
the percentage of students successfully completing courses. This
enabled BEST to continue getting funding while avoiding having to
produce data showing fewer than 70 percent of students were
successfully completing courses."

The TEC benchmark for funding Private Tertiary Establishments
(PTEs) is 70 percent. TEOs falling below that are at risk of not
being funded in following years.

"The investigation found that even with the inaccurately filed
successful course completion dates in 2013, BEST achieved just a
70.1 percent course completion rate. Without the inaccuracies, it
would have dipped below our benchmark and the TEC would have
considered not funding BEST in subsequent years."

Filing the incorrect information breached both the Education Act
and the funding conditions agreed to by BEST.

The investigation further concluded BEST was not providing all
the teaching hours for which it was funded.

The investigation also looked at whether BEST breached its
funding conditions by not reporting valid student enrolments.
Some isolated instances were detected, however there was
insufficient evidence to substantiate that a breach of funding
conditions had occurred.

BEST, which had premises in south and west Auckland, provided
training from Level 1 foundation-type courses through to degree
level. Since BEST went into liquidation, the TEC, along with the
New Zealand Qualifications Authority and StudyLink, has been
working to offer training alternatives for former students.
The Manukau Institute of Technology, Skills Update Training
Institute, New Zealand School of Education, and Advance Training
Centre all made places available.


ROSS ASSET: Liquidators to Chase 10 Former Investors for Funds
--------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the liquidators for Ross
Asset Management have filed legal proceedings against 10 former
investors as it gets closer to paying jilted investors in
New Zealand's biggest ever Ponzi scheme.

In their latest report on the Ross group, PwC's John Fisk and
David Bridgman said 158 investors in the scheme have settled with
the liquidators, totalling NZ$17.5 million, and leaving 43
outstanding claims, BusinessDesk relates. Of those outstanding,
the report says the liquidators have filed proceedings against 10
former investors and are still in negotiations with the rest,
BusinessDesk relays.

According to BusinessDesk, Messrs. Fisk and Bridgman offered to
settle with 160 investors for a total NZ$21.6 million after a
Supreme Court ruling in May let Wellington lawyer Hamish McIntosh
keep the principal he invested in Ross Asset Management, but
return the fake profits. Prior to the ruling, 54 investors
reached settlements totalling NZ$9.7 million.

Wellington-based David Ross built up a private investment service
by word of mouth, producing regular reports for shareholders
indicating healthy but fictitious returns, BusinessDesk
discloses. Between June 2000 and September 2012, Ross reported
false profits of NZ$351 million from fictitious securities
trading as part of a fraud that was the largest such crime
committed by an individual in New Zealand, BusinessDesk recalls.

In reality, about NZ$100 million to NZ$115 million of investor
funds were frittered away in the Ponzi scheme, and the
liquidators sought to claw back funds paid out to investors in
the lead-up to the collapse, going all the way to the Supreme
Court, so as to equally share the money for the 1,200 or so
investors out of pocket, BusinessDesk says.

According to BusinessDesk, the liquidators applied to the High
Court last month for directions on the model for distributions
and a hearing is expected in the second quarter of this year.

The latest round of litigation will keep the liquidation
operating, and the report said it's still not possible to
determine when it will be wrapped up, BusinessDesk says.

As at Dec. 15, the liquidators held cash totalling NZ$16.7
million, including a NZ$212,000 final distribution from the
Official Assignee relating to Ross's bankruptcy. That's after
legal fees of NZ$2.6 million and liquidators' fees of NZ$1.6
million, BusinessDesk notes.

                         About Ross Asset

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

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

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

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

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

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



=====================
P H I L I P P I N E S
=====================


LAPU-LAPU RURAL BANK: Depositors Claims Deadline Set January 29
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Lapu-Lapu Rural Bank, Inc. to file their
deposit insurance claims on or before the last day of filing
claims for insured deposits on January 29, 2018 either through
mail addressed to the PDIC Public Assistance Department, 6th
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City, or personally during business hours at the PDIC
Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Lapu-
Lapu Rural Bank was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on January 28, 2016.

According to PDIC, deposit insurance claims for 281 deposit
accounts with aggregate insured deposits amounting to PHP1.6
million have yet to be filed by depositors. Data showed that as
of November 30, 2017, PDIC had paid depositors of the closed
Lapu-Lapu Rural Bank the total amount of PHP55.1 million,
corresponding to 95.5% of the bank's total insured deposits
amounting to PHP57.7 million.

After January 29, 2018, PDIC shall no longer accept any deposit
insurance claims from depositors of Lapu-Lapu Rural Bank. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC, as Deposit Insurer, requires personal data from depositors
to be able to process their claims and protects these data in
compliance with the Data Privacy Act of 2012.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



                             *********

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 2018.  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.



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