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

                      A S I A   P A C I F I C

           Monday, August 21, 2017, Vol. 20, No. 165

                            Headlines


A U S T R A L I A

ADVANCED SALES: First Creditors' Meeting Set for August 25
ANTHONY WETMORE: First Creditors' Meeting Set for August 24
AQUATIC NO 4: Second Creditors' Meeting Set for August 25
BARMINCO HOLDINGS: Moody's Confirms B1 Corporate Family Rating
CARDINIA GREEN: Second Creditors' Meeting Set for August 24

EASTERN GOLDFIELDS: Wind-up Order Cancelled After Debt Repayment
IMAGEBUILD GROUP: Tradies Chase Builder Over Apartment Project
LATITUDE AUSTRALIA: Fitch to Rate AUD18.32MM Class E Notes 'BB'
MAKAN SEDAP: First Creditors' Meeting Set for August 28
PEPPER I-PRIME 2017-2: S&P Assigns B (sf) Rating to Class F Notes

RENNINGS PTY: Second Creditors' Meeting Set for August 24
TORTURED GUM: First Creditors' Meeting Set for August 28


C H I N A

LONGFOR PROPERTIES: Interim Results Support Moody's Ba1 Rating
PANDA GREEN: Moody's Cuts CFR to B1 on Heightened Credit Risk
YESTAR HEALTHCARE: 1H 2017 Results Support Moody's Ba3 CFR


I N D I A

ABC FRUITS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
ALBANNA ENGINEERING: CRISIL Cuts Rating on INR14.4MM Loan to 'B'
APEX STEEL: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
AUTOLOGIC MOTORS: CRISIL Reaffirms B+ Rating on INR12MM Loan
B D CORPORATES: CRISIL Reaffirms B+ Rating on INR21.45MM Loan

B.P. AGENCY: CRISIL Lowers Rating on INR10MM Loan to 'B'
CEE DEE: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
DAR PARADISE: Ind-Ra Migrates BB Issuer Rating to Not Cooperating
DAEJUNG MOPARTS: CRISIL Assigns 'D' Rating to INR3.4MM Loan
ELECTROSTEEL STEELS: First Creditors' Meeting Set August 21

FULZAN PROPERTIES: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
GANESHVANI MERCHANDISE: Ind-Ra Withdraws INR335MM WD Loan Rating
HINDUSTAN AGRO: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
INTERTEX PVT: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
J. R. AGROTECH: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'

JANANI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR4.2MM Loan
JAYPEE INFRATECH: Aug. 24 Homebuyers' Claims Deadline Set
JESUS LOVES: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan
K.K. BUILDERS: CRISIL Reaffirms B- Rating on INR4.5MM Cash Loan
N. K. SHARMA: CRISIL Reaffirms 'D' Rating on INR10MM Loan

N.S. CASHEW: CRISIL Cuts Rating on INR4.7MM Cash Loan to B
NEXT GENERATION: Ind-Ra Assigns BB- Rating to INR53.11MM Loan
NRI EDUCATIONAL: Ind-Ra Rates INR48.85MM Bank Loan 'BB'
PARSVNATH DEVELOPERS: CRISIL Cuts Rating on INR141.04MM Loan to D
PINNACLE NEXUS: CRISIL Cuts Rating on INR3MM Bank Loan to 'D'

PRERANA PRATISTHAN: CRISIL Reaffirms 'D' Rating on INR7.99MM Loan
R. NATARAJAN: CRISIL Lowers Rating on INR5MM Cash Loan to B-
RAJENDRA KUMAR: S&P Assigns 'BB-' Issuer Rating, Outlook Stable
REEP INDUSTRIES: CRISIL Lowers Rating on INR4.38MM LT Loan to B
SAFA CONSTRUCTIONS: CRISIL Cuts Rating on INR5.5MM Loan to 'B'

SHRI SARAVANA: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
SHUBHI AGRO: CRISIL Cuts Rating on INR53.55MM LT Loan to 'D'
SONALI EXTRUSIONS: CRISIL Raises Rating on INR6MM Loan to B+
SREE GOKUL: CRISIL Lowers Rating on INR4.25MM Cash Loan to 'B'
SRI ANDAL: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'

SRI GURUDEVA: CRISIL Lowers Rating on INR8MM Cash Loan to 'B'
SRI THAI: CRISIL Lowers Rating on INR5MM Cash Loan to B
ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
VEERPRABHU EXPORT: CRISIL Reaffirms 'B' Rating on INR16MM Loan


I N D O N E S I A

MEDCO ENERGI: Moody's Rates $400MM USD Sr. Unsecured Bonds B2

J A P A N

DTC ONE: Fitch Affirms 'BBsf' Rating on Class E Notes
TAKATA CORP: US Judge Halts Air Bag-Related Lawsuits for 90 Days


N E W  Z E A L A N D

HYDROWORKS LTD: Placed Into Interim Liquidation


                            - - - - -


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


ADVANCED SALES: First Creditors' Meeting Set for August 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Advanced
Sales Training Pty Ltd will be held at the offices of Condon
Associates Group, Level 6, 87 Marsden Street, in Parramatta, NSW,
on Aug. 25, 2017, at 9:30 a.m.

Schon Gregory Condon of Condon Associates was appointed as
administrator of Advanced Sales on Aug. 16, 2017.


ANTHONY WETMORE: First Creditors' Meeting Set for August 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Anthony
Wetmore & Co Pty Ltd and Beyond Accounting Plus Pty Ltd will be
offices of Morton's Solvency Accountants, Level 11, 410 Queen
Street, Brisbane, Queensland on Aug. 24, 2017, at 10:00 a.m. and
11:00 a.m.

Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Anthony Wetmore on Aug. 11, 2017.


AQUATIC NO 4: Second Creditors' Meeting Set for August 25
---------------------------------------------------------
A second meeting of creditors in the proceedings of Aquatic No 4
Pty Ltd has been set for Aug. 25, 2017, at 10:00 a.m., at the
offices of Grant Thornton Australia Limited, Level 17, 383 Kent
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2017, at 4:00 p.m.

Stephen Robert Dixon and John McInerney of Grant Thornton were
appointed as administrators of Aquatic No 4 on July 21, 2017.


BARMINCO HOLDINGS: Moody's Confirms B1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has confirmed Barminco Holdings Pty
Limited's B1 corporate family rating (CFR), Barminco Finance Pty
Ltd's B1 senior secured notes rating, and the Ba3 rating on its
senior secured revolving credit facility. The outlook on all
ratings is negative. The rating action concludes the review for
downgrade initiated on June 2, 2017.

RATINGS RATIONALE

"The ratings confirmations reflect Barminco's relatively stable
contract volumes and solid EBITDA margins," says Shawn Xiong, a
Moody's Analyst.

"However, the negative outlook reflects Moody's expectations that
reduced earnings from the loss of the Kundana contract will raise
the company's financial leverage -- as measured by adjusted debt-
to-EBITDA -- to 4.5x-4.6x for FY2017, above the tolerance level
of 4.25x for its B1 rating," adds Xiong.

Moody's expects Barminco to generate very limited free cash flow
in the fiscal year ending June 2017 (FY2017), due to the
significant upfront capital expenditures spent on the Kundana
contract. Free cash flow generation could remain limited if the
company incurs further upfront capital expenditures associated
for large new contract wins in FY2018.

Whilst Moody's expects the company's earnings to improve over the
next 12-18 months with the extension of the two Western Area
contracts -- Flying Fox and Spotted Quoll -- and a solid
pipeline, Barminco will need to renew maturing contracts, as well
as win and maintain new contracts.

Barmico's ratings continue to reflect its strong position and
franchise in underground hard rock mining. The company is
estimated to have a leading market share in this niche segment of
mining services in Australia and Western Africa. Despite the
recent slowdown in the mining sector, Barminco maintained a solid
operational track record of stable contract volumes and solid
EBITDA margins.

These strengths are balanced by the company's exposure to the
cyclical and volatile minerals industry. The rating also reflects
the company's moderate scale and concentrated revenue base, the
capital-intensive industry in which it operates, and the need to
continuously replace and renew contracts to sustain and grow
revenues.

WHAT COULD CHANGE THE RATING

The ratings outlook could return to stable if the company (1)
achieves earnings that bring its financial leverage comfortably
below the rating tolerance level of 4.25x; (2) demonstrates its
ability to continue renewing maturing contracts and win and
maintain new contracts so as to maintain credit metrics
comfortably below the tolerance level; and/or (3) continues to
generate solid free cash flow in the absence of large upfront
capital expenditures associated with new contract wins.

The ratings could be downgraded if market conditions deteriorate
despite Moody's expectations for stabilizing conditions, thereby
hindering Barminco's ability to generate sufficient revenue and
earnings to maintain credit metrics appropriate for its B1
rating. This would include debt-to-EBITDA increasing above 4.25x
on a sustained basis or a sustained period of negative free cash
flow.

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

Barminco Holdings Pty Limited is a market leader in underground
hard rock contract mining in Australia. The company also provides
diamond drilling, crushing and screening support services to its
mining customers. Barminco also has material operations across
Africa, both directly and through its 50% interest in the African
Underground Mining Services joint Venture.


CARDINIA GREEN: Second Creditors' Meeting Set for August 24
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Cardinia
Green Waste and Collection Services Pty Ltd has been set for
Aug. 24, 2017, at 3:00 p.m., at the offices of GS Andrews
Advisory, 22 Drummond Street, in Carlton, Victoria.

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 Aug. 24, 2017, at 10:00 a.m.

Gregory Stuart Andrews of G S Andrews Advisory was appointed as
administrator of Cardinia Green on July 24, 2017.


EASTERN GOLDFIELDS: Wind-up Order Cancelled After Debt Repayment
---------------------------------------------------------------
Sean Smith at The West Australian reports that the wind-up of
Michael Fotios' Eastern Goldfields has been cancelled after
payment of the debt which triggered the order.

The West Australian relates that the Supreme Court on August 17
returned Eastern Goldfields to its directors on confirmation the
company had paid AUD383,000 owed by the gold miner to Genalysis
Laboratory Services.

Eastern Goldfields, which has restarted mining at Davyhurst, near
Menzies, was put into liquidation on Genalysis's application on
August 15, the report discloses.

According to the report, Mr. Fotios, the miner's executive
chairman, said in a statement he was "very pleased" the wind-up
had been lifted.

"This is a good outcome for our employees, investors and
constructors, as it allows the company to continue with its
operations," the report quotes Mr. Fotios as saying.

Eastern Goldfields' application to set aside the wind up order
included reference to its solvency and was supported by the
company's main lender, global financier Investec, the West
Australian says.

The report says earlier this month, the company made a series of
last-minute payments to creditors to head-off a protest outside
the Diggers and Dealers mining conference in Kalgoorlie-Boulder
by contractors demanding payment for work.

Eastern Goldfields is expected to return to sharemarket trading
after talks with the ASX, adds The West Australian.


IMAGEBUILD GROUP: Tradies Chase Builder Over Apartment Project
--------------------------------------------------------------
ABC News reports that Imagebuild Group is being hunted by angry
tradesmen who claim they are owed millions of dollars for work on
an apartment complex in which underworld figure Mick Gatto has a
financial interest.

ABC says work on the Bond Quarter apartment building, on Spencer
Street in West Melbourne, shut down last month after a number of
contractors walked off the job over non-payment of their bills.

According to the report, the builder was placed into liquidation
by the Supreme Court last week after an application by a joinery
company owed more than AUD500,000 for work done on the project.

Mr. Gatto has invested in the Spencer Street complex, while his
son Damien was employed by Imagebuild Group as contract
administrator, the report says.

According to a number of contractors who have spoken to the ABC,
the developer of the apartment building, a company called
Alpha14, may have paid millions of dollars to Imagebuild Group in
May and June despite being told the builder was not paying its
contractors.

It is unclear exactly how much money is owed by Imagebuild Group
to contractors and suppliers on the Spencer Street job, but the
ABC has been told it could be well in excess of AUD6 million.

ABC relates that a number of the contractors have since struck a
deal with Alpha14 director Toby Pope to recommence work on the
building, but will not be paid for work done in May or June.

Australian Securities and Investments Commission (ASIC) records
show Mr. Pope is a director or former director of more than 35
companies, ABC discloses.

Brett Spits, the director of Imagebuild Group, was also formerly
a director of Alpha14, the report says.

Neither Mr. Pope nor Mr. Spits responded to request for comment.

The contractors have said Mr. Spits has since gone to ground and
has refused to communicate with any of them, the report adds.

According to ABC, Imagebuild Group and Mr. Spits were targeted
earlier this year by a website set up by two disgruntled
contractors who alleged Mr. Spits had defrauded businesses by
"phoenixing" another of his companies.

Mr. Spits denied the allegation in court proceedings during which
he tried to have the website shut down, ABC notes.


LATITUDE AUSTRALIA: Fitch to Rate AUD18.32MM Class E Notes 'BB'
---------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Latitude Australia
Credit Card Loan Note Trust Series 2017-2's floating-rate notes.
The issuance consists of notes backed by credit card receivables
originated by Latitude Finance Australia. The ratings are as
follows:

AUD342.95 million Class A1 notes: 'AAA(EXP)sf'; Outlook Stable
AUD62.83 million Class A2 notes: 'AAA(EXP)sf'; Outlook Stable
AUD28.80 million Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD26.18 million Class C notes: 'A(EXP)sf'; Outlook Stable
AUD20.93 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD18.32 million Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD23.56 million Originator VFN Subordination notes: 'NR(EXP)sf'

The notes will be issued by Perpetual Corporate Trust Limited in
its capacity as trustee of the Latitude Australia Credit Card
Loan Note Trust.

The notes are backed by a collateral pool of credit card
receivables with an average outstanding balance across active
accounts of AUD2,064. The portfolio is well-seasoned; by balance,
58.5% is held in accounts seasoned in excess of 36 months. The
portfolio is geographically diversified among Australian states
with no specific geographic concentration.

KEY RATING DRIVERS

Solid Asset Performance: Fitch has set a yield steady state
assumption of 12.5%, a charge-off steady state assumption of 5.5%
and a monthly payment rate (MPR) steady state of 13.0%. The yield
and MPR steady state assumptions are significantly lower than for
most other international credit card trusts. The charge-off
steady state is in line with or lower than other credit card
trusts due to solid performance and Australia's benign economic
conditions in the last few years. Steady state assumptions remain
unchanged from the prior issuance.

Variable Funding Notes (VFN): The VFN structure provides funding
flexibility that is typical and necessary for credit card trusts.
The structure also employs a separate "Originator VFN" purchased
and held by Latitude. This serves four main purposes: providing
credit enhancement to the rated notes, adding protection against
dilution by way of a separate transferor interest, supporting a
liquidity reserve and serving minimum retention requirements.

Experienced Originator and Servicer: Latitude, through its
previous ownership, has been managing large portfolios of
consumer receivables for well over a decade in Australia. Fitch
reviewed Latitude's underwriting and servicing capabilities and
found them satisfactory. Latitude is not rated and servicer risk
is mitigated through back-up servicer arrangements.

Steady Asset Outlook: Fitch expects stable Australian credit card
performance in the medium-term, with marginal upward charge-off
movements in 2017, since current levels are unsustainable in the
long term. Australian economic conditions are expected to remain
benign.

EXPECTED RATING SENSITIVITIES

Fitch believes the main rating drivers for credit card
transactions are charge-offs, the MPR and the portfolio yield.

Rating sensitivity to increased charge-off rate
Increase base case by 25% / 50% / 75%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AA+sf / AAsf / AA-sf
Series 2017-1 B: AA-sf / A sf / Asf
Series 2017-1 C: A-sf / BBB+sf / BBBsf
Series 2017-1 D: BBB-sf / BB+sf / BBsf
Series 2017-1 E: BB-sf / B+sf/ Bsf

Rating sensitivity to decreased MPR
Reduce base case by 15% / 25% / 35%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AA+sf / AAsf / A+sf
Series 2017-1 B: A+sf / Asf / A-sf
Series 2017-1 C: A-sf / BBB+sf / BBBsf
Series 2017-1 D: BBB-sf / BB+sf / BBsf
Series 2017-1 E: BB-sf / B+sf / B+sf

Rating sensitivity to decreased yield
Reduce base case by 15% / 25% / 35%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AAAsf / AA+sf / AA+sf
Series 2017-1 B: AAsf / AA-sf / AA-sf
Series 2017-1 C: Asf / A-sf / A-sf
Series 2017-1 D: BBBsf / BBB-sf / BBB-sf
Series 2017-1 E: BB-sf / B+f / Bsf

Defined sensitivities to increased charge-offs to reduce rating
by one full category/reduce rating to non-investment grade/reduce
rating to CCCsf
Series 2017-2 A1: 165% / 372% / 591%
Series 2017-2 A2: 33% / 154% / 275%
Series 2017-2 B: 40% / 111% / 217%
Series 2017-2 C: 45% / 71% / 164%
Series 2017-2 D: 25% / 25% / 102%
Series 2017-2 E: 64% / n.a. / 83%


MAKAN SEDAP: First Creditors' Meeting Set for August 28
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Makan
Sedap Pty Ltd will be held at Level 3, 95 Macquarie Street, in
Parramatta, NSW, on Aug. 28, 2017, at 10:00 a.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Makan Sedap on Aug. 16, 2017.


PEPPER I-PRIME 2017-2: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2017-2 Trust. Pepper
I-Prime 2017-2 Trust is a securitization of prime residential
mortgages originated by Pepper HomeLoans Pty Ltd.

The ratings reflect:

S&P said, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support
is sufficient to withstand the stresses we apply. The credit
support for the rated notes comprises note subordination. The
underwriting standard and centralized approval process of the
seller, Pepper Homeloans."

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

The extraordinary expense reserve of AUD150,000, funded by Pepper
on or before closing, available to meet extraordinary expenses.
The reserve will be topped up via excess spread if drawn.

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

A copy of S&P Global Ratings' complete report for Pepper I-Prime
2017-2 Trust can be found on RatingsDirect, S&P Global Ratings'
web-based credit analysis system, at
http://www.globalcreditportal.com.

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

  RATINGS ASSIGNED
  Class       Rating         Amount (mil.)
  A1-S        AAA (sf)       164.0
  A1-L        AAA (sf)       236.0
  A2          AAA (sf)        60.0
  B           AA (sf)         14.5
  C           A (sf)           8.5
  D           BBB (sf)         7.5
  E           BB (sf)          4.5
  F           B (sf)           2.5
  G           NR               2.5
  NR--Not rated.


RENNINGS PTY: Second Creditors' Meeting Set for August 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rennings Pty
Ltd has been set for Aug. 24, 2017, at 3:00 p.m., at the
boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2017, at 4:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Rennings Pty on Aug. 14, 2017.


TORTURED GUM: First Creditors' Meeting Set for August 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tortured
Gum Brewery Pty Ltd will be held at the offices of Deloitte,
8 Brindabella Circuit, Brindabella Business Park, in
Canberra Airport, ACT, on Aug. 28, 2017, at 11:00 a.m.

Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Tortured Gum on Aug. 16, 2017.



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


LONGFOR PROPERTIES: Interim Results Support Moody's Ba1 Rating
--------------------------------------------------------------
Moody's Investors Service says that Longfor Properties Co. Ltd.'s
(Baa3 stable) interim 2017 results support its Baa3 corporate
family rating, Ba1 senior unsecured debt rating, and stable
outlook.

"Moody's expects Longfor's credit profile will remain resilient,
driven by strong year-to-date contracted sales growth and
liquidity, as well as rising recurring rental income and interest
coverage levels," says Stephanie Lau, a Moody's Vice President
and Senior Analyst.

The company reported contracted sales of RMB92.6 billion for 1H
2017, or 140% year-on-year growth. Year-to-date sales of RMB103
billion at end-July 2017 represent 69% of its upwardly revised
2017 full-year target of RMB150 billion.

"Gross recurring income in the 12 months ended June 2017 covered
around 70% of Longfor's gross interest costs, and will trend
towards 75%-80% in the next 12-18 months," says Lau, the lead
analyst for Longfor.

Longfor's recurring rental income increased by 29% year-on-year
to RMB1.1 billion in 1H 2017, mainly driven by contributions from
four new malls, stable occupancy rates, and positive rental
reversions at existing malls.

Longfor's overall gross margin grew visibly to 36.5% in 1H 2017,
from 29.1% in FY2016. As a result, its EBIT/interest coverage for
the 12 months ending June 2017 improved to 5.6x at end-June 2017
from 5.3x at end-2016.

Moody's expects Longfor will maintain gross margins of around
28%-30%, and EBIT/interest coverage of around 5.5x-6.0x in the
next 12-18 months, which are appropriate for its Baa3 rating
category.

Longfor's liquidity position remains strong. The company reported
cash/short-term debt of about 292% at end-June 2017.

Its cash holdings-including restricted cash-totaled RMB22.7
billion at end-1H 2017; an amount which, in addition to its
operating cash flow, is sufficient to cover the RMB7.7 billion in
debt maturing over the next 12 months from end-June 2017, and
outstanding land payments during the same period.

On the other hand, Longfor reported that gross debt grew to
RMB69.6 billion at end-June 2017, from RMB57.9 billion at end-
2016. The increased debt was mainly used to fund attributable
land acquisitions of around RMB38 billion.

As a result of lagging earnings recognition and higher land
acquisitions, Longfor's debt leverage -- as measured by adjusted
revenue/debt -- weakened to 78.9% at end-June 2017 from 94.5% at
end-2016.

Moody's expects that stronger revenue recognition in 2H 2017 and
prudent debt management will restore Longfor's debt leverage to
95%-100% in the next 12-18 months.

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

Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a leading brand name in the municipality.

At end-June 2017, it had an attributable land bank of 37.1
million square meters in gross floor area, spanning 29 cities in
five major regions in China.


PANDA GREEN: Moody's Cuts CFR to B1 on Heightened Credit Risk
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Panda Green Energy Group Limited (formerly known
as United Photovoltaics Group Limited) to B1 from Ba3.

At the same time, Moody's has downgraded Panda Green's senior
unsecured debt rating to B2 from B1.

The rating outlook is stable.

The rating actions conclude Moody's review for downgrade on all
the ratings above, initiated on May 17, 2017.

RATINGS RATIONALE

"The downgrade reflects the heightened credit risk resulting from
Panda Green's newly-acquired hydro business -- which includes 5.2
gigawatt (GW) of development rights - plus the company's elevated
financial leverage," says Ivy Poon, a Moody's Vice President and
Senior Analyst.

"Panda Green's plan to develop the newly-acquired hydro business,
in which it has limited track record, combined with the rapid
expansion of its solar power portfolio have weakened its credit
profile to a level that is no longer consistent with the previous
ratings," Poon says.

Over the next two years, Moody's expects the company's financial
leverage to remain high, as demonstrated by funds from operations
(FFO)/debt in the low-to-mid single digit and debt/capitalization
in the 75%-80% range. "These metrics provide limited headroom
within the ratings", Poon says.

At the same time, Moody's understands that Panda Green's solar
capex plan is discretionary, and partially supported by equity
raising. This year, the company raised equity from its largest
shareholder as well as strategic investors. As of August 11,
2017, such equity raisings amounted to approximately RMB2.5
billion in 2017.

Moody's acknowledges that the hydropower business will be built
on a staggered basis, limiting the need for large incremental
debt. At the same time, the hydro power business will provide
diversity benefit in the longer term, when the project starts to
contribute cash flows after completing the construction.

However, execution challenges and incremental debt to fund
construction of the hydro project - along with the company's plan
for continued expansion of its solar power business -- are key
credit considerations over the next two years.

Panda Green's B1 CFR incorporates: (1) its standalone credit
strength; and (2) a one-notch uplift based on Moody's assessment
of likely parental support from China Merchant Group (CMG), when
needed. Such uplift considers the importance of Panda Green as a
renewable energy platform for CMG's growth strategy.

The senior unsecured debt rating is one notch lower than the CFR
reflecting subordination risk.

On August 11, 2017, Panda Green completed the acquisition of
China New Energy Holdings (Hong Kong) Limited (China NE). The key
renewable energy assets held by China NE are 5.2GW development
rights in a hydropower project, of which 4.6GW are located in
Tibet.

The acquisition consideration of HKD1.2 billion was funded by (1)
a HKD600 million share placement to the seller, and (2) the
remaining HKD600 million from internal financial resources.

Furthermore, there is limited level of visibility for the
subsequent regulatory approval and financing of the mega
hydropower assets, when the development rights materialize over
time.

The stable outlook on Panda Green's rating reflects Moody's
expectation that (1) the company will maintain financial metrics
that are consistent with the rating parameters; and (2) Moody's
expectations for parental support will remain intact over the
next 12-18 months.

Upward ratings trend is unlikely in the near term. Nevertheless,
the ratings could be raised over time if Panda Green improves its
standalone credit profile, which could be due to lower
incremental debt to fund expansion. Financial metrics that
Moody's would look for include FFO/debt rising above 12%, FFO
interest coverage above 3.0x, and debt/capitalization falling
below 50% on a sustained basis.

On the other hand, downward ratings pressure could arise if: (2)
its credit metrics weaken significantly, due to an acceleration
of the hydropower project or materially debt-funded expansion.

Metrics indicative of downward rating pressure include adjusted
FFO/debt below 3.0%, FFO interest coverage below 1.2x and
adjusted debt/capitalization above 80% over a prolonged period.
Unfavorable regulatory changes that materially impact the
company's earnings and cash flows could also pressure the
ratings.

A material change in ownership or control of CMG and/or China
Merchant New Energy's credit profiles, can also lead to downward
rating pressure.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Panda Green Energy Group Limited, formerly known as United
Photovoltaics Group Limited, principally engages in solar power
generation in China. At end-June 2017, Panda Green reported
1.44GW of gross installed capacity based on 36 projects through
its subsidiaries and associates.

Listed on the Hong Kong Stock Exchange, the company was 22.64%-
owned by China Merchants Group and parties acting in concert with
CMG, as of August 11, 2017. CMG is a conglomerate which is wholly
owned by the State-owned Assets Supervision and Administration
Commission of China's State Council.


YESTAR HEALTHCARE: 1H 2017 Results Support Moody's Ba3 CFR
----------------------------------------------------------
Moody's Investors Service says that Yestar Healthcare Holdings
Company Limited's (Yestar) 1H 2017 results are consistent with
its Ba3 corporate family and senior unsecured ratings.

The outlook on the ratings remains stable.

"Yestar has maintained strong revenue and EBITDA growth, driven
by its in-vitro-diagnostic (IVD) distribution business," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"At the same time, Moody's expects its financial profile to
remain solid, with adjusted debt/EBITDA around 3x, and consistent
with its Ba3 ratings," adds Tsuen.

Yestar recorded 23% year-on-year revenue growth in 1H 2017,
driven by 35% year-on-year growth in revenue from medical
products and equipment (85% of total revenue), more than
offsetting the 20% decline in imaging printing products (15% of
revenue).

The company's reported EBITDA margin also rose by 1.8 percentage
points to 20.2% in 1H 2017 because of growth in the high-margin
IVD business, as well as the benefits of economies of scale.

Moody's expect that Yestar's revenue and EBITDA will maintain
solid growth in the next 12-18 months, based on both acquisitions
and organic growth in its IVD business. The company announced
earlier this week that it is in a preliminary stage of
considering the feasibility of acquisitions in northern China.

Moody's also expects that Yestar's leverage, as measured by
adjusted debt/EBITDA, will be around 3.0x in the next 12-18
months, similar to the 2.9x for the 12 months ended June 30,
2017. This is because acquisition funding would be mainly from
cash on hand and internal cash flow generation.

Yestar's liquidity is solid. As of end-June 2017, it had a cash
balance of RMB679 million, sufficient to cover its RMB244 million
in short-term debt and around RMB90 million in remaining payments
for previously announced acquisitions.

The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is one of the largest distributors of Roche Holding AG's
(A1 stable) diagnostics products and also the largest distributor
of FUJIFILM Holdings Corporation's (A1 negative) film products in
China.



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


ABC FRUITS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of ABC Fruits (ABC) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            7        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         3        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect ABC's moderate scale of
operations in an intensely competitive fruit-processing segment
and the susceptibility of its revenues and profitability to
volatility in fruit prices. These rating strengths are partially
offset by the promoters' extensive experience in the fruit pulp
industry and the firm's moderate financial risk profile marked by
moderate gearing and debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations in an intensely competitive
industry: The firm had a moderate scale of operations, as
reflected in its revenues of about INR105 crores in fiscal 2017
(refers to financial year, April 1 to March 31). Furthermore, the
fruit processing industry in India is highly fragmented owing to
its less-capital-intensive nature of operations and low
dependence on technology.

* Susceptibility of its revenues and profitability to volatility
in fruit prices: ABC is exposed to significant product
concentration risk, as it mostly undertakes processing of
mangoes. Tropical fruit processing units can operate only during
the harvest season (May to July for mangoes). Furthermore, the
yield varies year on year, making the firm's revenues susceptible
to availability of mangoes. Also, mango harvest is affected by
weather conditions and the prices are also likely to depend on
the weather and the emergence of fruit. The firm has limited
bargaining power and accordingly, its ability to pass on the
price increases to its customers remains constrained due to
intense industry competition.

Strengths

* Promoters' extensive experience in the fruit pulp industry: The
promoter family has been in the business of trading in mangoes
for two to three generations. Over the years, the promoters have
developed strong relations with customers and suppliers in the
business.

* Moderate financial risk profile: ABC is estimated to have a
moderate gearing of 1.0 time as on March 31, 2017. Interest
coverage is estimated at 2.8 times for fiscal 2017.

Outlook: Stable

CRISIL believes that ABC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if the firm sustainably
improves its scale of operations and profitability, leading to
improvement in business and financial risk profiles. Conversely,
the outlook may be revised to 'Negative' if ABC's financial risk
profile weakens, most likely because of aggressive debt-funded
expansion, subdued cash accruals, or deterioration in its working
capital management.

Established in 2009, ABC processes fruit pulp, primarily mangoes
and guavas. The firm is promoted by Mr. G. Vijayan.

ABC reported a profit after tax (PAT) of INR4 crores on net sales
of INR104 crores for fiscal 2016 (refers to financial year,
April 1 to March 31), against a PAT of INR3.1 crores on net sales
of INR88 crores for fiscal 2015.


ALBANNA ENGINEERING: CRISIL Cuts Rating on INR14.4MM Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Albanna
Engineering (India) Private Limited (ABIPL) for obtaining
information through letters and emails dated April 6, 2017 and
May 4, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           14.4       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Letter of Credit       0.6       CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

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 Albanna Engineering (India)
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Albanna Engineering
(India) Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B' category or lower. Based on the last available
information, CRISIL has downgraded the rating to 'CRISIL
B/Stable/CRISIL A4'.

ABIPL, established in 2013, is a wholly owned subsidiary of ABE,
a major EPC contractor in the mechanical engineering field in
UAE. ABIPL, promoted by Mr. Sreekumar Nair, was established
solely for taking up projects in India which fall under the
parent's fields of core competence such as oil and gas, and
process and engineering industries.


APEX STEEL: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Apex Steel and
Technology India Private Limited (ASTIPL) for obtaining
information through letters and emails dated April 6, 2017 and
May 4, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

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

   Letter of Credit        1        CRISIL A4 (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL A4+')

   Standby Line of         1        CRISIL B/Stable (Issuer Not
   Credit                           Cooperating; Downgraded from
                                    'CRISIL BB-/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 Apex Steel and Technology
India Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Apex Steel and
Technology India Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has downgraded the rating at
'CRISIL B/Stable/CRISIL A4'.

Incorporated in May 2011, ASTIPL fabricates boiler and boiler
components. The company commenced operations in October 2012
after taking over the fabrication business of Apex Industries
(AI). AI, promoted by Mr. S Swaminathan, started operations in
2007 and was engaged in fabrication of boiler and boiler
components and trading in specialised steel and steel products.
After the takeover of AI's fabrication business by ASTIPL, AI is
only in the trading business.


AUTOLOGIC MOTORS: CRISIL Reaffirms B+ Rating on INR12MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating at 'CRISIL B+/Stable' on the
bank facilities of Autologic Motors India Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          2        CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   Facility                1        CRISIL B+/Stable (Reaffirmed)

The rating reflects AMIPL's below-average financial risk profile
marked by small net worth, high total outside liability to
tangible net worth (TOL/TNW) ratio, and average debt protection
metrics, and susceptibility to economic cyclicality, and to
intense competition in the automobile dealership industry. These
rating weaknesses are partially offset by promoters' extensive
experience and moderate revenue visibility marked by moderate
bookings.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile
Financial risk profile is expected to remain below-average, with
net worth and TOL/TNW likely to be at INR2.73 crore and 8.23
times, respectively, as on March 31, 2017. Debt protection
metrics also should be below-average, with net cash accrual to
adjusted debt ratio of 3.5% and interest coverage ratio of 1.34
times for fiscal 2017.

* Working capital intensity in operations: Operations are
moderately working capital intensive, marked by estimated gross
current assets of 81days as on March 31, 2017, mainly due to
moderate inventory of 68 days.

* Low operating profitability: AMIPL is engaged in automobile
dealership business and hence the value addition is minimal.
Consequently the company has reported operating margin of around
3.60-4.66% over the past three years ended FY17.

* Exposure to risks relating to low bargaining power with
principal, Renault
AMIPL is exposed to risks relating to low bargaining power with
principal, Renault. AMIPL faces intense competition from other
four wheeler manufactures dealer. AMIPL also faces competition
from other Renault dealers in Hyderabad, Telangana. Stiff
competition has compelled automobile companies to cut costs,
including reducing their commissions to dealers. All this demands
continual expenditure, which is significant given the scale of
operations of dealers such as AMIPL.

Strengths
* Good track record in the automotive dealership business: The
promoter's experience of over two decades has helped AMIPL to
improve its business risk profile and post steady growth in
operating income.

* Moderate relationship with principal supplier Renault
With a track record of more than four years, the company has
established moderate relationship with Renault. CRISIL believes
Renault's healthy market position will support AMIPL's business
risk profile.

Outlook: Stable

CRISIL believes AMIPL will continue to benefit over the medium
term from the promoters' extensive industry experience and its
established relationship with the principal. The outlook may be
revised to 'Positive' if the company reports a sustainable
increase in revenue and profitability, thereby strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the cash accrual is substantially low or if AMIPL
undertakes a large, debt-funded capital expenditure programme,
resulting in deterioration in the financial risk profile.

Incorporated in 2014, AMIPL is an authorized dealer for Renault
India Pvt Ltd in Hyderabad. The company is promoted by Mr.
Jagadish Ramadugu and his father, Mr. Laxmana Rao Ramadugu.

For 2016-17 (refers to financial year, April 1 to March 31),
AMIPL reported profit after tax (PAT) of INR0.31 crores on net
sales of INR69.56 crores against loss of INR0.02 crores on net
sales of INR46.42 crores for 2015-16.


B D CORPORATES: CRISIL Reaffirms B+ Rating on INR21.45MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the long-term bank facilities of B D Corporates Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       1.55        CRISIL A4 (Reaffirmed)
   Cash Credit         21.45        CRISIL B+/Stable (Reaffirmed)

The rating reflects large working capital requirement and modest
financial risk profile. These weaknesses are partially offset by
key promoter's experience in the agriculture industry and strong
relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Despite moderate gross
current assets of 108 days as on March 31, 2017, BDCPL remains
dependent on bank facilities because of large inventory due to
seasonal products, and limited credit from suppliers. Operations
will likely remain working capital intensive over the medium
term.

* Modest financial risk profile: BDCPL has weak debt protection
metrics, as reflected in interest coverage and net cash accrual
to total debt ratios of 1.7 times and 5.0%, respectively, for
fiscal 2016. The gearing was 2.12 times and networth was INR13.57
crore as on March 31, 2017. CRISIL believes gearing will improve
over the medium term, while debt protection metrics will remain
modest.

Strengths

* Key promoter's experience in the agriculture business: The key
promoter, Mr. Sankar Agarwala, with experience of over two
decades in the agriculture sector, has developed healthy
relationships with customers and suppliers which should support
the business risk profile.

Outlook: Stable

CRISIL believes BDCPL will continue to benefit from strong
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if there is a significant equity infusion,
resulting in increase in networth, or sustained growth in cash
accrual, strengthening the financial risk profile. The outlook
may be revised to 'Negative' if a sharp decline in profitability,
or large, debt-funded capital expenditure, results in
deterioration in the financial risk profile.


BDCPL was promoted by Mr. Sankar Agarwala and his family in 2003.
Based in Kolkata, the company has two divisions: flour mill and
rice mill. The flour mill is in Hooghly, West Bengal, and
manufactures atta, maida, suji, and wheat bran.

BDCPL had a profit after tax of INR0.75 crore on net sales of
INR126.46 crore for fiscal 2017, against INR0.48 crore and
INR121.18 crore, respectively, for fiscal 2016.


B.P. AGENCY: CRISIL Lowers Rating on INR10MM Loan to 'B'
--------------------------------------------------------
CRISIL has been consistently following up with B.P. Agency (BPA)
for obtaining information through letters and emails dated
March 6, 2017, and March 22, 2017, among others; apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                       Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Channel Financing       10         CRISIL B (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB/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 BPA. This restricts CRISIL's
ability to take a forward looking view on the firm's credit
quality. CRISIL believes information available for BPA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL B rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
downgrading the rating to 'CRISIL B/Stable' from 'CRISIL
BB/Stable'.

Set up in 1984, BPA trades in speciality and board paper. The
firm procures the paper from ITC Paperboards and Specialty Paper
Division. BPA has five units located in Bengaluru, Hyderabad,
Delhi, Haryana, and Nagpur. The operations are managed by the
proprietor, Mr. Parasmal Salechha.


CEE DEE: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cee Dee Vacuum
Equipment Private Limited (CDVEPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. Instrument-wise rating actions
are:

-- INR90 mil. Fund-based facilities assigned with IND
    BB+/Stable/IND A4+ rating;

-- INR185 mil. Non-fund-based facilities assigned with IND A4+
    rating; and

-- INR45 mil. Term loan due on March 2022 to September 2022
    assigned with IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect CDVEPL's small scale of operations and
moderate credit metrics. As per FY17 provisional financials,
revenue declined to INR323 million (FY16: INR356 million) owing
to increased focus on low value and higher margin orders. As of
June 2017, the company had a healthy order book of INR461
million, which is to be executed in FY18.

Interest coverage was 3.4x in FY17P (FY16: 3.6x) and net leverage
was 3.7x (3.4x). The deterioration in the credit metrics was on
account of debt-funded capex of INR84 million, including INR65
million term loan, for setting up new plant and machinery at
Chakan. Ind-Ra expects the credit metrics to gradually improve,
given the scheduled term loan repayment and absence of major
capex plans in FY18 and FY19.

The ratings, however, are supported by the company's healthy
EBITDA margin of 13.0% in FY17P (FY16: 11.5%) on account of
increased orders from highly profitable vacuumed drying plant.

The ratings also factor in CDVEPL's moderate liquidity position
with 85% utilisation of cash credit limits during the 12 months
ended June 2017. Ind-Ra expects the company to generate
sufficient cash flows to meet its term loan obligation.

The ratings also benefit from the promoters' more than two and
half decades of experience in the manufacturing of transformer
oil filtration machinery.

RATING SENSITIVITIES

Positive: Any significant improvement in the scale of operations
while sustaining the EBITDA margin leading to an improvement in
the credit metrics could lead to a positive rating action.

Negative: Any significant decline in the revenue and/or EBITDA
margin leading to deterioration in the credit metrics could
result in a negative rating action.

COMPANY PROFILE

Incorporated in 1988, CDVEPL is a Pune-based company promoted by
Mr. Suhas Sopanrao Dhamle and Mr. Nitin Sopanrao Dhamle. The
company manufactures and sells transformer oil filtration
machines, vacuum pressure impregnation plants, oil dehydration
plants, among others.


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

-- INR200 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
June 8, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

D.A.R. Paradise was incorporated in 1962 as a partnership entity
by Mr. D.R. Raghunath and his wife Mrs. Anandlakshmi. It was
later converted into a private limited company in 2015. The
company manufactures jewellery products and exports them to the
Middle East. DARPPL has a retail shop and a wind mill power
generation centre in Coimbatore.


DAEJUNG MOPARTS: CRISIL Assigns 'D' Rating to INR3.4MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Daejung Moparts Private Limited (DMPL) and
assigned 'CRISIL D' rating to the facility. CRISIL had, in its
rating rationale dated July 30, 2014, announced suspension of the
rating, since DMPL had not provided information necessary for a
rating review. DMPL has now shared the requisite information,
enabling CRISIL to assign the rating.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft              3.4       CRISIL D (Assigned;
                                    Suspension Revoked)

   Proposed Long Term
   Bank Loan Facility      .97      CRISIL D (Assigned;
                                    Suspension Revoked)

   Term Loan              2.63      CRISIL D (Assigned;
                                    Suspension Revoked)

The rating reflects delays in servicing term debt, due to weak
liquidity. The rating also factors in the modest scale of
operations with customer concentration in revenue, and the below-
average financial risk profile. These weaknesses are partially
offset by the operational and financial support from the parent,
Daejung High Polymers Industries Co Ltd (DHPICL), Korea.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, with customer concentration in
revenue
The scale of operations remains modest, as reflected in estimated
net sales of INR25.6 crore in fiscal 2017. Further, the company
derives around 80% of its revenue from Hanon, thus facing
significant customer concentration risk. Any vendor
rationalisation efforts by its customers, could adversely impact
the operations. However, the same is mitigated by the fact that
it has established relationship with its customer.

* Negative networth: Financial risk profile is below-average,
marked by a negative networth of INR-25.6 crore estimated as on
March 31, 2017. Net losses incurred over the past five years,
owing to high interest and depreciation costs, have eroded the
networth, and weakened the debt protection metrics.

Strength

* Operational and financial support from the parent, DHPICL
DHPICL, which manufactures rubber gaskets, has an established
market position in the global automotive space, particularly in
Korea. Besides an equity infusion of INR4 crore as on March 31,
2017, the parent has provided unsecured loans of INR15.95 crore
as on March 31, 2016 and INR20 crore estimated in fiscal 2017.

DMPL, incorporated in 2003, is a 100% subsidiary of DHPICL,
Korea. The company manufactures plastic components for air
conditioners and radiators for the automobile industry, and
primarily caters to Hanon Automotive Systems (India) Pvt Ltd
(Hanon), a supplier of Hyundai Motor India Ltd (rated 'CRISIL
A1+'). Other key customers include Mahle Behr India Private
Limited (rated 'CRISIL A+/Stable/CRISIL A1') and Doowon
Automotive Systems India Pvt Ltd. The manufacturing facility is
at Melrosapuram, Chennai. Operations are managed by Mr. JS Lee,
the vice president, DHPICL, which was set up by Dr Bae in 1992,
manufactures rubber gaskets for the automobile industry.

For fiscal 2017, DMPL reported an estimated net loss of INR4.94
crore on total income of INR25.62 crore, against INR5.12 crore
and INR21.71 crore, respectively, for the previous fiscal.


ELECTROSTEEL STEELS: First Creditors' Meeting Set August 21
-----------------------------------------------------------
Financial Express reports that the first meeting of the Committee
of Creditors (CoC) of Electrosteel Steels, which will eventually
approve a resolution plan under the Insolvency and Bankruptcy
Code (IBC), will be held on August 21.

According to the report, the CoC is likely to confirm the
appointment of the resolution professional (RP) to oversee the
corporate insolvency resolution process. FE says that during a
hearing on August 16, interim resolution professional (IRP)
Dhaivat Anjaria's counsel Siddhartha Datta informed the tribunal
that the first meeting of committee of creditors (CoC) would be
held on August 21. The tribunal has asked for the second progress
report before the next hearing, on August 24.

The Kolkata bench of the National Company Law Tribunal (NCLT), on
July 21, had admitted the petition filed by the State Bank of
India (SBI) against Electrosteel Steels and appointed Dhaivat
Anjaria, partner in consultancy firm PwC, as the IRP, the report
notes.

The company, which owes lenders INR11,309 crore, was referred to
the bankruptcy court under Section 7 of the IBC following a nudge
from the Reserve Bank of India (RBI), adds FE.

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


FULZAN PROPERTIES: CRISIL Reaffirms 'D' Rating on INR7.5MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facility of Fulzan Properties (FP).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         7.5       CRISIL D (Reaffirmed)

The rating continues to reflect instances of delay by FP in
servicing its scheduled term debt obligation. The delays are
driven by weak liquidity arising from delay in project
completion.

The firm also has a weak financial risk profile because of
strained liquidity and exposure to implementation and demand
risk. The firm, however benefits from the extensive experience of
promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing term debt due to weak liquidity: The firm
has been delaying in servicing of its term debt obligation
because of weak liquidity. The project got delayed by a year due
to delay in approvals which led to cost overrun and resulted in
stretch in liquidity.

* Weak financial risk profile: Networth is estimated at INR5
crore as on March 31, 2016, due to delay in commencement of
hotel. Total outside liabilities to tangible networth (TOLTNW)
ratio is at 1.6 times and gearing at 1.57 time. Debt protection
metrics is week due to negative cash accruals.

* Exposure to project implementation and demand risk: The project
has estimated cost at INR15 crore and about 85% of the cost has
been incurred as on 31 July 2017. The hotel's is exposed to risks
related to stabilisation and ramp up of operations post
commencement.

Strengths

* Extensive entrepreneurial experience of partners: The partners
of the firm have entrepreneurial experience and have varied
business interest viz. Real estate development and Auto
Dealership of Hyundai, Yamaha and Chevrolet. CRISIL believes FP
will benefit from its partners' extensive entrepreneurial
experience.

FP, established in 2013, is a partnership firm of Mr. Sandesh
Subhash Zambad & Mr. Seema Subhash Zambad. It is developing a
hotel property- Hotel White Tulip at Waluj, on the Aurangabad-
Pune road.

Net loss was INR25 lakh on net sales of INR45 lakh in fiscal
2017, against INR11 lakh and INR30 lakh, respectively, in fiscal
2016.


GANESHVANI MERCHANDISE: Ind-Ra Withdraws INR335MM WD Loan Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ganeshvani
Merchandise Private Limited's (GMPL) senior project bank loan's
rating as follows:

-- INR335 mil. Senior project bank loan withdrawn with WD
    rating

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the loan,
based on the receipt of a no-dues certificate from the lender,
mentioning that the loan has been repaid in full. This is
consistent with Securities and Exchange Board of India's circular
dated 31 March 2017 for credit rating agencies.

GMPL's last published rationale for can be accessed here.

COMPANY PROFILE

GMPL, a special-purpose vehicle, has been formed to develop, own
and operate a 5MW multi-crystalline solar power plant in Dhank
village, Rajkot district, Gujarat. The plant has been operational
since May 2012. Hindustan Powerprojects Private Ltd is the
project sponsor through its intermediate holding company-
Hindustan Cleanenergy Limited.


HINDUSTAN AGRO: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of Hindustan Agro Products Ltd (HAPL).

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

   Long Term Loan         .25     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .44     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile because of high gearing, modest debt
protection metrics and networth. The ratings also factor its
modest scale- working capital intensive nature- of operations in
the intensely competitive industry, and susceptibility to
vagaries of the monsoon and to volatility in raw material prices.
These weaknesses are partially offset by the extensive experience
of the company's promoters in the rice industry.

Analytical Approach

Unsecured loan of INR3.5 crores has been treated as 75% equity
and 25% debt as it has not been withdrawn for the last 3 years
ending March, 2017, non-interest bearing, brought in by promoters
and expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
HAPL's financial risk profile is below-average marked by modest
capital structure and debt protection metrics. The gearing was
high at gearing of 1.6 times and networth at INR6.7 crores as on
March, 2017. Interest coverage and net cash accrual to total debt
ratios were modest at 1.6 times and 0.05 times in fiscal 2017.

* Modest scale of operations
With operating income of INR43 crores in fiscal 2017 (refers to
financial year, April 1 to March 31), scale of operations is
modest, which restricts bargaining power with suppliers and
customers in terms of both pricing and negotiating better credit
terms, leading to pressure on working capital.

* Working capital intensive nature of operations
Gross current assets (GCA) were around 175 days as on March, 2017
driven by large inventory of 160 days and low debtor days of 8
days as on March 31, 2017.

* Exposure to risks related to the highly competitive and
fragmented rice industry
HAPL is situated in East Godavari that has many rice mills with
smaller capacities, leading to intense competition. Hence,
operating margin is susceptible to pricing pressure.

Strengths

* Promoters' extensive experience
Mr. S K Eswara Reddy has experience of around 20 years in the
rice industry through group entities, resulting in established
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes HAPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if scale of operations increases and
working capital management improves, resulting in higher-than-
expected net cash accrual, along with significant capital
infusion, leading to a better financial risk profile. The outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure, or if its working capital cycle
lengthens, or profitability falls, weakening the financial risk
profile, particularly liquidity.

HAPPL, incorporated in 2009, processes rice and manufactures rice
products. The company is promoted by Mr. S K Eswara Reddy and his
brother Mr. S Venkata Reddy.

For fiscal 2017, HAPL reported profit after tax (PAT) of INR0.25
crores on net sales of INR43 crores against PAT of INR0.12 crores
on net sales of INR47 crores for fiscal 2016.


INTERTEX PVT: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Intertex Pvt Ltd
for obtaining information through letters and emails dated
April 10, 2017, and May 8, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            10         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Letter of Credit       94         CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

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 Intertex Pvt Ltd. 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 Intertex Pvt Ltd is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B/Stable/CRISIL A4'.

Intertex, established by Mr. Jiwanram Sanghai and Mr. Omprakash
Sanghai in 1982, trades in commodities such as coal, coke, steel
scrap, coil and textile. It is now managed by Mr. Ashutosh
Sanghai and Mr. Arvind Sanghai, sons of Mr. Omprakash Sanghai.


J. R. AGROTECH: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has been consistently following up with J. R. Agrotech Pvt
Ltd (JRAPL) for obtaining information through letters dated
April 13, 2017 and July 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Cash Credit             31       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Cash Credit             22       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Cash Credit             21       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Cash Credit             20       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Foreign Exchange         3       CRISIL D (Issuer Not
   Forward                          Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')


   Proposed Cash           22       CRISIL D (Issuer Not
   Credit Limit                     Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')


   Proposed Long Term      19.6     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')


   Proposed Short Term      33      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL A4+')

   Term Loan               14.4     CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL BB+/Stable')

   Warehouse Receipts      39       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4+')

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 JRAPL. 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
JRAPL is consistent with 'Scenario 3' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB Rating
category or lower.' Based on the last available information and
banker feedback, CRISIL has downgraded the ratings to 'CRISIL D
/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

The JR group mills, processes, and sells rice in India and
abroad. Incorporated in 1998, JRAPL is promoted by Mr. Raman
Aggarwal and his brother, Mr. Krishan Kumar Aggarwal.  J. R. D.
International Limited (EXPAND), founded by Mr. Raman Aggarwal and
his son, Mr. Raghav Aggarwal, in 2010, trades in rice, and has
set up its own sortex machine and processing unit.


JANANI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR4.2MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Janani International Private Limited (JIPL) at 'CRISIL
B+/Stable/CRISIL A4'. The ratings continue to reflect a modest
scale of operations, and a below-average financial risk profile
because of high gearing and weak debt protection metrics. These
weaknesses are partly offset by the extensive experience of the
promoter in the textile industry.

                             Amount
   Facilities              (INR Mln)      Ratings
   ----------              ---------      -------
   Foreign Bill Discounting     5         CRISIL A4 (Reaffirmed)

   Packing Credit               4         CRISIL A4 (Reaffirmed)


   Proposed Term Loan           4.2       CRISIL B+/Stable
                                          (Reaffirmed)


   Standby Letter of Credit     1.8       CRISIL A4 (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Operating income is estimated to
have been low at about INR40 crore for fiscal 2017. JIPL's modest
scale of operations will restrict the company from realising the
benefits associated with scale of operations.

* Below-average financial risk profile: The gearing was high,
estimated at 2.4 times as on March 31, 2017, while the debt
protection metrics were low; the interest coverage ratio is
estimated at 1.48 times for fiscal 2017.

Strength

* Extensive industry experience of the promoter: The promoter has
an experience of more than 15 years in the textile industry, and
has established a good relationship with both clients and local
suppliers.

Outlook: Stable

CRISIL believes JIPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of significant improvement in the scale of
operations and profitability, or substantial equity infusion,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' if cash accrual is lower-than-expected, or
there is large, debt-funded capital expenditure, resulting in
deterioration in the financial risk profile.

JIPL was set up in 1983 as a proprietorship concern, Supreme
Bandages, in Rajapalayam, Tamil Nadu. It was reconstituted as a
private limited company under the current name, in 1996.
Operations are managed by its promoter, Mr.Ramanathan. It
manufactures cotton grey fabrics and dust sheets.

JIPL reported net profit of INR0.11 crore on operating income of
INR35.38 crores in fiscal 2016 against net profit of INR0.18
crore on operating income of INR33.45 crores in fiscal 2015.


JAYPEE INFRATECH: Aug. 24 Homebuyers' Claims Deadline Set
---------------------------------------------------------
Hindustan Times reports that amid growing sense of anxiety and
confusion among home buyers of Jaypee Infratech projects, the
insolvency resolution professional (IRP) has come up with a few
clarifications regarding a resolution plan and chances of refund
for stalled projects.

According to the report, the IRP has come up with a list of 27
projects under three land parcels where buyers can submit a
claim.  The report says many buyers were confused about whether
to file claims against Jaypee Infratech or Jaypee Associates. The
IRP has now listed 27 projects which come under Jaypee Infratech.

The IRP has asked homebuyers of these 27 projects to file their
claims by August 24, the report relates.

Hindustan Times relates that the IRP constituted by National
Company Law Tribunal (NCLT) has issued various clarifications
regarding the current logjam between buyers, builders and banks
on August 18.

Stating that a resolution plan will be approved by Committee of
Creditors (CoC) to find a middle path, the IRP said that the CoC
will constitute of financial creditors- public sector banks,
financial institutions and other lenders.

The CoC is to be set up by September 9 and will decide on the
plan to revive the projects within a maximum permissible 270 days
of admission on the plea by IDBI Bank, Hindustan Times discloses.

However, in a decision that may go against the buyers, the IRP
has come up with a clarification regarding refund process stating
that it has not made any statement or commitment to any
authorities suggesting that refund can be made to certain
categories of flat buyers/projects.

According to Hindustan Times, buyers do not seem impressed with
IRP's clarification stating that they are not willing to accept
the new set of terms and conditions.

"According to the new rules, home buyers won't be a part of the
committee of creditors therefore we are a bit reluctant. We are
also creditors like banks, so why is our category being diluted?
The IRP has not clarified anything but only stated what the court
has asked them to do," the report quotes Colonel SK Nagrath, a
home buyer, as saying.

Hindustan Times meanwhile reports that the homebuyers approached
Union ministry of corporate affairs on August 18 to lodge their
complaints against banks and builders.

"We met Tarun Ray, secretary in ministry of corporate affairs and
submitted a memorandum demanding a financial audit of the Jaypee
Group. This entire thing is a big game to hoodwink the law and
save the builders," Colonel Nagrath, as cited by Hindustan Times,
said.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Moneycontrol said the Allahabad bench of the
National Company Law Tribunal on Aug. 9 accepted lender IDBI
Bank's plea and classified Jaypee Infratech as an insolvent
company.  With this, the board of directors of the company
remains suspended. According to the report, the Tribunal will now
appoint an insolvency resolution professional -- an official from
one of the seven accounting firms selected for this purpose. The
professional will sit with Jaypee's creditors to see if a
resolution of the company's debt is possible. The appointed
official will get 270 days to turn around the company's finances.
In case the turnaround doesn't happen, the company's assets will
be liquidated.

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.


JESUS LOVES: CRISIL Reaffirms 'B' Rating on INR12MM LT Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Jesus Loves (JL)
for obtaining information through letters and emails dated April
6, 2017 and May 4, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         12        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jesus Loves. 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 Jesus Loves is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.

Set up in 1994, Virudhunagar (Tamil Nadu)-based JL provides
Christian fellowship services. The trust is headed by Bishop
Allen Paul.


K.K. BUILDERS: CRISIL Reaffirms B- Rating on INR4.5MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently seeking information and a discussion
with the management of K.K. Builders Private Limited (Patna)
[KKB] through emails and calls. CRISIL had, through letters dated
January 27, 2017, and February 22, 2017 informed the company of
the extant guidelines and requested for corporation. The issuer,
however, remains non-cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        26.5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            4.5       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on the strategic intent of KKB.
This restricts CRISIL's ability to take a forward looking view on
its credit quality. CRISIL believes information available is
consistent with Scenario 1 outlined in the Framework for
Assessing Consistency of Information, and hence has reaffirmed
the ratings at 'CRISIL B-/Stable/CRSIL A4'.

Incorporated in 1985 and promoted byMr. Kaushal Kishore Singh,
KKB is a Class 1 civil contractor that undertakes projects for
building roads, bridges, and irrigation segments in Jharkhand and
Bihar. The company also undertakes projects for Central
government entities such as National Projects Construction
Corporation Ltd, Central Public Works Department, and Ircon
International Ltd.


N. K. SHARMA: CRISIL Reaffirms 'D' Rating on INR10MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facility of N. K. Sharma
Enterprises Limited (NKS) continues to reflect instances of delay
by the company in servicing its overdraft facility; the delays
were driven by weak liquidity due to cash flow mismatches. CRISIL
believes the company's debt servicing ability will be highly
contingent upon the level of customer advances and efficient
management of cash flows.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Overdraft              10         CRISIL D (Reaffirmed)

NKS is exposed to risks related to implementation and salability
of its ongoing project, and its susceptibility to cyclicality and
risks inherent in the real estate sector in India. However, it
benefits from the extensive industry experience of its promoters
in the real estate industry.

Key Rating Drivers & Detailed Description

Weakness

* Instances of delay in term debt servicing: The company has
delayed meeting its term debt obligation due to insufficient cash
accrual because of weakening of the business risk profile on
account of lower realization from sale of new projects started by
the company in Zirakpur market. The financial risk profile is
constrained by modest debt protection metrics and working
capital-intensive operations

* Susceptibility to risk and cyclicality inherent in India's real
estate sector: The company is susceptible to risks pertaining to
the real estate sector. Any time or cost overrun or delay in
obtaining necessary approvals could affect the realization and
profitability of projects.

Strengths

* Extensive experience of promoters: Presence of over a decade in
the real estate industry has helped the promoters to establish
strong relationships with customers and suppliers.

NKS was set up in 2000 by the Zirakpur (Punjab)-based Sharma
family. The company is managed by Mr. N K Sharma and his
brothers, Mr. P K Sharma, Mr. Y K Sharma, Mr. D K Sharma, and his
father, Mr. V N Sharma. The company develops residential and
commercial projects, mainly in Zirakpur. At present, it is
constructing two residential projects, Savitri Greens and Savitri
Greens 2, and a commercial project, Raksha Business Centre, all
in Zirakpur.

In fiscal 2016, profit after tax (PAT) was INR0.12 crores on net
sales of around INR13.45 crores, as against PAT of INR0.53 crores
on net sales of INR33.39 crores in fiscal 2015.


N.S. CASHEW: CRISIL Cuts Rating on INR4.7MM Cash Loan to B
----------------------------------------------------------
CRISIL has been consistently following up with N.S. Cashew
Company (NSCC) for obtaining information through letters and
emails dated April 6, 2017, and May 4, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            4.7       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Foreign Bill           0.5       CRISIL B/Stable (Issuer Not
   Discounting                      Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Packing Credit         1.8       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/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 N.S. Cashew Company. 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 N.S. Cashew Company is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B/Stable'.

Set up as a proprietorship firm in 2007, NSCC processes raw
cashew nuts and sells cashew kernels. Operations are managed by
the proprietor, Mr. Rasheed Navas.


NEXT GENERATION: Ind-Ra Assigns BB- Rating to INR53.11MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Next Generation
Charitable Trust's (NGCT) bank facility the following rating:

-- INR53.11 mil. Term loan issued on June 2014, due on
    March 2019 assigned with IND BB-/Stable rating.

KEY RATING DRIVERS

The rating is constrained by NGCT's tight liquidity profile, high
debt burden and limited operational track record. Its school,
G.D. Goenka Public School Bareilly, commenced operations in
April 2016 and had 402 students in the first academic session
2016-17.

Ind-Ra expects debt/current balance before interest and
depreciation (CBBID), debt service coverage ratio and interest
service coverage ratio to improve on account of a sustained
improvement in CBBID, driven by tuition fee growth.

The rating, however, is supported by NGCT's collaboration with G.
D. Goenka Private Limited (GDGPL), which operates the established
brand of GD Goenka Public Schools, and likely high demand for
G.D. Goenka Bareilly School on account of lack of good-quality
schools in the city. Ind-Ra expects the scale of operations
(small) to increase on account of headcount growth. Moreover, the
collaboration model allows NGCT to concentrate on developing
efficient and cost-effective operating systems and delivery
mechanisms, and reduce brand-building efforts.

RATING SENSITIVITIES

Negative: Any unexpected fall in student demand, along with a
higher-than-expected rise in debt-led capex, resulting in
strained liquidity position could trigger a negative rating
action.

Positive: A rise in student enrolment leading to higher income on
a sustained basis resulting in an improved liquidity position
could trigger a positive rating action.

COMPANY PROFILE

NGCT was established in 2013 by Mr. Chandan Agarwal. The trust
established its first school G.D. Goenka Public School Bareilly,
in collaboration with GDGPL. The school is in its second academic
session 2017-18. Moreover, the school has 505 students and offers
schooling from Nursery to Class VIII.


NRI EDUCATIONAL: Ind-Ra Rates INR48.85MM Bank Loan 'BB'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned NRI Educational
Society's (NRIES) bank loans the following ratings:

-- INR10 mil. Term loan issued on January 2014 and due on
    January 2019 assigned with IND BB/Stable rating; and

-- INR48.85 mil. Overdraft facility assigned with IND BB/Stable
    rating.

KEY RATING DRIVERS

The ratings are constrained by NRIES's tight liquidity profile,
high debt burden and limited track record of operations of four
years. Available funds (cash and unrestricted investments)
provides limited financial cushion to operating expenditure
(FY16: 6.23%) and debt (FY16: 1.87%). Debt/current balance before
interest and depreciation was 2.94x in FY16.

The ratings are also constrained by the society's low debt
service coverage ratio owing to high debt service commitments.
Debt service coverage ratio stood at 0.84x in FY16.  However, the
society has been able to service its debt timely due to the
persistent support from the promoters in the form of unsecured
loans.

However, the ratings are supported by NRIES's already established
brand name G. D. Goenka Public School and its continuously
increasing revenue and student strength. The total strength of
students grew to 733 in the academic year 2017-2018 from 159
students in the first academic year 2013-2014.

Also, income grew at a staggering CAGR of 95.33% over FY14-FY16.
Tuition fee contributed on an average of 97.39% over FY14-FY16 to
the society's revenue pool, and grew at a CAGR of 95.09%.
Although the society derives revenue mainly from tuition fee
income like any other private institution, stability in the
enrolment-driven revenue partially offsets the concentration
risk.

RATING SENSITIVITIES

Negative: Any unexpected fall in student demand, along with a
higher-than-expected rise in debt, resulting in worsening of the
liquidity position and debt metrics could trigger a negative
rating action.

Positive: A sustained rise in student enrolments leading to
higher income resulting in an improved liquidity position could
trigger a positive rating action.

COMPANY PROFILE

NRIES was established in 2009 by Mr. Chandan Agarwal. In
December 2012, the trust established its first school G. D.
Goenka Public School in collaboration with G. D. Goenka Private
Limited in Kanpur, Uttar Pradesh. The school is running its fifth
academic session 2017-2018 with 773 students and offers schooling
from Nursery to Class XI.


PARSVNATH DEVELOPERS: CRISIL Cuts Rating on INR141.04MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Parsvnath Developers Limited to 'CRISIL D' from 'CRISIL C'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           88.96      CRISIL D (Downgraded from
                                    'CRISIL C')

   Long Term Loan        20         CRISIL D (Downgraded from
                                    'CRISIL C')

   Proposed Long Term
   Bank Loan Facility   141.04      CRISIL D (Downgraded from
                                    'CRISIL C')

The downgrade reflects delays in servicing the rated debt on
account of stretched liquidity. PDL is also exposed to
cyclicality inherent in the real estate sector. However, it
benefits from the extensive experience of its promoters in the
real estate industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PDL, and its subsidiaries and
associates. This is because all these companies, collectively
referred to as PDL, are managed by the same promoters, and have
fungible cash flows.


Key Rating Drivers & Detailed Description

Weakness

*Delays in debt servicing
PDL has delayed in servicing its debt obligations following
lower-than-expected cash flows from its projects. It also derives
benefit from its available land bank; in the past, the company
had monetised the same for meeting debt obligations. Ability to
successfully monetise surplus land parcels will remain a key
rating sensitivity factor.

*Susceptibility to cyclical demand inherent in the real estate
sector in India
The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash flows because of volatility in
realisations. In contrast, cash flows, related to project
completion and servicing debt, are relatively fixed, and could
lead to substantial cash flow mismatches. PDL remains exposed to
risks and cyclical demand inherent to the real estate sector.

Strengths

* Promoters' extensive experience in the real estate sector
The promoters, given their healthy track record of over two
decades in the real estate sector, have developed a well-
diversified portfolio, which includes residential apartments and
townships, commercial and retail space, special economic zones
(SEZs), information technology (IT) parks, and hotels. It is also
engaged in the construction contracting business.

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, SEZs, IT parks, and
hotels. It is also engaged in the construction contracting
business. While the company has delivered about 2.8 crore square
feet (sq ft) through its 65 completed projects, the ongoing
project portfolio comprises around 40 projects spread over about
5.5 crore sq ft. It has a pan-India presence, with a major
presence in Delhi and the National Capital Region.

PDL's net loss was at INR34.83 crore on net sales of INR249.42
crore for fiscal 2017, on a provisional basis, as against a net
profit of INR4.72 crore on net sales of INR309.7 crore for fiscal
2016.


PINNACLE NEXUS: CRISIL Cuts Rating on INR3MM Bank Loan to 'D'
-------------------------------------------------------------
CRISIL has been consistently following up with Pinnacle Nexus
Limited (PNL) for obtaining information through letters and
emails dated January 24, 2017 and February 14, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------        ---------       -------
   Packing Credit         18         CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Short Term     3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL A4+')

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 PNL. This restricts CRISIL's
ability to take a forward looking view on its credit quality.

CRISIL has downgraded its ratings on the bank loan facilities of
PNL to 'CRISIL D' from 'CRISIL A4+'.There is irregularity in
packing credit limit.  Furthermore, currently there is an overdue
bill of INR1.05 crore for about 71 days as on July 25, 2017, as
indicated by the banker.

PNL was established in June 2007 in Navi Mumbai (Maharashtra).
The company is promoted by Mr. Sohail Munshi, who is its chairman
and managing director. The company trades in readymade garments
(RMGs), fabric, leather garments, and imitation jewellery, and
primarily exports to the Middle East, Asia, and Africa.


PRERANA PRATISTHAN: CRISIL Reaffirms 'D' Rating on INR7.99MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Prerana Pratisthan (PP) at 'CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           0.8         CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              .43        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2.78        CRISIL D (Reaffirmed)

   Term Loan             7.99        CRISIL D (Reaffirmed)

The rating continues to reflect instances of delays in servicing
debt; the delays have been caused by weak liquidity, driven by
delayed receipt of subsidies and student fees.

The rating also reflects a small scale of operations, exposure to
intense competition, a weak financial risk profile, and
susceptibility to regulatory risks associated with educational
institutions. These weaknesses are partially offset by the
extensive experience of trustee in the education sector.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with exposure to intense
competition: Revenue was modest at INR14.9 crore in fiscal 2017.
Moreover, there's intense competition from other colleges in
Pune, Maharashtra, which offer similar courses.

* Weak financial risk profile: The networth is small, the gearing
high, and debt protection metrics subdued.

* Susceptibility to regulatory changes: The establishment and
running of higher educational institutions is governed by various
governmental and quasi-governmental agencies such as the
University Grants Commission and the All India Council for
Technical Education. Moreover, course fees are not decided by the
trust; the fee to be charged and any increase in the fee
structure is decided by the Shikshan Shulka Samiti, an autonomous
body. Hence, the business risk profile remains susceptible to any
adverse impact of regulatory changes.

Strengths

* Extensive experience of the trustee: Mr. Sajjan Deshmukh, the
president of the trust, has an experience of over a decade in the
education sector. He was earlier associated with Jayawant
Shikshan Prasarak Mandal.

PP, based in Pune, was established in 2006 by Mr. S P Deshmukh.
The trust operates Universal College of Engineering and Research,
which offers engineering courses in five streams as well as a
diploma in the polytechnic segment. The current total intake
capacity is 2495 students, which includes 1845 for engineering
and 650 for diploma.

For fiscal 2017, net loss is estimated at INR179 lakh on revenue
of INR14.9 crore; net loss was INR0.07 lakh on revenue of INR15
crore in the previous fiscal.


R. NATARAJAN: CRISIL Lowers Rating on INR5MM Cash Loan to B-
------------------------------------------------------------
CRISIL has been consistently following up with R. Natarajan (RN)
for obtaining information through letters and emails dated
April 6, 2017, and May 4, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          1         CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             5         CRISIL B-/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of R. Natarajan. 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 R. Natarajan is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, CRISIL has downgraded the long term
rating to 'CRISIL B-/Stable and reaffirmed short term rating at
CRISIL A4'.

RN, based in Pondicherry, executes civil contracts. The firm is
promoted by Mr. R Natarajan.


RAJENDRA KUMAR: S&P Assigns 'BB-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajendra Kumar
Surekha & Others (RKS) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating action is:

-- INR97.5 mil. Term loan due on December 2023 assigned with IND
    BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect RKS's single property rental-based revenue
stream in Guwahati, Assam, and lack of operational track record,
as the company is likely to receive rental from September 2017.

The ratings, however, are supported by the fact that almost 54%
of the chargeable area of the property has been leased out to
Pantaloon Retail Ltd and Future Retail Limited for nine years.
Ind-Ra expects cash inflow from the tenants to exceed 1.0x of the
term liabilities due for repayment in FY18.

RATING SENSITIVITIES

Negative: Substantial deterioration in credit metrics due to the
cancellation of the lease agreements will be negative for the
ratings.

Positive: Successful leasing of the overall property, along with
an improvement in credit metrics, will be positive for the
ratings.

COMPANY PROFILE

RKS is engaged in the lease rental business.


REEP INDUSTRIES: CRISIL Lowers Rating on INR4.38MM LT Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Reep Industries
Private Limited (RIPL) for obtaining information through letters
and emails dated April 6, 2017, and May 08, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          2         CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Bill Purchase           4         CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             4         CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Foreign Bill            0.9       CRISIL A4 (Issuer Not
   Discounting                       Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        2.0       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          2.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Packing Credit          0.9       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      4.38      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 Reep Industries Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Reep Industries Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable and reaffirmed short term rating at CRISIL A4'.

RIPL, incorporated in 1996, manufactures bus ducts, control
panels, cubicles, and copper flexibles used in transmission of
power.


SAFA CONSTRUCTIONS: CRISIL Cuts Rating on INR5.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with SAFA Constructions
Private Limited (SCPL) for obtaining information through letters
and emails dated April 6, 2017, and May 4, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             5.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Long Term Loan          1.0      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Standby Line of         0.5      CRISIL B/Stable (Issuer Not
   Credit                           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 SAFA Constructions Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for SAFA Constructions Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable and reaffirmed short term rating at CRISIL A4'.

SCPL, set up in 2012 and based in Ernakulam, Kerala, undertakes
civil construction contracts. Its operations are managed by Mr. P
M Aliyar.


SHRI SARAVANA: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Saravana
Industries Private Limited (SSIPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The instrument-wise rating
actions are:-

-- INR45 mil. Fund-based working capital limits assigned with
    INDB+/Stable/IND A4 rating; and

-- INR253 mil. Non-fund-based limits assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect SSIPL's tight liquidity position and moderate
credit metrics. SSIPL overutilsed fund-based limits up to 30 days
over the 12 months ended June 2017 due to a stretch in
receivables from customers. In FY17, net leverage (total adjusted
net debt/operating EBITDAR) was 0.7x (FY16: 3.4x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) was
1.8x (1.8x). The improvement in net leverage was due to an
increase in absolute EBITDA and a reduction in total debt, while
EBITDA interest coverage stayed flat owing to a significant
increase in gross interest expenses. FY17 financials are
provisional in nature.

The ratings also reflect SSIPL's small scale of operations and
fluctuating profitability. Revenue rose to INR258 million in FY17
from INR130 million in FY16, primarily driven by the execution of
more orders. EBITDA margin was volatile at 6.4%-12.6% over FY13-
FY17 owing to fluctuations in raw material prices and other
variable expenses. SSIPL booked INR60 million in revenue for
1QFY18.

The ratings, however, are supported by the promoter's over two
decades of experience in hydromechanical operations and strong
short-term revenue visibility. As of July 2017, order book was
INR1,588 million, INR650.57 million of which will be completed by
FYE18.

RATING SENSITIVITIES

Negative: A fall in revenue and EBITDA margin leading to
deterioration in credit metrics and/or a further stress in
liquidity position could be negative for the ratings.

Positive: An increase in revenue and EBITDA margin leading to an
improvement in credit metrics, and an improvement in liquidity
could be positive for the ratings.

COMPANY PROFILE

Founded as a proprietorship firm in 1989 by Mr. S Kandasamy,
Madurai-based SSIPL was reconstituted as a private limited
company in April 2008. SSIPL undertakes hydromechanical
operations, which involve the design, procurement, fabrication,
manufacture, installation, testing and commissioning of complete
hydromechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates.


SHUBHI AGRO: CRISIL Cuts Rating on INR53.55MM LT Loan to 'D'
------------------------------------------------------------
CRISIL has been consistently following up with Shubhi Agro
Industries Limited (SAIL) for obtaining information through
letters and emails dated February 8, 2017, and February 23, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

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

   Cash Credit            20         CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL C')

   Proposed Long Term     53.55      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL C')

   Term Loan              22.95      CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL C')

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 SAIL. This restricts CRISIL's
ability to take a forward looking view on its credit quality.

CRISIL has downgraded its ratings on the bank loan facilities of
SAIL to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4', and
reaffirmed its rating on the non-convertible debentures (NCDs) at
'CRISIL D'. The company continues to delay the payment of
interest and repayment of instalments on its NCDs. Furthermore,
currently there are delays in repayment of the term loan, while
the working capital bank line has been overdrawn for over 30
consecutive days, as indicated by the banker.

Incorporated in 2007 and promoted by Mr. Nandkishore Attal, SAIL
(formerly, Vaishno Devi Dairy Products Pvt Ltd) processes milk
into milk concentrate, ghee, butter, skimmed milk powder, dairy
whitener, curd, and paneer. The manufacturing facilities in
Sahajpur near Pune, Maharashtra, have a milk-processing capacity
of 0.7 million litre per day.


SONALI EXTRUSIONS: CRISIL Raises Rating on INR6MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of  Sonali Extrusions Private Limited  (SEPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan               5.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in credit risk profile because
of steady growth in revenue and profitability and hence, better
liquidity. Estimated operating income of INR55 crore in fiscal
2017 registered steady year-on-year growth of 20% due to
increased sales; operating profitability is estimated at 11.4%.
As a result, net cash accrual increased to INR3.5-3.8 crore in
fiscal 2017 from INR1.21 crore in fiscal 2016. The upgrade also
factors in the improvement in financial risk profile,
particularly liquidity, with growing cushion between cash accrual
and debt obligation, and no substantial long-term debt obligation
and debt-funded capital expenditure over the medium term.

The rating reflects the average financial risk profile because of
moderate gearing and debt protection metrics and exposure to
risks related to volatility in raw material prices and to intense
competition. These weaknesses are partially offset by extensive
experience of its promoters in the aluminium industry.


Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile:
Networth is estimated to be small at INR5.3 crore and gearing
moderate at 1.8 times, as on March 31, 2017. Debt protection
metrics are moderate, with estimated interest coverage and net
cash accrual to total debt ratios estimated at 6.3 times and 0.39
time, respectively, in fiscal 2017.

* Vulnerability to volatility in aluminium prices, and to intense
competition: Prices of key raw material, aluminium (accounts for
80% of total cost of sales), are highly volatile, which can
affect operating margin. Also, the aluminium extrusion industry
is intensely competitive due to low entry barrier and is hence
highly price-sensitive. Business risk profile will remain
constrained over the medium term due to intense competition.

Strengths

* Extensive experience of promoters: Presence of more than three
decades in the aluminium profiles segment has enabled the
promoters to establish strong relationship with major customers
and suppliers.

Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a substantial increase in revenue
and profitability leads to better financial risk profile. The
outlook may be revised to 'Negative' if larger-than-expected
debt-funded expansion or sharp decline in revenue and
profitability adversely affects financial risk profile.

SEPL, promoted by Mr. Vinod Babulal Mandot and his family,
commenced commercial operations in July 2011. The company
manufactures aluminium sheets and profiles.

Profit after tax was INR2.86 crore on an operating income of
INR55 crore for fiscal 2017, against INR0.34 crore and INR45.6
crore, respectively, for fiscal 2016.


SREE GOKUL: CRISIL Lowers Rating on INR4.25MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Sree Gokul's Tiles
Mart (SGTM) for obtaining information through letters and emails
dated April 6, 2017, and May 4, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           4.25       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Long Term Loan        3.45       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/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 Sree Gokul's Tiles Mart. 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 Sree Gokul's Tiles Mart is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

SGTM was set up in Salem, Tamil Nadu, in 1995 by Mr. Narendran.
The firm trades in tiles, tap fittings, and sanitary ware.


SRI ANDAL: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Sri Andal Azhagar
Enterprises (SAAE; part of the Thai Andal group) for obtaining
information through letters and emails dated April 6, 2017, and
May 08, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/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 Sri Andal Azhagar Enterprises.
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 Sri Andal Azhagar Enterprises is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAAE and Sri Thai Moogambigai
Enterprises (STME) together referred to as the 'Thai Andal'
group. The consolidated approach is because both the entities are
engaged in similar line of business, belong to the same promoter
group and derive considerable operational and business synergies
from each other.

Established in 2012 as a proprietorship firm, SAAE is engaged in
granite quarrying and trading. Based in Chennai, Tamil Nadu, the
firm is promoted by Mr. A.M. Babu.

Established in 2012 as a proprietorship firm, Sri Thai
Moogambigai Enterprises (STME) is engaged in granite quarrying
and trading. Based in Chennai, Tamil Nadu, the firm is promoted
by Mr. M. P. Balaji.


SRI GURUDEVA: CRISIL Lowers Rating on INR8MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Gurudeva
Industries (SGI; part of the Basaveshwara group) for obtaining
information through letters and emails dated March 06, 2017 and
March 22, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit/           8         CRISIL B/Stable (Issuer Not
   Overdraft facility               Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Long Term Loan         2.65      CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB+/Stable')

   Proposed Long Term     2.35      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB+/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 Sri Gurudeva Industries. 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 Sri Gurudeva Industries is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower.
Based on the last available information, CRISIL has downgraded
the rating at 'CRISIL B/Stable'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Sri Basaveshwara Rice Mill (SBRM) and
SGI. This is because both the entities, together referred to as
the Basaveshwara group, have a common management team and sell
their products under the BTC brand. Furthermore, there are
significant operational fungibilities between the two entities,
with common customer and supplier base, and a shared storage
facility.

The Basaveshwara group mills steamed and raw rice. Its
manufacturing facility is located at Chitradurga (Karnataka). The
group is promoted by Mr. H Basavaraj Setty, along with his
brother Mr. H Kotresh Setty and two brothers-in-law Mr. M R
Sanjeev Setty and Mr. M Sanjeev. The promoters have been in the
rice milling business since 2002.


SRI THAI: CRISIL Lowers Rating on INR5MM Cash Loan to B
-------------------------------------------------------
CRISIL has been consistently following up with Sri Thai
Moogambigai Enterprises (STME; part of the Thai Andal group) for
obtaining information through letters and emails dated April 6,
2017, and May 8, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/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 Sri Thai Moogambigai
Enterprises. 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 Sri Thai Moogambigai
Enterprises is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of STME and Sri Andal Azhagar Enterprises
(SAAE) together referred to as the 'Thai Andal' group.  The
consolidated approach is because both the entities are engaged in
similar line of business, belong to the same promoter group and
derive considerable operational and business synergies from each
other.

Established in 2012 as a proprietorship firm, Sri Thai
Moogambigai Enterprises (STME) is engaged in granite quarrying
and trading. Based in Chennai, Tamil Nadu, the firm is promoted
by Mr. M. P. Balaji

Established in 2012 as a proprietorship firm, SAAE is engaged in
granite quarrying and trading. Based in Chennai, Tamil Nadu, the
firm is promoted by Mr. A.M. Babu.


ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed the ratings on the bank facilities of
St. Nicholas Cashew Exports at 'CRISIL B+/Stable/CRISIL A4'.

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

   Packing Credit         2         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2         CRISIL B+/Stable (Reaffirmed)

The ratings reaffirmation reflect the small scale of operations
and below-average financial risk profile, due to modest networth.
These weaknesses are partially offset by extensive experience of
the promoter in the cashew business.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations:
The business risk profile remains constrained on account of small
scale of operations in a highly fragmented industry; Revenue was
estimated at INR26 crore in fiscal 2017. Furthermore, there is
limited differentiation in technology involved in the processing
of cashew nuts. Consequently, the domestic cashew processing
industry is highly fragmented, with presence of many small
players, leading to intense competition in both the organised and
unorganised segments.

* Below-average financial risk profile:
Financial risk profile remains below average, owing to high Total
outside liabilities to Tangible networth of 4.4 times as on
March 31, 2017. Limited operating profitability and high
dependence on working capital debt has resulted in modest debt
protection metrics; Interest coverage ratio and Net cash accrual
to total debt were at 1.58 times and 4% respectively, estimated
in fiscal 2017.

Strength

* Extensive experience of the promoters:
SNCE benefits from the industry experience of its promoter Mr. Y
Rajan, who has been in the same line of business for over 30
years. The firm caters to various customers in the Middle East
and European countries. The steady order flow is primarily
because of established relationships with these customers.

Outlook: Stable

CRISIL believes SNCE will continue to benefit from the extensive
industry experience of the promoter. The outlook may be revised
to 'Positive' if considerable growth in revenue, profitability
and cash accrual strengthens the financial risk profile. The
outlook may be revised to 'Negative' if a sharp decline in
accrual, deterioration in working capital management or
substantial withdrawal of capital by the promoter, weakens the
financial risk profile.

Set up as a proprietorship concern in 1980 by Mr. Y Rajan, the
firm processes raw cashew nuts and is based in Kollam, Kerala.

On a provisional basis, SNCE's net profit was INR0.2 crore on net
sales of INR25.9 crores for fiscal 2017, against net profit of
INR0.2 crore on net sales of INR30.5 crores in fiscal 2016.


VEERPRABHU EXPORT: CRISIL Reaffirms 'B' Rating on INR16MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Veerprabhu Export House (VEH) at 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Fund-Based Facilities     16      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale and working capital
intensity in the firm's operations, and its below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the promoters and their healthy
relations with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and working capital intensity in operations:
Despite its longstanding presence in the export market VEH's
scale of operations has remained modest, as reflected in net
sales of INR34.8 crore in fiscal 2017. The limited scale of
operations curtails bargaining power in an immensely competitive
market. Operations are also working capital intensive, with
sizeable gross current assets and debtors of 331 and 246 days,
respectively, as on March 31, 2017.

* Below-average financial risk profile: The firm has modest
networth of INR6.0 crore. On account of sizeable bank borrowings
and creditors, total outside liabilities to adjusted networth
ratio (TOLANW) was high at 4.3 times as of March 2017. Interest
cover ratio is weak on account of modest profitability.

Strengths

* The promoters' extensive experience and healthy relationships
with customers and suppliers: Key promoter,Mr. Jiten Shah, has
experience of around four decades the firm was set up in 1947. He
has maintained healthy relations with customers and suppliers
over the years, and has also helped change business model and
product categories in response to market dynamics.

Outlook: Stable

CRISIL believes VEH will continue to benefit from extensive
experience of its promoters and their steady relations with
clients and suppliers. The outlook may be revised to 'Positive'
if growth in scale of operations and operating margin increases
cash accrual or if working capital cycle improves. The outlook
may be revised to 'Negative' if a stretched working capital
cycle, large, debt-funded capital expenditure plans or withdrawal
of capital by the promoters weakens the financial risk profile.

Established in 1947, VEH is a partnership firm, primarily
exporting spices, other agro commodities and packaged food items.
Operations are managed by Mr. Jiten Shah.

On provisional basis, the firm has reported profit after tax
(PAT) of INR17.27 lacs on operating income of INR34.9 crore in
fiscal 2017 as against PAT of INR17.47 lacs on operating income
of INR31.6 crore in fiscal 2016.



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


MEDCO ENERGI: Moody's Rates $400MM USD Sr. Unsecured Bonds B2
-------------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 corporate
family rating (CFR) to Medco Energi Internasional Tbk (P.T.)
(Medco).

At the same time, Moody's has also assigned a definitive B2
rating to the $400 million USD-denominated backed senior
unsecured bonds issued by Medco Strait Services Pte. Ltd., a
wholly-owned subsidiary of Medco. The bonds are irrevocably and
unconditionally guaranteed by Medco and some of its subsidiaries.

The outlook on the ratings is stable.

RATINGS RATIONALE

Moody's definitive corporate family rating on Medco and rating on
its bonds follows the company's completion of its USD bond
issuance, the final size, terms and conditions of which are
consistent with Moody's expectations.

The provisional ratings were assigned on July 28, 2017.

The net proceeds from bonds of about $383 million, including the
proceeds from the tap, will be used to fund interest reserve
account of about $17 million, repay the outstanding loan for its
Natuna project of $220 million and repay the outstanding SGD
bonds of $72 million. The remaining proceeds of about $74 million
will be kept in an escrow account for repayment of other debt
maturing over the next 12 months.

The amount in escrow account along with cash and short term
investment of $246 million as of June 2017 and expected free cash
flow (excluding capex on Block A) of about $50-100 million over
the next 12 months will be sufficient to cover the amount of debt
maturing over the next 12 months of $351 million.

The company has executed a long term facility of $360 million to
fund its capex on Block A. The company also has undrawn committed
facilities of $50 million as of June 2017.

Even though the liquidity position for next 12-18 months is
adequate, the company will have about $400 million of debt
maturing in each of 2019 and 2020, which will expose to company
to refinancing risks unless the debt reduction plan of the
company is executed.

The stable outlook incorporates the expectation that production
growth from Medco's existing fields will improve cash flows and
company will remain committed to deleveraging, such that its
credit metrics will remain appropriate for its ratings over the
next 12-18 months.

The ratings will be downgraded if a) liquidity profile weakens
such that cash and cash equivalents along with expected free cash
flows is unable to cover the debt maturing over the next 12
months, or b) if credit metrics weaken because of a decline in
oil prices or production volumes or because of failure to reduce
debt, or any material debt-funded acquisitions. Ratings will also
face downward pressure if Medco provides funding support to its
mining or power businesses.

Credit metrics indicative of downward pressure on ratings include
adjusted debt/ EBITDA increasing above 5.5x, RCF/ adjusted debt
falling below 10%, and EBITDA/interest expenses falling below 3x.

Upward pressure on the ratings over the next 12-18 months is
limited pending the completion of debt reduction plan. The
ratings could be upgraded after completion of the debt reduction
plan if a) adjusted debt/EBITDA falls below 4.5x, RCF/adjusted
debt increases above 15%, and EBITDA/interest expenses increase
above 4x. Ratings upgrade will also require that cash and cash
equivalents cover at least the amount of debt maturing over the
next 12 months, all on a sustained basis.

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.) (Medco) is predominantly an oil and gas
exploration and production (E&P) company with additional
operations in downstream oil and gas activities, power
generation, and copper, gold and coal mining. Medco reported
proved developed reserves of 136.6 mmboe as of March 31, 2017,
and oil and gas production volumes of 64.1 mboepd (excluding
service contracts) for twelve months ended March 31, 2017.

Medco has been listed on the Jakarta Stock Exchange since 1994.
It is 35.7% owned by Encore Energy Pte. Ltd. (unrated), 20.7% by
Clio Capital Ventures (unrated), and 10% by Mitsubishi
Corporation (A2 negative). 26.3% of Medco is publicly owned, with
the balance owned by other investors.



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


DTC ONE: Fitch Affirms 'BBsf' Rating on Class E Notes
-----------------------------------------------------
Fitch Ratings has upgraded the class B, C and D notes of DTC One,
the class B, C, D and J notes of DTC Two and the class B, C and D
notes of DTC Three. Fitch has affirmed the other 19 classes of
notes of eight DTC transactions. The Outlooks on all notes are
Stable. The transactions are securitisations of mortgage loans
backed by multi-family apartment properties.

KEY RATING DRIVERS

The upgrades of the notes of DTC One, DTC Two and DTC Three
reflect continued improvement in credit enhancement (CE) levels.
Fitch believes that these notes have significant cushion for the
current ratings due to the stable performance in the underlying
loans and sequential principal repayment.

The affirmations of the 19 classes reflect stable performance in
the underlying loans and Fitch's view that available CE levels
are sufficient to support the current ratings.

Due to high prepayments over the past few years, the number of
loans has significantly declined compared with at closing in all
transactions. Therefore, Fitch also considers potential small
pool risk, which leads us to assume greater performance
volatility in underlying loans in higher rating stress scenarios.

The master lease structure in place contributes to stable loan
performance and for each of the eight transactions, delinquencies
and defaults have been limited to date. Fitch expects this trend
to continue.

For DTC Three and DTC Eight, Fitch continues to believe that
available cash reserves can address liquidity risk in the absence
of an eligible advancing agent.

RATING SENSITIVITIES

An unexpected increase in the default rate may lead to higher
loss assumption, which may, in turn, affect the ratings of the
notes. However, the possibility of downgrade for the senior notes
of DTC One to Three, especially for the most senior notes, is
considered remote due to significant progress of the sequential
principal repayment. The 'AAAsf' rated notes of the other
transactions can be supported even if assumed property cash flows
decline by 20% from the agency's initial assumptions.

The full list of rating actions is shown below:

DTC One Special Purpose Company:
JPY258 million Class B notes upgraded to 'AAAsf' from 'AAsf';
Outlook Stable
JPY180 million Class C notes upgraded to 'AAsf' from 'Asf';
Outlook Stable
JPY320 million Class D notes upgraded to 'Asf' from 'BBBsf';
Outlook Stable
JPY350 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Two Funding Limited:
JPY149 million Class B notes upgraded to 'AAAsf' from 'AA+sf';
Outlook Stable
JPY280 million Class C notes upgraded at 'AAsf' from 'A+sf';
Outlook Stable
JPY380 million Class D notes upgraded to 'Asf' from 'BBBsf';
Outlook Stable
JPY850 million Class E notes affirmed at 'BBsf'; Outlook Stable
JPY809 million Class J notes upgraded to 'Asf' from 'BBBsf';
Outlook Stable

DTC Three Funding Limited:
JPY247 million Class B notes upgraded to 'AAAsf' from 'AAsf';
Outlook Stable
JPY540 million Class C notes upgraded at 'AAsf' from 'Asf';
Outlook Stable
JPY690 million Class D notes upgraded to 'Asf' from 'BBBsf';
Outlook Stable
JPY776 million Class E notes affirmed at 'BBsf'; Outlook Stable

DTC Four Funding Limited:
JPY2.0 billion Class A-1 notes affirmed at 'AAAsf'; Outlook
Stable
JPY994 million Class A-2 notes affirmed at 'AAAsf'; Outlook
Stable
JPY250 million Class B notes affirmed at 'AAsf'; Outlook Stable
JPY169 million Class C notes affirmed at 'Asf'; Outlook Stable

DTC Five Funding Limited:
JPY2.4 billion Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY202 million Class B notes affirmed at 'AAsf'; Outlook Stable
JPY36 million Class C notes affirmed at 'Asf'; Outlook Stable

DTC Six Funding Limited:
JPY3.2 billion Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY263 million Class B notes affirmed at 'AAsf'; Outlook Stable
JPY77 million Class C notes affirmed at 'Asf'; Outlook Stable

DTC Seven Funding Limited:
JPY4.0 billion Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY503 million Class B notes affirmed at 'AAsf'; Outlook Stable

DTC Eight Funding Limited:
JPY4.6 billion Class A notes affirmed at 'AAAsf'; Outlook Stable
JPY548 million Class B notes affirmed at 'AAsf'; Outlook Stable
JPY498 million Class C notes affirmed at 'Asf'; Outlook Stable
JPY65 million Class D notes affirmed at 'BBBsf'; Outlook Stable

All tranche balances are as of Aug. 16, 2017.


TAKATA CORP: US Judge Halts Air Bag-Related Lawsuits for 90 Days
----------------------------------------------------------------
Randall Chase at The Associated Press reports that a Delaware
bankruptcy judge on August 16 temporarily halted the prosecution
of lawsuits filed by Hawaii, New Mexico and the U.S. Virgin
Islands against Takata Corp. over its lethally defective air bag
inflators.

U.S. Bankruptcy Judge Brendan L. Shannon ordered the 90-day stay
after hearing arguments on Takata's request to halt hundreds of
air bag-related lawsuits while it works on a reorganization plan,
the AP relates. According to the report, Takata sought a six-
month halt to various lawsuits while it proceeds with its
restructuring efforts, which include the planned sale of most of
its assets to a Chinese-owned rival for $1.6 billion.

The AP relates that Judge Shannon also granted Takata's request
to temporarily halt individual lawsuits against automobile
manufacturers who installed the faulty air bags but, again, only
for 90 days. He refused, however, to extend that ruling to scores
of lawsuits consolidated in a federal multi-district litigation
case in Miami, the report says.

While acknowledging and expressing sympathy for the circumstances
facing many claimants, including those grievously injured and
survivors of those who have been killed, Judge Shannon said
Takata had met its burden of proving that a halt to litigation
was warranted, the report says.

"The debtors are engaged . . . in the largest recall in history
while simultaneously trying to implement a reorganization
strategy around the globe," Judge Shannon, as cited by the AP,
noted.

According to the AP, the judge also said that a failed
reorganization could negatively affect the recall effort.
Takata's bankruptcy is unique in that the automobile
manufacturers play a critical role as both its largest customers
and largest creditors, the AP notes. They also are indemnified in
their agreements with Takata from losses and liabilities related
to the air bag inflators, putting a further financial and legal
burden on Takata.

"What the debtors seek and need is a breathing spell," the report
quoted Judge Shannon as saying.

While noting the actions taken by Hawaii, New Mexico and the U.S.
Virgin Islands to protect their citizens and enforce their laws
are "entirely appropriate," Judge Shannon also pointed out that
all states are equally situated in this circumstance.

"The fact is that there is nothing unique about the threat to the
citizens of those two states and that territory," he said.

"The state actions represent the proverbial race to the
courthouse," Judge Shannon added. "... Any relief obtained by
those entities in the state actions will necessarily be to the
detriment of the citizens of other states."

While partially granting Takata the relief it sought, the judge
encouraged lawyers for the company to be receptive to any
individual plaintiff who might face extraordinary or unique
hardship because of the 90-day stay, which ends at midnight
Nov. 15, the AP adds.

"I do expect the debtors to be responsive where circumstances
warrant," he said, the AP relays.

                        About Takata Corp

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

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

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

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

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

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

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.  Pachulski Stang Ziehl & Jones LLP  represents the
Official Committee of Tort Claimants as bankruptcy counsel.

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.



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


HYDROWORKS LTD: Placed Into Interim Liquidation
-----------------------------------------------
Chris Hutching at Stuff.co.nz reports that failure to repay
Powerhouse Ventures a NZ$1.4 million loan at 48 per cent interest
has seen Christchurch-based turbine maker HydroWorks placed into
interim liquidation.

"We had enough of HydroWorks antics and now they're grumpy we've
pulled the pin," Stuff quotes a Powerhouse source as saying.

Stuff relates that Powerhouse director Paul Viney said the recent
resignation of all HydroWorks directors as well as the loan
default led to the move.

According to the report, the Powerhouse loan to 23-per cent owned
HydroWorks included a 120 per cent penalty rate.

But HydroWorks said it had been on the verge of clinching new
work and a financial rescue package, after earlier fund raising
efforts failed and all its directors resigned two months ago.

Executives of both companies have accused each other of trying to
"screw" the other, Stuff relates citing a source.

Stuff says the drama has affected the value of Christchurch-based
startup "incubator" Powerhouse's own shares which have dived from
NZ$1.07 each to 38 cents over eight months.

Both companies have received money from public sources including
government grants, and a Christchurch City Council fund, but most
recent funding has come from share issues to private investors
and crowd funding, according to Stuff.

Stuff relates that the value of the 23 per cent stake in the
HydroWorks business was published in the Powerhouse prospectus
when it was seeking investment for its listing on the Australian
Stock Exchange in late 2016.

It stated a value of NZ$4.4m, which Powerhouse wrote off entirely
two weeks ago, along with the NZ$1.4m debt, the report says.

Stuff says HydroWorks management had privately disagreed with the
valuation.

Powerhouse will soon publish its annual accounts with its
independent auditors expected to explain the dissipation in
value, notes Stuff.

According to the report, a Powerhouse spokesman said HydroWorks
had failed to address inefficiencies and wanted Powerhouse to
invest more money.

Instead, Powerhouse was only prepared to provide a short term
high interest loan to tide over HydroWorks and keep creditors at
bay, the report notes.

Powerhouse now also faces a tight cash flow and is considering
raising money, including selling shares in its 22 other startups,
Stuff adds.



                             *********

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.


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

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

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

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

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



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