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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

          Friday, September 22, 2017, Vol. 20, No. 189

                            Headlines


A U S T R A L I A

ARKADIA CONSTRUCTIONS: Second Creditors' Meeting Set for Sept. 29
BURMESTER CONTRACTING: First Creditors' Meeting Set for Sept. 29
DBCT FINANCE: Moody's Hikes Senior Secured Ratings to Ba1
JACKSON ENTERPRISES: Second Creditors' Meeting Set for Sept. 28
LIQUOR TRADERS: First Creditors' Meeting Set for Sept. 29

PRO PIPE: First Creditors' Meeting Set for Sept. 29


C H I N A

GREENLAND HOLDING: S&P Affirms 'BB' CCR, Outlook Remains Negative


H O N G  K O N G

PANDA GREEN: S&P Lowers CCR to B+ on Project Execution Risk


I N D I A

ABHIRAJ CORPORATION: CRISIL Lowers Rating on INR10MM Loan to D
AGASTI S.S.K.: CRISIL Raises Rating on INR17MM Loan to B-
AMT INT'L: Ind-Ra Migrates B- Rating to Non-Cooperating
AROWANA EXPORTS: CARE Moves D Rating to Non-Cooperating
ARIHANT SHIP: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating

AUTOPAL INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
BOLTON CV 2016: Ind-Ra Affirms 'BB' Rating on INR51.5MM Certs
BUILD WALLINFRA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
DECCAN CHRONICLE: Srei Infra Made Party to Insolvency Case
ELEGANT ENTERPRISES: Ind-Ra Migrates B+ Rating to Non-Cooperating

FAMOUS STATIONERY: Ind-Ra Migrates B+ Rating to Non-Cooperating
FINE JEWELLERY: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
FREEMANS MEASURES: CARE Assigns B+ Rating to INR2.96cr Loan
GANPATI AGRI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan

INDORAMA SYNTHETICS: CARE Reaffirms D Rating on INR711.25cr Loan
JAYARAJ FORTUNE: CARE Assigns B+ Rating to INR14.50cr Loan
JOSCO JEWELLERS: CRISIL Lowers Rating on INR235MM Cash Loan to B
KRISHNAAM MOBILE: CRISIL Lowers Rating on INR6.7MM Loan to 'D'
LINUS AGROVENTURES: Ind-Ra Migrates D Rating to Non-Cooperating

M.G. HUSSAIN: CARE Assigns B+ Rating to INR4.80cr LT Loan
MAHALAXMI JEWELLERS: CARE Assigns B+ Rating to INR7.50cr Loan
ORISSA ORDER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
PARAS COMMERCIAL: Ind-Ra Moves B+ Rating to Non-Cooperating
PAUL ALUKKAS: Ind-Ra Migrates B Issuer Rating to Non-Cooperating

R.R. POLYNET: CARE Assigns B+ Rating to INR3.18cr LT Loan
RGS POULTRY: CARE Assigns B+ Rating to INR4.50cr LT Loan
RICOH INDIA: Fourth Dimension Files Insolvency Petition vs. Firm
SATVAM NUTRIFOODS: CRISIL Hikes Rating on INR5.25MM Loan to B+
SATWIK STEEL: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

SHREE AISHWARYA: CARE Moves 'B' Rating to Not Cooperating
SHRI SALASAR: CRISIL Reaffirms B+ Rating on INR21MM Cash Loan
SRINIVASA CIVIL: Ind-Ra Moves D Issuer Rating to Non-Cooperating
SUMAN VINIMAY: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SUNDARAM MULTI: CRISIL Lowers Rating on INR15.87MM Loan to 'D'

TIWANA OIL: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
UNITED WAREHOUSING: CRISIL Cuts Rating on INR0.5MM Loan to 'B'
VED CELLULOSE: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
VIJAY VELAVAN: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

YUVASHAKTHI ENT: Ind-Ra Moves 'BB' Rating to Non-Cooperating
ZUBIC LIFESCIENCE: CARE Assigns 'B' Rating to INR12.80cr Loan


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Rates SGD150MM Unsecured Notes 'BB-'
MITRA PINASTHIKA: S&P Affirms Then Withdraws 'B+' CCR


J A P A N

TOSHIBA CORP: Calls Extraordinary Meeting for Oct. 24
TOSHIBA CORP: Key Sale Issues Still Need Agreement, Hynix Says


S I N G A P O R E

AVATION PLC: S&P Affirms 'B+' Corp Credit Rating, Outlook Stable
JUBILANT PHARMA: Fitch Affirms BB- IDR, Outlook Stable
SWISSCO HOLDINGS: Judicial Managers Get US$28.5MM Offer


S R I  L A N K A

ALLIANCE FINANCE: Fitch Affirms Then Withdraws BB+ Debt Rating


                            - - - - -


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


ARKADIA CONSTRUCTIONS: Second Creditors' Meeting Set for Sept. 29
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Arkadia
Constructions & Interiors Pty Ltd has been set for Sept. 29, 2017,
at 10:30 a.m., at the offices of Level 27, 259 George Street, in
Sydney, New South Wales.

The purpose of the meeting are (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 Sept. 28, 2017, at
12:00 p.m.

Trent Andrew Devine of Jirsch Sutherland was appointed as
administrator of Arkadia Constructions on Sept. 6, 2017.


BURMESTER CONTRACTING: First Creditors' Meeting Set for Sept. 29
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Burmester
Contracting Pty Limited will be held at Level 9, 40 St Georges
Terrace, in Perth, WA, on Sept. 29, 2017, at 10:30 a.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Burmester Contracting on Sept. 18,
2017.


DBCT FINANCE: Moody's Hikes Senior Secured Ratings to Ba1
---------------------------------------------------------
Moody's Investors Service has upgraded DBCT Finance Pty Ltd's
senior secured ratings to Ba1 from Ba2. The outlook on the ratings
is stable.

DBCT is the financing affiliate of DBCT Management Pty Limited and
DBCT Trust, which collectively have economic ownership of the
Dalrymple Bay Coal Terminal through a long-term lease, comprising
a 50-year initial and 49-year option period.

RATINGS RATIONALE

"The ratings upgrade to Ba1 recognizes DBCT's progress in renewing
around 25 million tonne of take-or-pay contracts for capacity to
export coal through the terminal, given this will improve
visibility in DBCT's cash flow for debt service over the next few
years," says Spencer Ng, a Moody's Vice President and Senior
Analyst.

The contract renewals represent close to 30% of the terminal's
nameplate capacity.

The contract extensions indicate underlying demand for export
capacity at the terminal, and increases the likelihood of DBCT's
successfully renewing contracts for a further 11.5 million tonnes
of capacity that are scheduled to expire over the next 18 months.

The ratings upgrade also incorporates Moody's expectation that
DBCT's coal counterparties will remain sufficiently profitable to
fund the terminal's tariffs, which include a recovery of its
operating costs and a return on its regulated asset base as
approved by the regulator.

Moody's central coal price scenario assumes metallurgical coal
prices of between USD105 and USD135 per tonne through to the end
of 2018, a level that should support the profitability of coal
counterparties.

DBCT's 2017 access undertaking allows the terminal to recover lost
revenue by raising its charges should its counterparties either
not renew, or reduce their contracted capacity on contract renewal
dates. Similarly, the terminal's take-or-pay contracts allow it to
maintain revenue even if contracted capacity are not fully
utilized.

DBCT's ability to recover lost revenue is a key underpin of its
credit profile, as it protects the terminal from a decline in
demand for capacity or a shortfall in actual export volumes which
could result from a coal market downturn or weather events.

DBCT's credit profile further benefits from the terminal's
operating track record, its strong competitive position within the
coal chain as well as the current absence of a requirement for a
material expansion program with associated execution risk.

"Despite these credit strengths, the terminal's credit profile is
constrained by its high financial leverage, particularly given its
concentrated exposure to the coal industry through its
counterparties," adds Ng.

Given the inherently volatile and cyclical nature of the coal
industry, an ongoing risk for DBCT is a sustained downturn in coal
market conditions to a point where DBCT's ability to recover lost
revenue from its coal mining counterparties is brought into
question.

DBCT's high financial leverage -- which Moody's expects to range
between 6% and 7% as measured by the ratio of funds from
operations (FFO) to gross adjusted debt -- limits the terminal's
flexibility to deleverage in a prolonged downturn scenario and and
constrains its rating at the Ba1 level.

DBCT's Ba1 rating could be upgraded if there is a material
reduction in its financial leverage and continued stabilization in
coal market conditions. Financial metrics Moody's would look for
include FFO/debt above 7% on a sustained basis.

The ratings could be downgraded if DBCT's financial profile
materially weakens, with FFO/debt below 5.5%. Downward pressure
would also eventuate if Moody's believes that (1) DBCT is
experiencing difficulties in achieving socialization of lost
revenue following a material contract termination, (2) DBCT's
strategic importance to users declines, and/or (3) DBCT fails to
maintain its operating track record, particularly if such failure
has environmental implications.

The principal methodology used in these ratings was Generic
Project Finance Methodology published in December 2010.

Dalrymple Bay Coal Terminal, which has a coal handling capacity of
85 million tonnes per annum, is situated at the Port of Hay Point,
38 km south of Mackay in Queensland, adjacent to the Hay Point
Coal Terminal. This latter terminal is owned by the BHP Billiton
Limited (A3/P-2 positive) Mitsubishi Corporation (A2/P-1 negative)
alliance.

The DBCT Group is owned by BIP, which is in turn 30% owned by
Brookfield Asset Management Inc. (BAM, Baa2 stable) and 70% by the
public. BIP owns and operates long-life assets in the utilities,
transport, energy and communications sectors across North and
South America, Australasia and Europe. It is a publicly-traded
partnership which is also managed by BAM.


JACKSON ENTERPRISES: Second Creditors' Meeting Set for Sept. 28
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Jackson
Enterprises Pty Ltd has been set for Sept. 28, 2017, at
3:00 p.m., at The Crowne Plaza Alice Springs, 93 Barrett Drive, in
Alice Springs, Northern Territory.

The purpose of the meeting are (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 Sept. 27, 2017, at 4:00 p.m.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Jackson Enterprises on
August 24, 2017.


LIQUOR TRADERS: First Creditors' Meeting Set for Sept. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Liquor
Traders Australia Pty Ltd, trading as Liquor Traders Australia
South West; Liquor Traders Australia, will be held at the
Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in
Perth, WA, on Sept. 29, 2017, at 11:00 a.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Liquor Traders on Sept. 19, 2017.


PRO PIPE: First Creditors' Meeting Set for Sept. 29
---------------------------------------------------
A first meeting of the creditors in the proceedings of Pro Pipe
and Civil Pty Ltd, trading as JAG Civil and Drainage, will be held
at the Australian Institute of Company Directors, Level 9, 123
Eagle Street, in Brisbane, Queensland, on Sept. 29, 2017, at
11:00 a.m.

Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of Pro Pipe on Sept. 19, 2017.



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GREENLAND HOLDING: S&P Affirms 'BB' CCR, Outlook Remains Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term corporate credit
rating on China-based property developer Greenland Holding Group
Co. Ltd. and the 'BB' long-term issue rating on the senior
unsecured notes the company guarantees. The outlook on the long-
term corporate credit rating is negative.

S&P said, "We affirmed our ratings because we expect Greenland to
continue to generate strong cash flows from property sales with
satisfactory margins and stabilize its financial position. We
believe the company is likely to continue to have good funding
access to meet its short-term obligations.

"The rating on Greenland is underpinned by the company's robust
market position, strong execution of its property development
projects. Those factors are offset by the company's weak debt
servicing capacity.

"The outlook remains negative because of some heightened
weaknesses in Greenland's governance, the company's elevated
leverage, and a slow deleveraging over the next 12 months.

"We believe the recent trouble over Greenland's overdue bank loans
and delayed payment of its joint venture projects in Liaoning
province showed insufficient internal control, and limited
transparency and disclosure of information. Although these
incidents seemed to be somewhat isolated and have been amicably
resolved, they could still weigh on the company's reputation and
its credibility with lenders.

"We believe Greenland will likely settle these delayed payment
incidents by the end of 2017 with strengthened internal control
over similar cases, and maintain good financing access. We will
reassess the company's debt servicing ability, should it not be
able to settle these overdue borrowings by the end of 2017."

Greenland's debt leverage has improved since last year due to
continued strong property sales, increased recognition of sales
backlogs, and a slowdown in debt-funded expansion. In the first
half of 2017, the company spent only RMB19 billion (less than 15%
of sales) for land acquisitions. Therefore, its rolling 12-month
debt-to-EBITDA ratio decreased to below 9.0x in the first half,
from 9.5x in 2016 and 13.6x in 2015.

However, the leverage is not likely to be sustained below 9.0x
because S&P expects Greenland's capital spending will increase in
the second half of 2017.

Greenland's debt leverage remains high, compared with its peers'
in the 'BB' category. For example, Gemdale Corp.'s average
leverage was 4.2x in 2015 and 2016.

S&P said, "We project Greenland's sales to grow by about 10% to
RMB280 billion in 2017. Robust sales growth in residential
property will likely offset slower commercial property sales.
Commercial property accounted for 31% of Greenland's total sales
in the first half of 2017, down from 36% in 2016 and 49.2% in
2015.

"The negative outlook reflects our expectation that Greenland's
leverage will remain high in the next 12 months due to significant
debt-funded growth in property and other business segments. We
expect the company to address its subsidiaries' overdue borrowings
by the end of 2017 and maintain good financing access.

"We could lower the rating if: (1) Greenland's property sales and
its profitability deteriorate; or (2) its debt-funded expansion is
more aggressive than we expect, such that EBITDA interest coverage
declines below 1.5x or the debt-to-EBITDA ratio shows no sign of
improvement.

"The rating may also come under pressure if the company continues
to face operational incidents or fails to resolve its
subsidiaries' overdue borrowings by year end, such that we lower
our assessment of Greenland's internal control and governance.

"We may revise the outlook to stable if: (1) Greenland can
demonstrate disciplined financial management that improves its
cash flow adequacy and leverage, such that the EBITDA interest
coverage stays above 2x and the debt-to-EBITDA ratio also shows
significant improvement; and (2) the company resolves its
subsidiaries' overdue borrowings in a timely manner without
affecting its market standing or financing access."



================
H O N G  K O N G
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PANDA GREEN: S&P Lowers CCR to B+ on Project Execution Risk
-----------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Hong Kong-listed renewable energy operator Panda Green Energy
Group Ltd. (PGE) to 'B+' from 'BB-'. At the same time, S&P lowered
the issue rating on the company's senior unsecured debt to 'B'
from 'B+'. The outlook is stable.

S&P noted that Panda Green Energy's (PGE) commitment to develop a
large-scale greenfield hydropower project in Tibet will likely
lead to increased execution risk and tightened headroom on credit
metrics.

S&P said, "The downgrade reflects our negative view on PGE's
commitment to develop greenfield hydropower projects in Tibet. The
projects go beyond the company's expertise in solar power
operations, and could pose higher execution and financial risk. We
believe these risks outweigh the potential benefit in terms of
business opportunities and funding access from its largest
shareholder, the central government-owned China Merchant Group
(CMG). As a result, we have changed our comparable rating
assessment to neutral."

In May 2017, PGE announced the acquisition of China New Energy
Holdings (CNE), which includes 5.2 gigawatts (GW) of hydropower
development rights in Tibet, 110 megawatts (MW) of solar capacity
in operation or under construction, as well as minority
participation in 412MW of wind power projects. During the past few
months, PGE has reaffirmed its commitment to develop these hydro-
electricity generation projects, as demonstrated by the
shareholders' approval, the completion of stock settlement for the
acquisition on Aug. 11, 2017, and by contracting government
preferential loans related to these projects.

S&P said, "In our view, PGE's strategy shift from a pure solar
operator could elevate execution risks in the next three to five
years, despite potential positive effects in the longer run from a
larger asset base and better operational diversification.
Hydropower assets are generally much larger in terms of scale and
complexity compared with that of solar, especially in Tibet, where
geological conditions for the construction of hydropower plants
and grid connection are challenging. In addition, we believe PGE
has limited experience in constructing, operating, and maintaining
such large-scale greenfield projects, which in aggregate
represents more than triple its existing installed capacity of
1.4GW, as of end June 2017.

"We view the utility as already highly leveraged even though PGE
has a good record of using equity financing for its acquisitions
and can monetize the hydropower development rights if needed.
Construction of the hydropower assets along with PGE's plan for
continual expansion in solar power generation will likely further
depress credit metrics and leave little room for any unexpected
operational or event risks without jeopardizing its capital
structure sustainability, as its debt-to-EBITDA ratio is above
10.0x. We forecast PGE's funds from operations (FFO) cash interest
coverage at 1.4x-1.6x in 2017 and 2018, hovering around the
previous 1.5x downgrade trigger and materially lower than our
previous forecast of above 2.0x.

"Our view of PGE's business risk remains unchanged. We expect
solar power generation to continue to dominate the company's
EBITDA in the next three to five years. We believe China's
regulatory framework for renewable energy, although evolving, will
continue to support reasonable project returns for solar power
producers, including PGE.

"Nonetheless, a growing deficit in China's state-run renewable
energy subsidy fund continues to cause payment delays on the feed-
in-tariff (FIT) subsidies, pressurizing the cash flow of solar
operators. As of end June 2017, PGE had a total of Chinese
renminbi (RMB) 1.65 billion in receivables, attributable to tariff
adjustment payments from the government. We foresee slight
improvement in PGE's working capital management, with receivables
accrued in the past gradually being collected and its expansion
pace in solar power projects normalizing. PGE currently has about
51% of capacity included in Batches 1-6 of the government's
subsidy catalog and another 12% eligible for inclusion in the
seventh batch catalog.

"We believe the government's introduction of a green-certificate
trading program and open bidding for new solar projects allocation
could put pressure on solar power operators' returns if they are
implemented fully. However, the government maintains a generally
supportive stance for the renewable energy operators by allowing
options for participation in these alternative schemes, and PGE
currently has limited exposure to such arrangements.

"The stable outlook on PGE reflects our expectation that the
company will continue to generate stable cash flow from its solar
farms over the next 12 months. The outlook also reflects our view
that the Chinese regulatory framework on solar renewable would
remain supportive and that there will be no materially adverse
regulatory decisions, such as excessive reduction in FIT for new
solar projects or pronounced delay in subsidy payments.
Furthermore, we expect CMG would remain the largest shareholder of
PGE and continue to provide strategic, operational, financial, and
business development support.

"We could lower the rating on PGE if the company's credit metrics
deteriorates significantly such that its FFO cash interest
coverage falls to 1.0x with no prospect for improvement. This
could happen if the company engages in sizable debt-funded
acquisitions or capital expenditures, or if execution risk
associated with the Tibet hydropower projects results in material
unexpected delays or cost overruns.

"We could also lower the rating in case of any adverse regulatory
decisions or poor execution of the subsidy program that negatively
affects PGE's profitability and cash flows. This could happen if
the government further deregulates solar tariffs and opts for more
project bidding, or if the delays in subsidy payment persists or
worsens.

"We could also lower the rating if the company's association with
CMG weakens.

"We believe the likelihood of a positive rating action over the
next 12 months is remote, given PGE's aggressive expansion program
and the highly leveraged balance sheet.

"Nonetheless, we could raise the rating on PGE if the utility's
credit metrics improve materially, with the ratio of FFO to debt
approaching 5.0% and FFO interest coverage improving to about 2.0x
on a sustained basis. This could happen if the company maintains a
disciplined approach to capital expenditure and acquisitions, or
if it changes its appetite on financial risk tolerance and starts
deleveraging. Alternatively, an improvement to the solar power
operating environment, such as increasing utilization hours and
better execution on dispatch priority, could also increase FFO and
boost credit metrics for PGE."



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ABHIRAJ CORPORATION: CRISIL Lowers Rating on INR10MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Abhiraj
Corporation (AC) for obtaining information through letters dated
July 7 and August 17, 2017 among others, apart from telephonic
communication. However, the issuer remains non-cooperative.

CRISIL gave these ratings:

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

   Proposed Long Term
   Bank Loan Facility        .45     CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan                4.05     CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AC. 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 AC
is consistent with 'Scenario 3' 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 its rating on the bank facilities of AC to 'CRISIL
D/Issuer Not Cooperating' from 'CRISIL B/Stable'. The downgrade
reflects instances of delay in interest payments in cash credit
account and irregularities in principal and interest repayment in
the term loan facility.

Set up in 2013 as a partnership firm, Ichalkaranji, Maharashtra-
based AC trades in yarn. Its operations are managed by Mr.
Prathamesh Dhamane along with the partners Mr. Ashok Jathar and
Mr. Vijay Jadhav.


AGASTI S.S.K.: CRISIL Raises Rating on INR17MM Loan to B-
---------------------------------------------------------
CRISIL Ratings has upgraded its long term rating on the bank
facility of Agasti S.S.K. Limited to 'CRISIL B-/Stable' from
'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working        17        CRISIL B-/Stable (Upgraded
   Capital Facility                   from 'CRISIL D')

The rating upgrade reflects improvement in the company's liquidity
with infusion of about INR2.8 cr from its members and freeing up
of its working capital leading to prepayment of its term debt. The
rating upgrade also factors in CRISIL's belief that the company's
cash accruals are expected to see a steady increase, which will
sufficiently cover its repayment obligations over the medium term.

The ratings reflect the company's below average financial risk
profile marked by a high capital structure and weak debt
protection metrics. The ratings also reflect susceptibility of
profitability to volatility in raw material prices and economic
cycles. These strengths are partially off-set by extensive
experience of the promoters in the sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirements:  Stretch in inventory leads
to increased working capital intensity. CRISIL believes that the
working capital intensive operations will continue to constrain
the business risk profile of the firm.

* Modest scale of operations because of limited capacity and
exposure to cyclicality and regulatory risks in the sugar
industry:  The sugar industry is cyclical, seasonal, and highly
fragmented. The agri-dependent nature of activity makes sugar
production dependent on the weather and an erratic monsoon can
adversely affect sugarcane yields. ASSKL's capacities are limited
resulting into modest revenues of INR141cr in FY 2016-17.

Strengths

* Longstanding presence in the sugar industry and established
relationship with cane growers in its command area:  ASSKL, set up
in 1989, is a society engaged in the manufacturing of sugar. The
society also sells by products like molasses and bagasse to
traders in its command area. ASSKL procures canes from farmers
within a command area of about 50-60 kms which comprise of about
182 villages of Akole district. CRISIL believes that the society
will continue to benefit from its long standing presence in sugar
industry and established relations with cane growers.

Outlook: Stable

CRISIL believes that ASSKL will maintain its moderate business
risk profile backed by its long-standing presence in the sugar
industry and established relationship with farmers in its command
area. The outlook may be revised to 'Positive' in case of
significant improvement in ASSKL's financial risk profile,
particularly its liquidity, driven by sizeable increase in cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the company's financial risk profile,
especially liquidity, because of pressure on cash accruals on
account of continued subdued sugar realisations, low cane
crushing, or debt-funded capital expenditure.

ASSKL, set up in 1989, is a co-operative society manufacturing
sugar. It is based in Akole (Maharashtra) and has sugar cane
crushing capacity of 2500 tonnes per day.

Profit after tax (PAT) and net sales are estimated at INR0.1 crore
and INR133 crore, respectively, for fiscal 2017; PAT and net sales
were INR16 crore and INR82 crore, respectively, for fiscal 2016.


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

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

-- INR50 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 30, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, AMT International is a partnership firm
engaged in the manufacturing of electric overhead travelling
cranes, ladle cars, transfer cars, slag pots, slag pot cars and
steel rolling mill plants. Its manufacturing units are located in
Mandi Gobindgarh, Punjab.


AROWANA EXPORTS: CARE Moves D Rating to Non-Cooperating
-------------------------------------------------------
CARE Ratings has been seeking information from Arowana Exports
Private Limited (AEPL) to monitor the rating(s) vide e-mail
communications/ letters dated September 6, 2017, September 4, 2017
and June 12, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on AEPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Bank        7.00       CARE D; Issuer not
   Facilities                        cooperating; Based on
                                     best available information

Detailed description of the key rating drivers

At the time of last rating on August 19, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: The account has been classified as NPA by
its banker Bank of India. As informed by management, due to
increase in factory overheads resulting in liquidity crunch led to
delay in debt servicing.

Incorporated in September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export oriented
unit and is engaged in processing and export of sea foods, majorly
shrimps. The company has commenced operations from September,
2014. The company exports products under the brand name of
"Arowana" mainly to South Africa, Spain, Germany, Australia,
Portugal, China, Hong Kong, Vietnam and Malaysia and procures fish
from local fishermen operating in western and eastern coastline of
India.


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

The instrument-wise rating actions are:

-- INR75 mil. Fund-based limits migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating;

-- INR16.2 mil. Long-term loans migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating;

-- INR75 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Arihant was established in 1983 as a partnership entity and was
subsequently reconstituted as a proprietorship concern, with one
of the earlier partners Nita Jain as a proprietor. The entity is
engaged in ship breaking and wreck removal activities.


AUTOPAL INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Autopal
Industries 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:

-- INR6.3 mil. Term loan migrated to non-cooperating category  -
    with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Fund-based working capital limit IND BB-(ISSUER
    NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Oct. 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Autopal Industries was incorporated as a public limited company in
1985. It manufactures LED lighting products including LED spot
series, LED cob series, slim LED panel, LED downlighter and LED
outdoor series.


BOLTON CV 2016: Ind-Ra Affirms 'BB' Rating on INR51.5MM Certs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bolton CV IFMR
Capital 2016 (an ABS transaction) as follows:

-- INR99.4 mil. Series A1 pass-through certificates (PTCs)
    issued on June 30, 2016 at 10.50% coupon rate due on
    January 17, 2020 affirmed with IND A-(SO)/Stable rating;

-- INR51.5 mil. Series A2 PTCs issued on June 30, 2016 with
    16.0% coupon rate due on January 17, 2020 affirmed with
    IND BB(SO)/Stable rating.

The new and used commercial vehicle (44.5%), multi-utility vehicle
(38.2%), construction equipment (0.8%) and car (16.4%) loan pool
has been originated by Ess Kay Fincorp Private Limited (EKFPL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The affirmation reflects the adequate levels of credit enhancement
(CE), overall performance of the loans in the pool, and the
servicing, collection and recovery capabilities of EKFPL. The
agency is of the opinion that the issuer's origination and
servicing capabilities are of an acceptable standard. Origination
of loans is entirely an in-house mechanism and the company sources
loans directly. The company follows a relationship-based
origination model. The company has separate sales and collection
team; so the person sourcing the business is not responsible for
the collection process. EKFPL repossesses vehicles only as the
last resort. The borrower's capacity and intention to pay is
analysed before repossessing the vehicle.

Availability of External Credit Support: According to the payout
report dated Sept. 15, 2017, the available CE was INR15.4 million
and the current principal outstanding (POS), including overdues,
was INR206.8 million. The transaction benefits from the internal
CE on account of excess interest spread and over-
collateralisation. As of August 2017, the level of over
collateralisation available to Series A1 PTCs was 89% and A2 PTCs
was 72%. There has been no use of the CE until date, as the excess
spread and overcollateralization in the transaction have been
sufficient to absorb the shortfalls.

The current CE for PTCs increased to 7.47% of the current pool
POS, including overdues, at end-August 2017 from 3.39% at end-
September 2016. The available CE is in the form of fixed deposit
with RBL Bank Ltd.

Key Pool Characteristics: At end-August 2017, the 1,974-loan pool
had a weighted average seasoning of 21.9 months and a weighted
average amortisation of 62%, indicating a significant repayment
track record of underlying borrowers. Loans delinquent by over 90
days past due (dpd) were 4.65% of the original POS and 11.59% of
the current POS as of the collection month of August 2017. The
agency has also seen a cumulative prepayment of 11.0% in the
transaction in the last 14 months.

Key Assumptions: At the time of the initial rating, Ind-Ra derived
a base case gross default rate (90+dpd) in the range of 7%-9%. The
agency had analysed the characteristics of the pool and
established its base case assumptions through the four key
performance variables, namely default rate, recovery rate,
recovery timeline and prepayment rate, which collectively affect
the credit risk in a transaction. In the last 14 months since the
transaction closing, the peak 90+dpd observed was 6.02%, which is
well within the initial assumption. The current available CE can
absorb stressed defaults in the range of 50%-60%. The default
rates (90+dpd) well within the initial assumption and stable
performance of the loans in the pool have led to the affirmation
of the rating of PTCs.


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

-- INR75 mil. Term loan (long-term) migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Fund-based working capital limit (long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Sept. 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BWIPL was incorporated in April 2013 for setting up a unit for
manufacturing autoclaved aerated concrete (AAC) blocks. The unit
has an installed capacity of 100,000 cubic metres per annum and is
located in Valsad, Gujrat. Its registered office is in Thane,
Maharashtra.


DECCAN CHRONICLE: Srei Infra Made Party to Insolvency Case
----------------------------------------------------------
The Times of India reports that the city bench of National Company
Law Tribunal on Aug. 31 impleaded Srei Infrastructure Finance Ltd
as a party to the ongoing case pertaining to the insolvency of
Deccan Chronicle Holdings Ltd (DCHL).

According to the report, the bench comprising Rajeswara Rao
Vittanala, member, and Ravi Kumar Duraisamy, member (technical),
however, left the issue of including Srei in the committee of
creditors to be decided by the Insolvency Resolution Professional
appointed for the purpose. TOI relates that the question that came
up before IRP was that whether a person or an entity which has
converted loan into an equity in a borrower company can still be
called as a creditor? The IRP concluded that such person or entity
would become part of the management of that company and, hence,
can no longer be treated as a creditor, the report says.

TOI relates that the IRP removed Srei from the list of creditors
on the ground that it converted a part of its loan to DCHL as
equity. The NCLT bench stayed further steps, e-voting being part
of them, by the IRP in his current task of concluding the
creditors' meet. The bench earlier admitted the petition filed by
Canara Bank against DCHL and appointed an IRP to resolve the
INR4,000 crore debt crisis at DCHL, the report states. The bench
also extended the stay imposed earlier on e-voting to be exercised
by the creditors for the purpose of enabling the IRP to take
certain administrative decisions for going ahead with the task
entrusted to him, the report adds.

                      About Deccan Chronicle

India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals.  The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional
daily. It also owns franchise rights for the Hyderabad team of
the Indian Premier League.

As reported in the Troubled Company Reporter-Asia Pacific on
The Economic Times said the Hyderabad bench of the National
Company Law Tribunal (NCLT) on July 19 appointed an interim
resolution professional to initiate insolvency process against
Deccan Chronicle Holdings in a petition filed by one of its
lenders Canara Bank.

Canara Bank had filed the insolvency petition before NCLT claiming
that Deccan Chronicle Holdings, which publishes dailies Deccan
Chronicle, Financial Chronicle and Andhra Bhoomi, had defaulted
over INR723 crore, ET related.


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

-- INR51 mil. Fund based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 29, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009 as a proprietorship concern, Elegant
Enterprise manufactures hosiery garments for men, women and
children and exports to countries such as Spain and France.


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

The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Oct. 16, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in June 2013, FSPL manufactures exports office and
school stationery, excise notebook and other innovative paper
bound stationery.


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

The instrument-wise rating actions are:

-- INR563 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR78 mil. Non-fund-based working capital limit migrated to
    non-cooperating category IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Jan. 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Prem Kumar L Kothari established FJML in 2001 to manufacture and
export diamonds, studded gold and platinum jewellery. It started
its commercial operations in 2005. Its plant is located in SEEPZ,
Mumbai. The company mainly exports to Europe and the US. FJML is
managed by Prem Kumar L. Kothari, Sohil P. Kothari and Viral P.
Kothari.


FREEMANS MEASURES: CARE Assigns B+ Rating to INR2.96cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Freemans Measures Private Limited (FMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.96       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.61       CARE A4 Assigned

   Long-term Bank         8.50       CARE B+; Stable/CARE A4
   Facilities/Short-                 Assigned
   Term Bank
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FMPL are
constrained by its small scale of operations, leveraged capital
structure and working capital intensive nature of operations. The
ratings are further constrained by susceptibility of margins to
fluctuations in raw material prices, foreign exchange fluctuation
risk and company's presence in competitive nature of industry. The
ratings, however, derive strength from experienced management with
long track record of operations and the company's moderate
profitability margins.

Going forward, the ability of the company to increase its scale of
operations while improving its overall solvency position and
efficient management of working capital borrowings would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with low PAT margins:  The company's
scale of operations has remained small marked by Total Operating
Income (TOI) of INR27.10 crore in FY16 (refers to the period of
April 1 to March 31). The small scale of operations limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. Furthermore, the company has achieved a total
operating income of INR29.00 crore in 11MFY17 (Provisional).

* Leveraged capital structure:  The capital structure of the
company is leveraged with overall gearing ratio of 2.38x as on
March 31, 2016 mainly on account of company's high reliance upon
borrowings to fund various business requirements and small net
worth base.

* Working capital intensive nature of operations:  The operating
cycle of the company stood elongated at 133 days for FY16 mainly
due to high collection period. The working capital limits remained
fully utilized for the last 12 months period ended August, 2017.

* Susceptibility of margins to fluctuations in raw material
prices:  The prices of steel which are driven by the demand supply
in domestic and international market have been volatile in the
past and the prices of cotton yarn is dependent upon availability
of cotton, which further being a seasonal crop, is subject to
vagaries of nature. Thus any adverse change in the prices of the
raw material may affect the profitability margins of the company.

* Foreign exchange fluctuation risk:  Nearly 36% of its purchases
were imports in FY16 and the company while exports were
negligible. This exposes the company towards the foreign exchange
fluctuation risk. The company does not hedge its account payables
and hence, remains exposed towards the foreign exchange
fluctuation risk.

* Competitive nature of industry:  The industry in which FMPL
operates is highly fragmented and competitive in nature marked by
the presence of various large and small players. The players in
the industry, especially the small players, do not have any
pricing power and are exposed to competition induced pressures on
profitability.

Key Rating Strengths

* Experienced management along with long track record of
operations:  FMPL has a track record of operations of around seven
decades which aids the company in having established relations
with suppliers and customers. Mr. Samir Nayar has an industry
experience of around three decades which he has gained through his
association with FMPL only, while Mr. Kulvinder Singh has an
industry experience of 21 years which he gained through
association with Girnar Fibres Limited which is engaged in
manufacturing of acrylic yarn, cotton yarn and blended yarn and
FMPL. The experience of both the directors is likely to benefit
FMPL in the long run.

* Moderate profitability margins:  The profitability margins of
the company stood moderate marked by PBILDT margin and PAT margin
of 11.02% and 1.11% respectively in FY16. The PBILDT margin of the
company improved from 9.89% in FY15 due to decline in raw material
costs. Consequently, PAT margin also improved from 0.83% in FY15
to 1.11% in FY16.

Freemans Measures Private Limited (FMPL), based in Ludhiana
(Punjab), was incorporated in November, 1984 as a private limited
company and is currently being managed by Mr. Samir Nayar and Mr.
Kulvinder Singh. The company had succeeded an erstwhile
partnership firm National Tape Company in which Mr. Samir Nayar's
father Mr. K.R. Nayar and his brothers, Mr. K.K. Nayar and Madan
Nayar were partners. FMPL is engaged in manufacturing of measure
tapes such as steel tapes, fibre glass tapes and cotton yarn tapes
at its manufacturing plant located in Ludhiana, Punjab, with total
installed capacity of 75 lakhs pieces of tapes per annum, as on
March 31, 2017. The company sells its products under the brand
name of "GK SML" and "KVN".


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

-- INR120 mil. Fund-based Limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR65.68 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ganpati Agri Business was incorporated in 2011 by its two
directors Mr. Atul Kumar Singh and his wife Mrs Shavi Singh. The
company manufactures poultry feed and cattle feed, comprising
mustard cake, de-oiled mustard cake, rice bran and de-oiled rice
bran.


GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of Guskara Himghar Pvt Ltd (GHPL) at 'CRISIL
B/Stable'. The rating continues to reflect a small networth, and
susceptibility to regulatory changes and to intense competition in
the cold storage industry in West Bengal (WB). These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             5         CRISIL B/Stable (Reaffirmed)
   Term Loan               2         CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small networth:  Modest accretion to reserves resulted in a
small networth of around INR3.24 crore as on March 31, 2017. Debt
protection metrics were weak: interest coverage and net cash
accrual to total debt ratios were 1.81 times and 0.07 time,
respectively, in fiscal 2017.

* Exposure to intense competition:  Operating in a highly
fragmented industry results in limited bargaining power and forces
players to offer discounts so that their storage capacities are
well-utilised. Moreover, the WB government fixes the storage rates
per quintal, which limits pricing flexibility of players.

Strength

* Extensive industry experience of the promoters:  The promoters
have an experience of more than two decades in the cold storage
industry. This has ensured healthy utilisation of storage
capacity.

Outlook: Stable

CRISIL believes GHPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in scale of
operations and profitability, aided by efficient management of
farmer financing, or improvement in the capital structure, leading
to a better financial risk profile. The outlook may be revised to
'Negative' if liquidity weakens on account of delay in repayment
by farmers, low cash accrual, or significant debt-funded capital
expenditure.

GHPL, incorporated in 2003, provides cold storage services to
potato farmers and traders. Its cold storage is in Guskara, WB.
Operations are managed by Mr. Sushil Mondal.

In fiscal 2016, profit after tax was INR0.07 lakh on total sales
of INR351.08 lakh, against INR0.64 lakh and INR360.51 lakh,
respectively, in the previous fiscal.


INDORAMA SYNTHETICS: CARE Reaffirms D Rating on INR711.25cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indorama Synthetics Ltd (IRSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            123.75      CARE D Reaffirmed

   Short-term Bank
   Facilities             65.00      CARE D Reaffirmed

   Long/Short-term
   Bank Facilities       711.25      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings of IRSL takes into account the delay
in repayment of its debt obligations, primarily cash credit
account due to multiple devolvement of Letter of Credits (LCs).
The delays were largely attributable to volatility in key raw
material prices and low sales realization, which led to cash flow
mismatches leading to the devolvement of LCs and overdrawal in
Cash Credit account. Going forward, the company's ability to
regularize debt repayments, improvement in operational efficiency
and profitability shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing:  The statutory auditor has reported
delays in repayment of dues (in Cash Credit account) to the banks.
The key raw material of the company viz., Purified Terephthalic
Acid (PTA) and Mono Ethylene Glycol (MEG) are the derivatives of
petrochemical industry, the prices of which are affected by the
changes in crude oil prices. During FY17, the prices of crude oil
remained highly fluctuating on account of which the realization
have also been adversely affected leading to cash flow mismatches
and LC devolvements.

* Weak financial risk profile and stretched liquidity:  The
operating income of the company declined by 2.5% in FY17. The
company has incurred cash loss during FY17 owing to volatility in
raw material prices leading to low price realization and
disruption in production due to scarcity in raw material
availability during FY17 which has resulted in stretched
liquidity.

Key Rating Strengths

* Experienced promoters and established track record:  IRSL's
promoter Mr. O P Lohia has over 25 years of experience in the
Indian polyester industry. Mr. Lohia along with his son Mr. Vishal
Lohia (Whole Time Director) looks after the overall management of
the company. The promoters are supported by a team of qualified
and experienced professionals. IRSL has an established track
record of 25 years of polyester manufacturing and has established
relationships with its suppliers and clients.

* Leading manufacturer with economies of scale:  IRSL is India's
second largest polyester manufacturer with technical
collaborations with companies like Dupont of USA, Toyobo of Japan,
Zimmer AG of Germany. It has one of the largest integrated
polyester manufacturing plants and has presence across the value
chain i e Continuous Polymerisation (CP) plant to Polyester Staple
Fibre (PSF) and Partially Oriented Yarn (POY) to Draw Textured
Yarn (DTY)/ Fully Drawn Yarn (FDY) and Polyester Chips.

Incorporated in 1986, Indo Rama Synthetics (India) Limited (IRSL)
commenced polyester manufacturing in 1989 and currently is India's
second largest polyester manufacturer. The Company manufactures a
wide range of polyester products, which include Polyester Staple
Fiber (PSF), Partially Oriented Yarn (POY), Draw Texturised Yarn
(DTY), Fully Drawn Yarn (FDY) and Polyester Chips. IRSL has an
integrated manufacturing complex spread over 250 acres at
Butibori, near Nagpur with installed capacity of 6,10,050 MTPA of
polyester. The company has several technical collaborations with
companies like Dupont of USA, Toyobo of Japan, Zimmer AG of
Germany among others.

IRSL is promoted by Mr. O P Lohia (current Chairman & Managing
Director) and his family.


JAYARAJ FORTUNE: CARE Assigns B+ Rating to INR14.50cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jayaraj
fortune packaging Private Limited (JFPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             3.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JFPPL are tempered
by modest scale of operations, leveraged capital structure,
presence in highly fragmented and competitive industry and
profitability margins suspected to fluctuation in foreign exchange
prices. The ratings are, however, underpinned by the satisfactory
track record and significant experience of the promoters, growth
in total operating income during review period, satisfactory
operating cycle and debt coverage indicators. Going forward, the
ability of the company to increase its scale of operations,
improve profitability margins and capital structure and ability of
the company to add new clients and orders are key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

* Leveraged capital structure:  JFPPL has leveraged capital
structure marked by debt equity ratio which deteriorated from1.83x
as on March 31, 2015 to 2.00x as on March 31, 2016. Furthermore,
overall gearing stood at 4.04x as on March 31, 2016 compared to
4.77x as on March 31, 2015 due to sanction and disbursement of
term loan for expansion of unit at Nallapadu Village, Gunter along
with low networth.

* Presence in the highly fragmented industry characterized by
intense competition:  The company is engaged in manufacturing of
corrugated fiber boxes and caters to the tobacco, textile, FMCG
and agricultural products which involves moderate value addition
and hence results in low profitability. Moreover, on account of
large number of units operating in similar business, the
competition among the players remains very high resulting in high
fragmentation and further restricts the profitability.

* Profitability margins are susceptible to fluctuation in foreign
exchange prices:  The company imports 50% of raw material from USA
and export around 25% of its products in different countries like
Dubai, Srilanka, Cambodia, Thailand, etc. Due to absence of
hedging mechanism, the profitability margins are susceptible to
fluctuation in foreign exchange prices.

Key Rating Strengths

* Satisfactory track record and significant experience of the
promoters:  Jayaraj Fortune Packing Private Limited (JFPPL) was
established in the year 2007 and promoted by Mr. P. S. R. Prasad
along with his spouse Ms. B. P. L. Pratheesha. Both are Graduates
and since inception, the promoters are engaged in manufacturing of
corrugated fiber boxes and cater to the tobacco, textile, FMCG and
agricultural products segment. Through their experience in this
industry, they have established healthy relationship with key
suppliers and customers. Growth in total operating income during
review period: The total operating income of the company grew at a
CAGR of 13.90% during FY14-FY16 due to the long term relationship
with its customers and its quality accreditations to sell its
products in the Dubai, Sri lanka, Madagascar, Thailand and
Cambodia markets. During 11MFY17 (Provisional), the company has
achieved total operating income of INR60 crore.

* Satisfactory operating cycle:  The operating cycle of the
company has been improving year-on-year from 108 days in FY14 to
85 days in FY16 and stands satisfactory. Improvement in operating
cycle was driven by decrease in average inventory holding period
from 86 days in FY15 to 66 days in FY16. The company receives
payments from its customers 100% in advance from parties located
in Srilanka and Thailand. However, the company receives the
payment within 30-60 days from the date of bill raised from local
customers. Furthermore, the company makes the payment to its
supplier within 20 to 30 days.

* Satisfactory profitability margins albeit fluctuation:  The
company has satisfactory profitability margins over the years.
However, the PBILDT margin of the company fluctuated between 10%-
12% during FY14-FY16 based upon nature of orders undertaken and
associated margin with individual work orders. Furthermore, the
PAT margin of the company also fluctuated between 3%-4% during
FY14-FY16 at the back of fluctuating interest expenses, though,
PBILDT levels kept on increasing y-o-y.

* Satisfactory debt coverage indicators:  The debt coverage
indicators of the company have been satisfactory and improving
year-on-year due to increasing profit levels and cash accruals.
The total debt/GCA improved from 8.29x in FY14 to 6.31x in FY16
due to increase in gross cash accruals in spite of increase in
debt level (i.e., higher working capital bank borrowings as on
closing balance sheet date ended March 31, 2016). The PBILDT
interest coverage ratio improved from 2.81x in FY14 to 3.97x in
FY16 due to increasing PBILDT with declining interest expenses.

Jayaraj Fortune Packing Private Limited (JFPPL) was incorporated
in the year 2007. JFPPL is a family owned business promoted by Mr.
P. S. R. Prasad along with his spouse Ms. B. P. L. Pratheesha. The
company is engaged in manufacturing of corrugated fiber boxes and
caters to the tobacco, textile, FMCG and agricultural products
segments. JFPPL has installed capacity of 60,000 MTPA.


JOSCO JEWELLERS: CRISIL Lowers Rating on INR235MM Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Josco
Jewellers Private Limited (JJPL) for obtaining information through
letters and emails dated June 14, 2017 and July 18, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             235       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB-/Negative')

   Proposed Cash           100       CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Downgraded from
                                     'CRISIL BBB-/Negative')

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 JJPL. 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
JJPL 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'.

The Josco group was set up by Mr. P A Jose in Kottayam, Kerala, in
1978. The group's four entities: Josco Fashion Jewellers
(established in 1978; five showrooms), The Josco Fashion Jewellery
(established in 1984; two showrooms), JJPL (established in 2008;
six showrooms) and Josco Bullion Traders Private Limited
(established in 2012; three showrooms) retail gold and diamond
jewellery.


KRISHNAAM MOBILE: CRISIL Lowers Rating on INR6.7MM Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishnaam
Mobile and accessories Private Limited (KMAPL) for obtaining
information through letters and emails dated July 11, 2017 and
August 7, 2017, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.7       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL C')

   Proposed Long Term      0.9       CRISIL D (Issuer Not
   Bank Loan Facility                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

CRISIL has downgraded its rating on the long-term bank facility of
KMAPL to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL C' The
downgrade reflects delays in servicing debt obligation. CRISIL
held discussions with bankers, who have confirmed the ongoing
delay.

Incorporated in 2006, KMAPL trades in mobile accessories. It is
promoted by Mr. Amit Singhania and is based in Delhi.


LINUS AGROVENTURES: Ind-Ra Migrates D Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Linus
Agroventures Pvt. Ltd's (LAPL) Long-Term Issuer Rating to 'IND D'
from 'IND BB- (suspended)' while migrating the ratings to the non-
cooperating category.

The issuer did not participate in the surveillance exercise
despite continuous requests and follow-ups by the agency. Thus,
the rating is on the basis of best available information. The
rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR120 mil. Fund-based facilities (Short term) downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR180 mil. Long-term loans (long term) downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.

KEY RATING DRIVERS

The downgrade reflects CCIL's delays in debt servicing during the
12 months ended August 2017 due to a tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

LAPL processes fish and sea food for both the domestic and
overseas markets. It was incorporated in September 2011 by Mr.
Anjan Ray & family, and commenced commercial operations in October
2012.


M.G. HUSSAIN: CARE Assigns B+ Rating to INR4.80cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M.G.
Hussain (MGH), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.80       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MGH takes into
tempered small scale of operations with fluctuating total
operating income and profitability margins during review period,
constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital, short-term revenue visibility from
order book position with high geographic concentration work and
presence in the highly fragmented nature of the industry
characterized by intensive competition. The rating is however,
underpinned by the long track record of the entity with
experienced proprietor for more than two decades in construction
industry, satisfactory financial risk profile marked by
comfortable capital structure, and debt coverage indicators and
satisfactory operating cycle and stable outlook of civil
construction industry.

Going forward, the firm's ability to increase its scale of
operations and profitability margins and execution of the projects
in timely manner would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with fluctuating total operating
income and profitability margins during review period:  The firm
was established in the year 1992; despite of the long track record
of the entity, scale of operations of the firm is relatively small
as compared to other peers in the industry, marked by total
operating income (TOI) of INR17.79 crore in FY16 and networth
level at INR4.37 crore as on March 31, 2016. Further the total
operating income of the firm has been fluctuating during the
review period FY14-FY16. The firm's TOI reduced from INR15.37
crore in FY14 to INR9.08 crore in FY15 due to low amount of orders
received from the government departments along with increased
competition during the year. However, the same increased to
INR17.79 crore in FY16 as the firm received work orders from D C
Office Mangalore and Mangalore City Corporation.

The profitability margins of the firm are seen fluctuating during
review period, the PBILDT margin of the firm fluctuates in the
range of 10.88%-5.98 % due to fluctuation in raw material prices
at the back of absence of price variation clause in the orders
received. Further PAT margin of the firm is seen fluctuating in
the range of 2.48% -1.41% during FY14- FY16 due to fluctuating
PBILDT margin.

* Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital:  The sole proprietor typically
makes all the decisions and runs the entire business operation. If
he becomes ill or disabled, there may be nobody else who can step
in and keep the business going. Running a business single-handedly
can also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure.

* Short-term revenue visibility from order book position with high
geographic concentration risk:  The firm has an order book of
INR6.32crore as on August 24, 2017 which translates to 0.35x of
total operating of FY17 and the same is likely to be completed by
FY18. The said order book provides revenue visibility for short
term.

* Presence in the highly fragmented nature of the industry
characterized by intensive competition:  The industry is highly
competitive with presence of number of players and further total
revenues and profitability margins of the company are tender
driven. However, the firm is able to withstand the competition and
procure orders through its established track record and experience
of promoter.

Key Rating Strengths

* Long track record of the entity with experienced proprietor for
more than two decade in construction industry:  MGH was
established in the year 1992 by Mr. M.G. Hussain. Since then, the
promoter is engaged in construction business. Mr. M. G. Hussain is
a qualified graduate and has more than 20 years of experience in
the civil construction industry, further he has gained experience
through its group companies as well. He also has considerable
experience in dealing with government authorities like Mangalore
City Corporation and Public welfare Departments for procurement
and completion of the tender works, and also realisation of
receivables of the works executed on time. The day to day
activates of the entity are managed by the proprietor and well
supported by the Mr. Munzil (son of the proprietor).

* Financial risk profile marked by comfortable capital structure,
and debt coverage indicators and satisfactory operating cycle:
The capital structure of firm is satisfactory marked by
comfortable debt equity and overall gearing ratio at 0.25x and
0.26x respectively as on March 31, 2016 at the back of higher
level of networth of the firm at INR4.37crore as on March 31,
2016along with working capital bank borrowings remained zero on
account of excess funds in the working capital account as on
financial year ending date. Due to low debt levels, the debt
coverage indicators of the entity also stood comfortable
during review period marked by total debt/GCA which improved from
7.75x as on March 31, 2015 to 2.12x as on March 31, 2016 due to
lower level of debt as on March 31, 2016. The PBILDT interest
coverage ratio of the entity also remained comfortable at 3.22x as
on March 31, 2016 at the back of increased PBILDT with low
financial expenses resulted in comfortable debt coverage
indicators.

The operating cycle of the firm remained moderately comfortable at
47 days in FY16, which has improved from 154 days in FY15 at the
back of significant improvement in the collection days of the firm
from 111 days in FY15 to 24 days in FY16 with sooner realization
of the receivables of the firm. Stable outlook in of civil
construction industry. The construction industry contributes
around 8% to India's Gross domestic product (GDP). Growth in
infrastructure is critical for the development of the economy and
hence, the construction sector assumes an important role. During
the last few years (mainly FY13-FY15), there was a reduction in
flow of orders along with slow movement of the existing order
book. However, the focus of the government on infrastructure
development is expected to translate into huge business potential
for the construction industry in the long-run. In the short to
medium term (1-3 years), projects from infrastructure sector are
expected to dominate the overall business for construction
companies. Going forward, companies with better financial
flexibility would be able to grow at a faster rate by leveraging
upon potential opportunities.

M.G Hussain (MGH) was established in the year 1992 by Mr. M.G
Hussain as a proprietorship firm. The firm has its registered
office located at Surathkal, Karnataka. MGH is engaged in
construction of roads. The firm is a Class-I contractor and
procuress its works from Mangalore City Corporation, D C Office
Manglore and Public Work Department through online tenders. The
entity purchases raw materials like cement, steel and stone etc.
from local suppliers like Bangalore steel Traders, Munna
Constructions, Malcon and Mining etc. The firm has the present
order book of INR6.32 crore to be completed by February 2018.


MAHALAXMI JEWELLERS: CARE Assigns B+ Rating to INR7.50cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Mahalaxmi Jewellers Pvt Ltd (MJPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility              7.50        CARE B+;Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facility of MJPL is tempered by
small scale of operations, fluctuating total operating income,
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations, susceptibility of
margins to volatile gold and other bullion prices with high
dependency on contractual craftsmen. The rating, however, derives
its strengths from experienced promoters and long track record of
the company in the jewellery retailing business, improved PBILDT
margins albeit thin and fluctuating PAT margin and stable business
outlook of jewellery business.

The ability of the company to increase its scale of operations and
increasing the profitability margins amidst competition, improve
its capital structure and manage working capital requirements
efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with fluctuating total operating
income:  Although the total operating income (TOI) of the company
increased from INR12.38 crore in FY14 to INR18.78 crore in FY15.
However, TOI decreased to INR16.14 crore in FY16, on account of
decline in sales from gold business segment which contributes 80%
of the total sales. The decline in sales was mainly due to
jewellers strike during the last quarter of FY16, on account of 1%
excise duty which was levied on jewellery manufacturing and PAN
card requirement for gold purchases above INR2 lakh. Despite the
long track record, the scale of operations of the company remained
small. The company has achieved INR21.68 crore, approx. in FY17
(Provisional).

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company was leveraged and
deteriorated marked by overall gearing ratio from 1.85x as on
March 31, 2014 to 2.64x as on March 31, 2016 due to increase in
unsecured loan from related parties coupled with higher
utilization of working capital limit, resulted in higher
proportion of total debt in comparison with tangible net worth.
The total debt to GCA was weak, though improved year-on-year from
35.38x in FY14 to 27.47x in FY16, due to high debt levels
comprising majorly unsecured loan from related
parties and working capital limits. Furthermore, the interest
coverage stood at weak, however, improved marginally year-on-
year from 1.32x in FY14 to 1.36x in FY16 on account of
satisfactory operating margins.

* Working capital intensive nature of operations:  The Gems and
Jewellery Industry has working capital intensive nature of
operations, due to high inventory holding period. The company has
to maintain relatively high level of inventory for the display of
wide variety of jewellery to the customers at its showroom at
Gulbarga, Karnataka. This results in significant inventory in form
of finished goods and work in progress with job work units. Hence,
the average inventory days stood at 212 days in FY16 compared to
148 days in FY15. The company's average creditor period was marked
between 10-50 days during the review period. The average
collection period deteriorated marginally though stood at
comfortable during the review period i.e. from 25 days in FY14 to
28 days in FY16, on account of timely realization of payments from
customers. In order to promote sales to regular and new customers,
the company is running a scheme in which customers will be
eligible to get discount of 20% on making charges, if they will
pay INR1000 each month in a year and keep this amount till 13th
month. In 14th month, customers become eligible for this scheme.
The utilization for working capital bank limits continued to be
high between 100% during the last 12 months ended July 31, 2017.

* High dependency on other contractual craftsmen:  The company is
fully dependent on contractual workers, who in turn make ornaments
(gold, diamond and silver); any delay in execution of work or
unable to deliver quality works with time can lead to shift of
customer, and further can affect the sales. The company however
has tie up with various other jewellery shops to recover from the
adverse situation.

* Susceptibility of margins to volatile gold and other bullion
prices:  MJPL sources raw gold through local vendors and remains
exposed to the risk of volatility in price of gold procured from
domestic players. Hence, any change in the prices of gold, silver
and diamond will have an adverse impact on MJPL's margins.

Key Rating Strengths

* Experienced and long track record in the jewellery retailing
business:  The promoters of the company have more than two decades
of experience in the jewellery line of business. Mr. Raghavendra
Mailapur, Mr. Mallikarhun K Mailapur and Mr. Dattatreya Mailapur
are the key management and are involved in day to day operations
of the company. The company is engaged into retailing of jewellery
since 1985 and has a long track record of operations.

* Increasing PBILDT margins, however, thin and fluctuating PAT
margin:  Despite the fluctuating revenue during review period, the
PBILDT margins of the company has been increasing year-on-year
from 6.53% in FY14 to 9.81% in FY16, due to increasing sales
realization of jewellery mainly gold, driven by increasing
jewellery making charges year-on-year. The PAT margin was
fluctuating and remained thin during the review period, on account
of high interest expenses, at the back of working capital
utilisation along with increasing unsecured loan (interest
bearing) from related parties to support the business operations.
Stable business outlook of jewellery business: Retail jewellery
segment in the country is expected to see double digit growth
rates in revenue in FY18 on back of regulatory headwinds fading
out and continued favourable demographics.

Margins of retail players are expected to see improvement over
medium term with availability of gold metal loans and increase in
share of higher margins diamond and precious stone studded
jewellery. Overall domestic gems & jewellery demand would see a
growth of 6%-7% in volume terms over a medium term. Supply of
rough diamonds is expected to continue to remain tight going ahead
which would push up the rough diamond prices. A balance is
expected to be maintained with the demand.

Mahalaxmi Jewellers Pvt Ltd (MJPL), a Gulbarga (Karnataka) based
company, was initially setup in 1985 as a partnership entity by
Mr. Raghavendra Mailapur, Mr. Mallikarhun K Mailapur, Mr.
Dattatreya Mailapur and family members. Later in the year 1998,
the constitution of the entity changed to Private Limited. The
company is engaged in jewellery retailing business, which includes
customized ornaments made up of gold, diamond and silver with
single store at Gulbarga, Karnataka. The company procures bullion
(gold & silver) and diamond from Karnataka and Maharashtra. MJPL
outsources 100% of its ornaments making (including gold, diamond
and silver) to job workers who in turn get wages on contract
basis. The company does not have in-house craftsmen for jewellery
making. Furthermore, the company has marketing and sales team to
get the orders and expand business. The company gets 80% of the
total revenue from gold jewellery business. The diamonds and
silvers are majorly procured domestically and sold across
Karnataka, Telangana and Maharashtra. MJPL has its own brands in
the name of 'Mahalaxmi'.


ORISSA ORDER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Orissa Order
Suppliers Pvt. Ltd.'s (OOSPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR210 mil. migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 7, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, OOSPL is based in Bhubaneswar (Odisha). It
has a 10,000 tonne per annum pulse mill in Jalgaon (Maharashtra)
and trades in a variety of pulses.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based limits migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 25, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PCC is engaged in the sale and marketing of food products for
leading FMCG companies.


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

The instrument-wise rating action is:

-- INR 140 mil. Term loan migrated to non-cooperating category
    with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2013, Paul Alukkas Developers is promoted by Paul
Alukkas, who is engaged in the jewellery retail business in
Kerala.


R.R. POLYNET: CARE Assigns B+ Rating to INR3.18cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R.R.
Polynet Private Limited (RRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.18       CARE B+; Stable Assigned

   Long-term Bank         5.60       CARE B+; Stable/CARE A4
   Facilities/Short-                 Assigned
   term Bank Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of R.R. Polynet
Private Limited (RRPL) is constrained on account of its small
scale of operations coupled with moderate profit margins and
working capital intensive nature of operations during FY17 (refers
to the period April 1 to March 31). The ratings are also
constrained due to vulnerability of profit margins to raw material
price fluctuations and presence in a fragmented industry. The
ratings, however, derives strength from experienced promoters
along with moderately comfortable capital structure and moderate
debt coverage indicators.

The ability of RRPL to increase its scale of operations with
improvement in profitability and improve debt coverage indicators
and solvency position with efficient utilisation of the working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations along with moderate profit margins:
During FY17, TOI of RRPL stood at INR13.12 crore as against
INR11.28 crore on the back of increase in sales volume backed by
regular demand from its customer as well as additions of new
customers in existing portfolio. However, overall scale of
operations stood small. PBIDLT margin stood at 10.33% during FY17
as against 11.19% in FY16 while PAT margin stood low at 1.84%
during FY17 as against 1.24% during FY16 owing to high
depreciation and interest costs.

* Working capital intensive nature of operations:  Operating cycle
stood elongated at 121 days on account of higher inventory and
collection period coupled with low credit period received from its
suppliers. On account of this working capital utilization remained
full for trailing 12 month period ended August 2017.

* Raw material price volatility risk & high bargaining power of
suppliers:  The primary raw materials (which forms 80% of the
cost) used by the company are HDPE (High Density Polyethylene) and
PP granules, which is a derivative of crude oil. Thereby any
adverse fluctuation in crude oil prices is likely to impact the
profitability margins of RRPL. Furthermore, majority of the
purchase is undertaken from domestic suppliers, wherein the
company has lower bargaining power.

* Presence in fragmented nature of industry:  The Indian flexible
packaging industry is highly fragmented on account of the low
capital intensity, easy availability of raw materials and short
gestation period. In addition, growing presence of global players
has increased level of competition in the domestic market.
Further, due to the increasing trend of customization in flexible
packaging product offerings, it is highly dependent on technology.

Key Rating Strengths

* Experienced promoters:  All promoters hold healthy experience in
same line of business. Mr. Ram Chandreshwar Singh, director holds
total experience of more than two decades in same industry and
handles marketing department of the company. Mr. Balkrishna
Girdharilal Mistry holds total experience of a decade in same line
of business and managing manufacturing department of the company.

* Moderately comfortable capital structure and moderate debt
coverage indicators:  The capital structure of the firm remained
moderately comfortable marked by an overall gearing ratio of 1.07
times as on March 31, 2017 (Prov.) as against 1.34 times as on
March 31, 2016.

Debt coverage indicators of the company stood moderate marked by
TDGCA of 6.05 times as on March 31, 2017 as against 5.60 times as
on March 31, 2016 while Interest coverage stood at 2.37 times
during FY17 as against 2.10 times during FY16.

Vapi (Gujarat)-based RRPL is a private limited company which was
established as proprietorship firm in 2005 and later in 2012
converted to private limited company and promoted by five
promoters namely Mr. Vinaykumar Hareram Singh, Mr. Ram
Chandreshwar Singh, Mr. Muktarahemad Abdulrasid Shaikh, Mrs.
Shidikabanu Mukhatar Shaikh and Mr. Balkrishna Girdharilal Mistry.
RRPL is engaged into manufacturing and trading of Extruded
Polynet, Woven Nets, Body Scrubbers and Agriculture Shade Nets
with an installed capacity of 200 tonnes per month as on March 31,
2017.


RGS POULTRY: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RGS
Poultry Farm (RPF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RPF is primarily
tempered by small scale of operations with fluctuating total
operating income, weak debt coverage indicators, working capital
intensive nature of operations, thin profitability margins albeit
increasing year-on-year, highly fragmented and competitive
business segment due to presence of numerous players and
prevailing risk of disease outbreaks in raising poultry.
However, the rating derives comfort from vast experience of the
key partner in poultry farming, clientele base in three states,
availability of raw material from group concern and comfortable
capital structure.

Going forward, the firm's ability to improve its scale of
operations, profitability, capital structure and debt coverage
indicators and efficiently utilize its working capital
requirements and automate rearing process in the near future would
be its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with fluctuating total operating
income:  The firm has small size of operations marked by low
networth base of INR067 crore as on March 31, 2017 albeit year-on-
year increase from INR0.60 crore as on March 31, 2015. The TOI of
the firm faced fluctuations mainly due to outbreak of bird flu and
retrenchment in the production of chicks by the suppliers owing to
falling demand. The TOI even though improved from INR5.58 crore in
FY16 stood small at INR6.03 crore in FY17 (Prov.).

* Weak debt coverage indicators though improving year-on-year:
The debt coverage indicators of the firm improved has been weak,
however, improving year-on-year during review period. The interest
coverage ratio improved from 1.42x in FY15 to 1.62x in FY 17
(Prov.) since the bank and finance charges remained unchanged in
line with the utilization of working capital facilities along with
stable operating profits. TD/GCA, though stood weak, has been
improving year-on-year from 30.85x in FY15 to 13.97x in FY17
(Provisional) due to decrease in working capital utilization and
improving GCA. The liquidity position of the firm marked by
current ratio stood satisfactory at 1.55x in FY17 (Prov.).

* Working capital intensive nature of operations:  Since the firm
is engaged in perishable industry, the eggs are required to be
sold on a day to day basis. Furthermore, the maintenance of the
poultry farm involves labour exertion. The farm needs to be
maintained clean to reduce insanitation and outbreak of diseases.
The firm also spends on vaccinating the chicks on a regular basis.
The labours are hired on contract and paid on a daily wage basis.
All this leads to increased working capital utilization. Since 80%
of the raw material is procured from its associate concern, the
firm avails credit upto 1 month from all its suppliers. While on
sales, RPF provides credit upto 75 days to its customers. The
operating cycle of the firm stands extended at 70 days as of FY17
(Prov.) mainly due to the elongated process of rearing the birds
for about 16 weeks until the actual egg production starts. And
high inventory (bird feed) stock up period of around 80 days. The
working capital utilization of RPF stood at around 90% in the last
one year ended July 31, 2017.

* Thin profitability margins albeit increasing year-on-year:  The
profitability margins of the firm have been thin during the review
period due to highly fragmented and competitive business segment
on account of presence of numerous players and low value addition
associated with rearing process. However, the PBILDT margin of the
firm has been increasing year-on-year from 1.32% in FY15 to 1.89%
in FY17 (Prov.) due to increased income generation from sale of
produce resulting in absorption of fixed overheads. Furthermore,
the PAT margin increased year-on-year in line with the increase in
PBILDT during the review period resulting in absorption of
financial expenses and stood at 0.64% in FY17 (Provisional).

* Highly fragmented and competitive business segment due to
presence of numerous players:  Indian poultry industry is largely
unorganized with very few integrated players having presence
across the value chain. The economics of the commercial poultry
farming business is largely dependent on the realizations of eggs,
broilers and the cost of feed. The prices of large integrated
poultry players act as a yardstick for small poultry players like
RPF.

* Prevailing risk of disease outbreaks in raising poultry:  The
margins of the RPF are susceptible to the volatility associated
with the realizations of eggs and inherent risk of disease
outbreak associated with the poultry industry which can lead to
demand collapse. Commercial poultry operations especially in the
broiler segment tend to be highly volatile, given the low level of
capital investment required in the business and the fragmented
nature of the industry. Changes in the prices of live birds, table
eggs and feed costs have a strong impact on the profitability and
cash flows of the companies operating in poultry industry. Further
there are large variations in the production and consumption of
poultry meat and egg in India across various states.

The consumption is affected by various factors including taste
preferences, religious practices, per capital income,
urbanization, etc.

Key Rating Strengths

* Vast experience of the key partner in poultry farming:  The key
partner of RPF, Mr. R. Ganesan, has experience of more than two
decades in poultry farming. Mr. R. Ganesan acquired the poultry
farm managed by his father in 2003 and subsequently in 2004, he
established RPF. Mr. V.G. Sakthivel, is associated with RPF for
the past 3 years. The firm derives operational support from Sree
Venkateswara Poultry Feeds, an associate concern, as the entity is
engaged in similar line of business. The day to day operations of
the firm are managed by Mr. V.G. Sakthivel. The firm also obtains
suggestions from the Veterinary College and Research Institute in
Namakkal, regarding the utilisation of unpolluted feeds.

* Clientele base in three states:  The firm's clientele base
comprises of customers located in the states of Kerala, Karnataka
and Tamil Nadu. The produce is sold to individual wholesalers who
in turn sell them to the retailers. The firm procures 80% of its
raw material being bird feed from Sree Venkateswara Poultry Feeds,
its associate concern. Other raw materials like medicines and
vaccines are procured from local suppliers in Namakkal Tamil Nadu.

* Availability of raw material from group concern:  Sree
Venkateswara Poultry Feeds (SVPF) was established on 2011 by Mr.
R. Ganesan to manufacture poultry feed for RPF. SVPF manufactures
poultry feed according to the requirement of RPF. The
different fodder fed for the chicks include chick mash, grower
mash and layer mash which the firm purchases from its associate
concern.

* Comfortable capital structure:  The capital structure of the
firm marked by overall gearing improved year-on-year from 1.61x as
of March 31, 2015 to 0.91x as of March 31, 2017 (Prov.) due to
increasing net worth of the firm and moderate utilization of
working capital facilities for managing day to day business.

RGS Poultry Farm (RPF) was established as a proprietorship concern
in 2004 by Mr. R. Ganesan in Namakkal, Tamil Nadu. RPF was
reformed as a partnership concern with equal profit sharing ratio
among Mr. R. Ganesan and Mr. V.G. Sakthivel in the year 2017. The
firm is engaged in rearing of chicks for production of eggs and
culling. Sree Venkateswara Poultry Feeds (SVPF) is an associate
concern of RPF. SVPF is engaged in manufacturing poultry feeds and
the feed is sold predominantly to RPF and to other local poultry
farms as well. RPF has its farm located at Vazhavanthi, Namakkal,
Tamil Nadu.


RICOH INDIA: Fourth Dimension Files Insolvency Petition vs. Firm
----------------------------------------------------------------
TeleAnalysis reports that Fourth Dimension Solutions, a
Delhi-based IT solutions and turnkey service firm, has approached
the National Company Law Tribunal (NCLT) asking to initiate
insolvency process against Ricoh India, the Japanese firm's Indian
arm.

Fourth Dimension Solutions (FDS) has filed the petition before the
Mumbai Bench of NCLT under the Insolvency and Bankruptcy Code 2016
citing non-payment of dues of more than INR428 crore, according to
TeleAnalysis.

The Delhi-based firm in its application, a copy reviewed by
TeleAnalysis, said it filed the petition after repeated attempts
to recover the dues, failed.

While Ricoh India is listed in BSE, Fourth Dimension is listed in
NSE. Both the firms have informed their respective bourses about
the development, the report says.

"Fourth Dimension Solutions Limited (FDS) has filed a petition
against Ricoh India Limited before the Hon'ble National Company
Law Tribunal, Mumbai regarding the alleged non-payment of a
disputed debit note which FDS unilaterally raised as alleged
damages for a contract termination," the report quotes Ricoh as
saying a BSE filing.  "We do not agree with the claims made by FDS
and are pursuing the matter through legal representation," it
further added.

Ricoh India Limited engages in providing information technology
(IT) services, and printers and accessories. It specializes in
office imaging equipment, production print solutions and document
management systems. It offers a range of products and solutions,
which includes office printers, digital duplicators, production
printers, projection systems and video conferencing solutions, and
related software technologies. Its products also include
Multifunctionals, Unified Communication Systems and Interactive
Whiteboard. Its services include management services,
communication services, business services and production printing
services. Its solutions also include device management, cost
management and security, workflow and process management, and
cloud solutions. It can provide a combination of document and IT-
related services, addressing business practices surrounding the
management of both print and electronic information and
communication.


SATVAM NUTRIFOODS: CRISIL Hikes Rating on INR5.25MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Satvam Nutrifoods Ltd (SNL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5.25      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan               5.25      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects stabilisation of operations with turnover
rising to INR25 crore in fiscal 2017 from INR5 crore in the
previous year; fiscal 2017 was the first full year of operations.
The growth has been supported by extensive marketing and set up of
distribution network in Gujarat. SNL is expected to maintain at
least 20% turnover growth due to third-party manufacturing,
exports and further ramp up in operations. Also, the promoter
extended unsecured loans worth INR11.9 crore and capital of INR8
crore as on March 31, 2017. This funding helped meet capex,
working capital and marketing requirements, while limiting
reliance on bank funding.

The rating also reflects modest, though improving scale of
operations in the intensely competitive spice processing industry,
susceptibility to risks associated with ramp-up of operations, and
large working capital requirement. These weaknesses are partially
offset by funding support from promoter and adequate debt
protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest, though improving scale of operations amid intense
competition:  Despite healthy growth, with revenue of INR25 crore
in fiscal 2017, SNL is a modest player in the intensely
competitive industry.

* Susceptibility to risks associated with ramp-up of operations:
Though the company has grown in fiscal 2017, its track record
remains short and it is yet to demonstrate the ability to
sustainably manage business amid intense competition and vagaries
of agriculture-related products.

* Large working capital requirement:  Gross current assets were
around 180 days as on March 31, 2017 driven by inventory levels
and extension of credit to distributors.

Strengths

* Funding support from promoter:  SNL received about INR20 crore
from the promoter in a mix of equity and unsecured loans for
setting the plant and meeting operational needs.

* Adequate debt protection metrics:  Interest coverage and net
cash accrual to total debt ratios were adequate at 3.5 times and
0.06 time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes SNL will continue to benefit from promoter's
funding support, and extensive distribution network. The outlook
may be revised to 'Positive' if substantial increase in revenue
and profitability, resulting in higher-than-expected cash accrual,
strengthens financial risk profile. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual, stretch
in working capital cycle, or large debt-funded capital expenditure
weakens financial risk profile and liquidity.

SNL, based in Ahmedabad, Gujarat, was formed in August 2014, and
commenced commercial operations in December 2015. The company has
a facility for processing spices and manufacturing instant-mix
food items. Mr. Ganpatlal D Patel is the promoter.

On provisional basis, profit after tax was INR0.3 crore on sales
of INR25 crore in fiscal 2017, against INR0.03 crore and INR5
crore, respectively, in the previous year.


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

The instrument-wise rating action is:

-- INR200 Fund-based limits migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 4, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, SSPL trades in iron and steel products.


SHREE AISHWARYA: CARE Moves 'B' Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Shree Aishwarya
Industries (SAI) to monitor the rating vide e-mail communications/
letters dated May 25, 2017, June 1, 2017, June 6 2017, July 5,
2017 and July 24, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on SAI's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

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

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank
   facilities             8.85       CARE B; Issuer Not
                                     Cooperating

Detailed Description of the Key Rating Drivers

At the time of last rating on May 26, 2016, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Lack of experience of the promoters in the bulk packaging
industry:  The promoters have limited experience in the packaging
industry; however, they have been engaged in several other
business activities under the business house namely "Patil & Samay
Family". With track record of more than two decades in the textile
industry, the promoters have rich expertise in running business
ventures. However, their ability to profitably run the operations
in a highly competitive bulk packaging industry amidst limited
pricing power remains a key challenge.

* Small scale and short track record of operations:  SAI have an
installed capacity of 2190 TPA of PP Bags which is verysmall
considering the highly fragmented nature of industry. It has
started commercial production in its manufacturing unitfrom
November, 2015. As informed by the management during five months
of operations in FY16, the firm had utilizedaround 67% of the
total capacity, and registered sales of INR4 crore as on February
29th, 2016.

* Susceptibility of operating margins to volatility in raw
material prices:  PP granules are the major raw materials used in
the manufacture of FIBC Bags. PP granules prices, being
derivatives of crude oil, are highly dependent upon crude oil
prices, any change in international crude oil prices have direct
impact on the prices of plastic granules which would put pressure
on profitability of the firm. However, with current decline in
crude oil prices, PP prices are estimated to decline in near to
medium term which would help the firm to achieve the projected
operating margins. In FY 16 the firm has procured raw material
locally from Reliance Petro chemicals, who are the largest
supplier of PP Granules in India.

* Competitive nature of the Bulk Packaging Industry:  Bulk
Packaging industry is a highly competitive industry with limited
pricing power to the players. The industry is fragmented in nature
with the presence of a large number of unorganized and organized
regional manufacturers owing to the low entry barrier on account
of low initial capital investment and ease of accessibility to
technology. SAI having presence in the bulk packaging industry has
to face intense competition especially in the domestic market.

Key Rating Strengths

* Successful Completion of Project within estimated time and cost:
The project work was scheduled to be completed in nine months and
the same has been successfully implemented in the prescribed time
limit. The total cost of the project incurred by the firm is
INR8.35 crore, funded with INR6.25 crore of debt and balance
equity/unsecured loan from promoters.

* Locational advantages enhancing scope of demand:  The Firm is
located in Belgaum District of Northern Karnataka, which is
surrounded by plants having huge demand for PP bags used in form
of packing material for their output (eg. Sugar and Cement units)
and are the potential customers for the firm. With existence of
very few such units in the region catering to such huge
requirement, the scope of demand favors the positioning of the
unit of firm.

Established on December 8, 2014, Shree Aishwarya Industries (SAI)
is a partnership firm which has recently set up a manufacturing
unit for production of PP Bags at Ghodageri, Taluk Hukkeri of
Belgaum District. The firm is into manufacturing of PP Bags with a
production capacity of 2190 TPA which would utilize around 250 Kg.
of PP granules per hour to produce around 1663 bags/hour.

The Project Installation begin in November 2014 was completed as
on October 2015. The trial production under the newly established
manufacturing unit of the firm was undertaken in Oct'15 and the
final commencement of commercial production began from Nov'15.


SHRI SALASAR: CRISIL Reaffirms B+ Rating on INR21MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the long term bank facilities of Shri Salasar
Agro Processors (SSAP) continues to reflect risks pertaining to
timely stabilization and ramp up of SSAP's new plant and below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters in the agro-
products industry.

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

   Proposed Cash
   Credit Limit            21       CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan       9       CRISIL B+/Stable (Reaffirmed)

On Sept. 7, 2017, CRISIL has assigned its 'CRISIL BB-/Stable'
rating to the long term bank loan facilities of SSAP.

Analytical Approach

For arriving at the ratings, CRISIL has treated INR4 crore of
interest free unsecured loans from promoters and their relatives
as neither debt nor equity as it is expected to be retained in the
business and these are sub-ordinated to bank borrowings.

Key Rating Drivers & Detailed Description

Weakness

* Risks pertaining to timely stabilization and ramp up of SSAP's
new plant:  The firm had bought new plant in Nagpur for about
INR12 crore which will be debt funded to tune of INR9 crore. The
timely stabilization and ramp up of new plant will be key rating
sensitivity factor over the medium term.

* Below-average financial risk profile:  The networth was modest
at about INR1.90 crore and the gearing high at 3.30 times, as on
March 31, 2017. The interest coverage ratio was moderate at 2
times in fiscal 2017.

Strength

* Extensive industry experience of the promoters:  The promoters
have an experience of over 2 decades of experience in the agro
products industry. This has resulted in steady orders from
customers and a long-standing relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes SSAP will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in revenue and
profitability, leading to a substantial increase in cash accruals
and hence to a better financial risk profile. The outlook may be
revised to 'Negative' in case of a decline in cash accruals, or
larger than expected debt-funded capital expenditure, or an
increase in working capital requirement, resulting in weakening of
the financial risk profile, particularly liquidity.

Incorporated in 2013, SSAP is engaged manufacturing of soyabean
oil and deoiled cake (DOC).


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limits (Long-term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR210 Non-fund-based limits (Short-term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 17, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SCWPL was incorporated by P Ramachandra Raju in 1998. It
undertakes work orders issued by the Public Works Department and
irrigation department. The company operates in Andhra Pradesh,
Telangana, Madhya Pradesh and Maharashtra.


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

The instrument-wise rating actions are:

-- INR170 mil. Fund-based working capital limit with migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR45 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, SVPL operates Tanishq franchisee in Burdwan.
Mr. Sourabh Agarwal and Sumit Agarwal are the directors.


SUNDARAM MULTI: CRISIL Lowers Rating on INR15.87MM Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Sundaram Multi Pap Limited (SMPL; part of Sundaram Group) to
'CRISIL D' from 'CRISIL B-/Stable'.  The downgrade reflects SMPL's
continuous overutilization in the working capital limits for more
than 30 days due to weak liquidity.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            15.87       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Corporate Loan         15.75       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Funded Interest
   Term Loan               5.43       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      7.95       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating also factors group's below average financial risk
profile marked by weak debt protection metrics and large working
capital requirements. The group however benefits from the
extensive experience of its promoters in the stationery segment
and moderate regional presence of Sundaram brand in Maharashtra,
Gujarat and Goa.

Analytical Approach

To arrive at the ratings of SMPL, CRISIL has consolidated the
business and financial risk profiles of SMPL with that of its 100
per cent subsidiary E-Class Education System Limited (EESL) on
account of significant financial interlinkages between the
companies.

Key Rating Drivers & Detailed Description

* Overdrawn bank limit:  Large working capital requirement and
weak liquidity have resulted in high reliance on external debt and
hence to continuous over-utilisation of the working capital limit
for more than 30 days.

Weaknesses

* Large working capital cycle: Large working capital cycle on
account of high inventory of about 120 days and high debtor of
about 150 days on March 31, 2017.

* Below average financial risk profile:  The financial risk
profile is below average because of weak debt protection metrics
marked by interest coverage of 0.65 time as on March 31, 2017.

Strength

* Extensive experience of promoter:  Sundaram Group's promoter has
extensive experience, leading to established relationships with
customers and suppliers.

* Moderate regional presence of Sundaram brand:  SMPL sells its
stationary under the Sundaram brand which has a moderate presence
in Western India in Maharashtra, Gujarat & Goa

SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.

Incorporated in 2009, E-class Education system Ltd (EESL) is
engaged in providing digital education to students in Maharashtra
under the brand 'E-class'.

Sundaram Group reported a profit after tax (PAT) of INR (5.84)
crore on net sales of INR100.16 crore for fiscal 2017, vis-a-vis
INR (8.71) crore and INR 98.92 crores, respectively in fiscal
2016.


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

The instrument-wise rating actions are:

-- INR15.06 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR82.50 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
Nov. 26, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

TOMPL was incorporated in 1999 as a proprietorship concern by
Malkit Singh at Fatehgarh Sahib in Punjab.

It is among the leading cattle feed manufacturers in north India.
The company sells its product under the brand name Tiwana Feed.

TOMPL also has a solvent extraction plant to extract oil directly
from sunflower seeds, peanuts, cotton seed and variety of other
materials. This plant mainly operates during November to April
every year. The company also started a poultry feed plant in April
2014.


U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of U.S. Impex (USI) at 'CRISIL B/Stable'.

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

The rating continues to reflect a weak financial risk profile
because of a high total outside liabilities to tangible networth
(TOLTNW) ratio and subdued debt protection metrics. The rating
also factors in a modest scale of operations in the non-ferrous
alloys trading industry. These rating weaknesses are partially
offset by the extensive industry experience of the proprietor and
an established and diversified clientele.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  The TOLTNW ratio was high at 5.85
times as on March 31, 2017, and the interest coverage subdued at
1.2 times for fiscal 2017.

* Modest scale of operations:  Operating income was modest at
INR56.48 crore in fiscal 2017. Intense competition restricts both
scalability and profitability.

Strength

* Extensive industry experience of the proprietor:  The proprietor
has an experience of more than 20 years in trading in non-ferrous
metals, resulting in an established relationship with suppliers
and customers in the domestic market. Customers include traders
and end users.

Outlook: Stable

CRISIL believes USI will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of significant growth in turnover along with
sustained profitability, leading to higher cash accrual. The
outlook may be revised to 'Negative' if liquidity weakens
substantially because of large working capital requirement.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scrap, such as zinc, aluminum, brass, and copper, with zinc
accounting for more than 50% of its revenue.


UNITED WAREHOUSING: CRISIL Cuts Rating on INR0.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with United
Warehousing Private Limited (UWPL) for obtaining information
through letters dated July 10, 2017 and August 9, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.3       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A3')

   Cash Credit             0.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BBB-/Stable')

   Proposed Short Term     7.2       CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL A3')

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 UWPL. 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
UWPL 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 to 'CRISIL B/Stable/CRISIL A4'
from 'CRISIL BBB-/Stable/CRISIL A3'.

Incorporated in 1991, UWPL provides warehousing and consignment
handling services. UWPL has a fleet of 29 cranes, and operates in
two locations: Ghaziabad (Uttar Pradesh) and Faridabad (Haryana).


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

-- INR147.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR34.85 mil. Term loan due on March 2018 migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)

     rating; and

-- INR60 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 25, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ved Cellulose manufactures hard tissue paper, kraft paper,
wrapping paper and poster paper at its plant in Hapur Road, Uttar
Pradesh.


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

-- INR140 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR18 mil. Long-term loan migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR6.5 mil. migrated to non-cooperating category with IND
    BB(ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits (LC) migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 9, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, VVSMPL manufactures cotton yarn and grey
fabric.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Jan. 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

YSE has been engaged in the construction business since 1987. Its
registered office is in Warangal (Andhra Pradesh). The firm is
primarily engaged in civil construction. It executes several
government orders on a tender basis.


ZUBIC LIFESCIENCE: CARE Assigns 'B' Rating to INR12.80cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Zubic
Lifescience Private Limited (ZLPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.80       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ZLPL is constrained
due to implementation and stabilization risk associated with
ongoing debt funded capex, presence in highly fragmented,
competitive and regulated pharmaceutical industry coupled with
susceptibility to volatility in raw material prices.

The rating however derives strength from the experienced promoters
in the pharmaceutical industry.

ZLPL's ability to successfully complete the ongoing capex within
envisaged time and cost parameters and achieving envisaged level
of sales and profitability would also remain crucial.

Detailed Description of the Key Rating Drivers

Key Rating Strengths

* Implementation and stabilization risk associated with ongoing
debt funded capex:  ZLPL is implementing green field project for
manufacturing of small volume parenteral at Baroda, Gujarat at
total cost of INR20.50 crore which is to be funded through
debt/equity mix of 2.42 times. ZLPL has envisaged starting
production from November, 2017. Further, post project
implementation risk in the form of stabilization of the
manufacturing facilities to achieve the envisaged scale of
business and salability risk associated with the project remains
crucial for ZLPL.

* Presence in highly fragmented, competitive and regulated
pharmaceutical industry:  Indian pharmaceutical industry is highly
fragmented in nature with presence large organized Pharma
companies and large number of small unorganized companies which
leads to intense competition among the players. Intense
competition in manufacturing of pharmaceutical formulation segment
limits pricing flexibility, which constrains their ability of
product development and geographical diversification in regulated
market. Besides, there is a price regulation on essential drugs as
per Drugs Price Control Order (DPCO) in the domestic market which
restricts the prices for essential bulk drugs and their
formulations.

* Susceptibility of margins to volatility in raw material prices:
ZLPL's profitability is susceptible to volatility in raw-material
prices which primarily includes various Active Pharmaceutical
Ingredients (APIs), excipients as well as ampoules and vials for
filling the formulations, which accounts reasonable portion of the
total cost of sales. The profitability margins of the entity could
get adversely affected with any sudden spurt in the raw material
prices.

Key Rating Strengths

* Experienced promoters in Pharma industry.  ZLPL is promoted by
five promoter led by Mr. Paras Kumar Kacchadiya. Mr. Paras Kumar
Kacchadiya holds total experience of 5 years in the pharmaceutical
industry through serving in various Pharma companies and will look
after the overall functions of the company. The other promoters
also support him in managing the day-to-day affairs of the
company.

Incorporated in the year 2015, ZLPL is implementing green field
project for manufacturing of small volume parenteral at Baroda
(Gujarat). ZLPL is promoted by four promoters led by Mr. Paras
Kumar Kacchadiya. ZLPL has undertaken project to manufacture small
volume parenteral with proposed installed capacity of 1,92,000
ampoules per day (2 ml to 10 ml) and 1,92,000 vials per day (30 ml
to 100 ml) at its facilities located at Baroda-Gujarat. The
products manufactured by the company will find application in
local anesthetics, vaccines and other traditional injectable. The
company will perform sub-contracting work for manufacturing of
injectable for various pharmaceutical companies in Gujarat and the
raw materials costs for it will be borne by the Pharma companies
themselves. The total estimated project cost is INR20.50 crore
with project gearing stood high at 2.42 times.



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


CIPUTRA DEVELOPMENT: Fitch Rates SGD150MM Unsecured Notes 'BB-'
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' final rating to Indonesia-based
developer PT Ciputra Development Tbk's (BB-/Stable) SGD150 million
4.85% unsecured unsubordinated medium-term notes (MTN) due in
2021. The assignment of the final rating follows a review of the
final documentation conforming to the draft documentation
previously received. The final rating is the same as the expected
rating assigned on Sept. 11, 2017.

The notes are rated at the same level as the company's Long-Term
Issuer Default Rating (IDR). The rating of the notes is not
notched down despite being structurally subordinated as Fitch
believes that the noteholders will not be impaired as prior
ranking debt is less than 2.5x of Ciputra Development's EBITDA.

Fitch expects Ciputra Development's financial profile to remain
within the parameters of its 'BB-' Long-Term IDR as part of the
proceeds would be used for refinancing existing foreign-currency
unsecured debt. The rest of the funds will be for working capital
needs, as well as potentially refinancing existing local-currency
secured debt.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch analyses Ciputra
Development and its subsidiaries as a single economic entity
because of their strong intra-group legal and operational linkages
that stem from a commonality in shareholding and board structure
among the group companies. Fitch believes these linkages give
Ciputra Development strong control over its subsidiaries and
therefore they operate as a single entity.

MTN Not Notched Down: The rating on the notes is not notched down
from Ciputra Development's IDR even though the notes are
structurally subordinated to debt at the operating subsidiaries.
This is because prior ranking debt is less than 2.5x EBITDA, the
level at which Fitch considers that creditors at Ciputra
Development could be impaired. Additionally, Fitch notes that the
company's estimated ratio of unencumbered assets to unsecured debt
is greater than 1.5x, supporting Fitch views that noteholders will
not be impaired.

Diversified Portfolio, Solid Recurring Income: Ciputra Development
is one of Indonesia's most diversified property developers by
product, geography and segmentation. The company has 56
residential projects and 19 commercial properties, which include
malls, hotels and hospitals in more than 30 Indonesian cities. The
diversified properties mean that the group generates multiple
revenue streams across various segments of the property market.
Its commercial property business also provides strong debt service
visibility with a robust recurring coverage ratio, as measured by
Fitch's forecast of revenue/net interest, of 3.8x in 2017.

Large Land Bank: Ciputra Development has a land bank of around
1,400 hectares, making it one of the largest portfolios owned by
developers in Indonesia. Its land bank is also relatively well-
spread geographically, with a sizeable presence in Greater Jakarta
and Greater Surabaya. This bodes well for the company's credit
profile, as it ensures project longevity, especially during the
current high land-price environment.

Strong Joint-Development Record: Apart from its wholly owned
projects, the Ciputra group's strategy includes joint developments
with land owners on a profit/revenue sharing scheme. This helps
the group expand its operational scale, with a lower balance sheet
burden. However, this strategy does not allow Ciputra Development
full claim on project cash flows. Hence, Fitch has adjusted the
consolidated profile to take into account the amounts attributable
to the company in proportion to its stakes in the projects.

Weak Presales, Metrics Still Robust: Fitch expects Ciputra
Development to continue facing weak presales in 2017, especially
with the continued delay in new project launches, after 2016
presales fell 22% yoy (14% on an attributable basis). Fitch 2017
total target of IDR7.6 trillion represents just a 6% yoy growth.
On an attributable basis, Fitch expects a decline of 8%. Due to
the weak presales environment, Fitch expects the company's
presales turnover to weaken, falling to marginally under 1x in
2017-2018. Nonetheless, Fitch think the company's metrics still
merit a 'BB-' rating, as it has sufficiently low leverage, high
recurring cover and strong presales turnover, relative to other
Fitch-rated developers.

DERIVATION SUMMARY

Ciputra Development's profile is well-positioned relative to other
'BB-' rated developers such as PT Pakuwon Jati Tbk (PWON, BB-
/Positive), PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and PT
Agung Podomoro Land Tbk (APLN, BB-/Stable). PWON is rated at the
same level despite Ciputra Development's larger scale and project
diversification with similar leverage, PWON's Outlook is Positive,
reflecting Fitch expectations of the company's increasing scale
and diversification. PWON's rating reflects its robust investment
property portfolio, which allows it to generate strong cash flows
from operations, as well as its significantly higher recurring
cover ratios.

BSD operates on a larger scale than Ciputra Development, and both
companies generate similar levels of recurring cover. However,
BSD's scale advantage is countered by its concentrated development
portfolio, as well as a higher leverage, relative to Ciputra
Development, and hence they have the same rating. Ciputra
Development's profile is similar to APLN's. Both companies have
similar development property scales, with similar levels of
recurring cover and comparatively high degrees of diversification
across their portfolios relative to Indonesian developers. As a
result, the two companies are rated at the same level.

KEY ASSUMPTIONS

Fitch's key assumptions for the consolidated profile include:

- Revenue recognition: houses - 20%-25% in year two, 50% in year
   three and the remainder in year four; apartments -25% over
   years one to four

- Cash collection over five years

- Attributable presales to amount to IDR5.4 trillion in 2017 and
   IDR6 trillion in 2018

- Capex, excluding land acquisition, to peak at IDR1.1 trillion-
   1.2 trillion annually in 2017-2018

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Attributable presales reaching a minimum of IDR7 trillion on a
   sustained basis

- Growth in investment properties and hotel assets such that
   recurring revenue increases to more than IDR3 trillion, with
   the five largest properties accounting for less than 50% of
   recurring revenue

- Recurring revenue net interest cover ratio sustained above
   4.5x

- Leverage, as measured by net debt/adjusted inventory,
   sustained below 30%

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- Recurring revenue/net interest expense falling below 3.0x on a
   sustained basis

- Leverage, as measured by net debt/adjusted inventory, rising
   above 40% on a sustained basis

- Weakening in legal and operational ties between the parent and
   the operational subsidiaries

LIQUIDITY

Liquidity Adequate: Ciputra Development should have sufficient
liquidity on a consolidated basis to meet maturities due.
Liquidity has tightened due to several projects allowing for
longer-tenor instalments and is set to tighten further with a
SGD48 million medium-term note due in 2018. Nonetheless, it still
has IDR7 trillion in unused facilities, sufficient to meet
maturities of under IDR1 trillion due by end-2017.


MITRA PINASTHIKA: S&P Affirms Then Withdraws 'B+' CCR
-----------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on Indonesia-based PT Mitra Pinasthika Mustika Tbk. (MPM)
with a stable outlook. S&P said, "We also affirmed our 'B+' long-
term issue ratings on the senior unsecured notes that the company
guarantees. MPM's special purpose vehicle, MPM Global Pte. Ltd.,
issued the notes. We subsequently withdrew the ratings on MPM and
the notes at the company's request."

The rating withdrawal coincides with MPM's recent announcement
that it will refinance its US$200 million bond due in September
2019, partly with the proceeds from a US$150 million and
Indonesian (IDR) 1.25 trillion dual-tranche syndicated loan
facility. The company will use the remaining funds for working
capital purposes. The new loan is amortizing and has a five-year
tenor maturing in September 2022. The company continues to hedge
its U.S. dollar exposure.

S&P said, "Our rating on MPM reflected our expectation that the
company will maintain its market share in the motorcycle
distribution segment for at least the next two years, leveraging
upon its long-standing relationship with Astra Honda Motors. In
our view, MPM's presence in segments beyond distribution and
retail, including rental services and auto consumer parts, also
provided some operating diversity.

"MPM's performance in the distribution and auto consumer business
segments was weaker than we expected in the first half of 2017,
due to sluggish consumer demand, but this was offset by stability
from the rental business. The operational weaknesses in the rental
business have stabilized since 2015, with a better-quality client
base that emphasizes long-term contracts. Management has also
implemented various cost-saving initiatives across its business
divisions, helping to maintain its margins at around 7%. Moreover,
MPM has since pursued a more measured growth strategy, reducing
spending to help strengthen its balance sheet.

"The stable rating outlook reflected our expectation that MPM will
maintain a ratio of funds from operations to debt of more than 15%
through to 2018. It also reflects our expectation that MPM will
maintain a more measured growth strategy across its business
segments over the period and will be willing to scale back
spending to preserve cash."



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


TOSHIBA CORP: Calls Extraordinary Meeting for Oct. 24
-----------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. will hold an
extraordinary shareholders meeting on Oct. 24 to formalize the
board's decision to sell Toshiba Memory to a consortium led by
U.S. investment fund Bain Capital.

Shareholders will also vote on the appointment of its 10 board
members as well as on financial results for the year ending March,
which Toshiba was not able to submit in time for the regular
shareholders meeting, held in June, Nikkei relates.

Nikkei says the crisis-hit company at that time told shareholders
it would call an extraordinary meeting once the financial results
were prepared. Board members elected in June have their mandate
only until the extraordinary meeting.

The announcement came after Toshiba's board on Sept. 20 decided to
sell its flash memory unit to the consortium, which also includes
South Korean chipmaker SK Hynix and Apple, in a deal worth around
JPY2 trillion, the report adds.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Toshiba Corp. on
CreditWatch with negative implications.  The long- and short-term
ratings on Toshiba have remained on CreditWatch with negative
implications since December 2016, when S&P also lowered the long-
term ratings because of a likelihood that the company might
recognize massive losses in its U.S. nuclear power business.  S&P
kept them on CreditWatch negative when it lowered the long- and
short-term ratings in January 2017 and when S&P lowered the long-
term ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.


TOSHIBA CORP: Key Sale Issues Still Need Agreement, Hynix Says
--------------------------------------------------------------
Reuters reports that SK Hynix Inc, part of the winning consortium
for Toshiba Corp's chip unit, said on Sept. 21 that some key
issues still needed to be agreed upon.

Toshiba said on Sept. 20 it had agreed to sell the prized unit to
a consortium led by U.S. private equity firm Bain Capital and
expectations of a formal signing on Sept. 21 had been high,
according to Reuters.

"There are some key issues still to be agreed upon in the content
approved by Toshiba's board," the South Korean chipmaker said in a
regulatory filing, adding that it would continue with discussions,
Reuters relates.

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Toshiba Corp. on
CreditWatch with negative implications.  The long- and short-term
ratings on Toshiba have remained on CreditWatch with negative
implications since December 2016, when S&P also lowered the long-
term ratings because of a likelihood that the company might
recognize massive losses in its U.S. nuclear power business.  S&P
kept them on CreditWatch negative when it lowered the long- and
short-term ratings in January 2017 and when S&P lowered the long-
term ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.



=================
S I N G A P O R E
=================


AVATION PLC: S&P Affirms 'B+' Corp Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on the Singapore-based airplane leasing company, Avation
PLC. The outlook remains stable. S&P said, "In addition, we
affirmed our 'B' long-term issue rating on the medium-term notes
program that Avation guarantees, and the US$120 million senior
unsecured notes under the program. The recovery rating on the
notes remains '5'."

The affirmation reflects S&P's view that Avation's earnings
quality will continue to improve gradually as the company expands
and further diversifies its aircraft and customer exposure. Along
with these improvements, the rating continues to incorporate the
company's small size relative to other leasing companies, as well
as high leverage to fund the fleet growth.

Avation has sold mid-life and older airplanes to buy newer ones.
Through asset rotation in the fiscal year ended June 30, 2017, the
company's fleet characteristics have improved. The fleet's
weighted average age is down to 3.3 years, from 4.2 years in the
previous fiscal year, and its weighted average remaining lease
term is up to 7.5 years, from 6.8 years.

S&P believes Avation will also further diversify its customer base
while its fleet grows. New airplanes include at least three ATR 72
aircraft it will deliver to Mandarin Airlines by December 2017.
Virgin Australia Ltd., which accounted for two-thirds of Avation's
revenue in 2015, stood for 38% in 2017. Additionally, the three
largest airlines' contribution to Avation earnings declined to 70%
in the latest financial year from 85% in the prior year.

In addition, following the completion of the sale of six ATR 72
airplanes in 2017, Avation has built cash reserves and improved
leverage to support the acquisition of additional planes. The
potential purchase of wide-body aircraft would reduce the
concentration to ATR 72 turboprops and narrow body jets. However,
this would represent a new asset class for the company, and
reconfiguration in the event of a repossession can be expensive
relative to narrow-body aircraft, especially as unit prices are
high relative to Avation's size.

S&P said, "We believe Avation's ability to manage wide-body
aircraft remains untested, but the diversification is positive. We
expect new wide-body aircraft would cost at least US$100 million,
but that the rating could support a small number of acquisitions
with lease rates and financing comparable to the current fleet.

"The stable outlook reflects our expectation that Avation will
maintain its profitability and leverage over the next 12-24
months, while expanding the fleet. We forecast that Avation's EBIT
interest coverage will remain 1.6x-1.9x, and the ratio of FFO to
debt will stay at 6%-9% over the period.

"We could lower the rating if Avation's EBIT interest coverage
remains sustainably below 1.5x. Earnings pressure due to customer
financial stress or a significant increase in debt because of
aggressive capital expenditure for fleet expansion could cause
such deterioration.

"We would upgrade Avation if the company continues growing and
diversifying its operations. We would also expect it to maintain a
consistent financial policy, so that Avation's EBIT interest cover
remains about 1.5x and FFO-to-debt ratio in the 6%-9% range."


JUBILANT PHARMA: Fitch Affirms BB- IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Singapore-based Jubilant Pharma
Limited's (JPL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) at 'BB-'. The Outlook is Stable. The agency has also
affirmed JPL's senior unsecured rating and the rating on its
USD300 million 4.875% senior unsecured notes due 2021 at 'BB'.

JPL's ratings reflect moderate linkages with parent, Jubilant Life
Sciences Limited (JLS), which has a weaker credit profile on
account of lower profitability and commodity-price driven
volatility in its life science chemicals business. JPL enjoys a
good market position in its speciality pharmaceutical-focused
segments, such as radiopharma and contract manufacturing of
sterile products. The company has maintained a solid regulatory
record with the US Food and Drug Administration (USFDA), which
Fitch believes mitigates the risks associated with the small size
of its operations.

The Stable Outlook is underpinned by JPL's healthy new launch
pipeline, especially in the radiopharma business, which alleviates
ongoing pricing pressure in the US generic pharmaceuticals market.
Overall, Fitch expects moderate growth supported by new launches
and selective capacity additions, which, along with stable
dividends, will lead to positive free-cash generation and gradual
improvement in leverage.

KEY RATING DRIVERS

Weaker Consolidated Profile: JPL's IDR is based on its parent's
consolidated profile as Fitch assesses moderate linkage between
the two entities due to management control and commonality as well
as JLS's access to its key operating subsidiary's cash and cash
flow. JLS's life science ingredients business has strong positions
in some products - such as pyridines, acetyls and niacinamide -
and its backward integration provides a cost advantage against
some peers. However, Fitch believes JLS has a weaker credit
profile than JPL due to its weaker credit metrics and volatile
cash flow on account of the commodity nature of its products and
intense competition.

Bond Rated above IDR: JPL's bondholders have direct recourse to
its cash flow and assets. The rating on the bond is above the IDR
to reflect lower secured debt at JPL following its October 2016
bond issue and use of proceeds to repay secured debt on its
balance sheet. The refinancing cut the ratio of JPL's secured and
prior-ranking debt/EBITDA to below 0.5x in the financial year
ending March 2017 (FY17), from more than 1.5x in FY16. In
addition, the bond's indenture restricts the amount of prior-
ranking debt JPL can have.

Robust Speciality Segment Positioning: JPL's scale is small
compared with larger generic pharmaceutical companies.
Nonetheless, Fitch believes its focus on speciality pharma
segments, such as nuclear imaging, contract manufacturing of
sterile products and allergy therapy (which contributed more than
65% of pharma EBITDA in FY17) limits its exposure to ongoing
pricing pressure in the US generics pharmaceutical market. JPL's
Draximage business is the fourth-largest participant by sales in
North America's small nuclear imaging market. Similarly, JPL is
among the leading contract manufacturing organisations in North
America for sterile injectables.

Regulatory Risks; Adequate Record: Industry-wide regulatory risks
associated with non-compliance with good manufacturing practice
norms stipulated by the USFDA seem more pronounced for JPL due to
its small size and lower number of production facilities.
Nonetheless, JPL's continued adequate regulatory record since the
successful resolution of USFDA-related issues in 2014-2015
mitigates this risk to an extent.

Healthy Pipeline to Support Growth: JPL's Draximage business is
poised to expand further, with a healthy pipeline of radiopharma
products. In particular, the ramp-up of Ruby Fill - an infuser
device used for heart imaging - which was launched in 1QFY18 will
support growth. Ruby Fill, the first new product launched in this
segment in nearly 25 years, has significant patient safety-related
advantages over a competitor's existing alternative. JPL estimates
the product's market size at about USD70 million.

The order book for JPL's contract manufacturing business was
USD630 million as of June 2017, rising from USD534 million in the
previous year to represent 6.9x of the segment's FY17 revenue. JPL
enjoys a high degree of stickiness in its customer base, which
mainly comprises of large pharmaceutical companies that are
focused on quality standards rather than costs alone. JPL's
generics formulation business has adequate off-patent abbreviated
new drug application filings - 53 approved and 31 pending as at
end-June 2017 - to counter competitive pressure on its existing
portfolio.

Triad Acquisition Improves Market Access: Fitch believes JPL's
acquisition of Triad Isotopes Inc's radiopharma distribution
business in the US will help the company improve its market
access. Triad operates the second-largest radiopharmacy network in
the US, comprising of 52 pharmacies across 35 states. Fitch does
not expect the acquisition to have a significant effect on JPL's
credit metrics given the small consideration.

Improving Consolidated Financial Profile: Fitch expects moderate
EBITDA growth for JLS over the medium term, supported by a healthy
pipeline in the pharma business and selective expansion across
businesses. Credit metrics will benefit from a moderate degree of
capex and stable dividend payout, which should enable it to
generate positive free cash flow.

DERIVATION SUMMARY

JPL's rating reflects its smaller scale and geographic
diversification against that of larger generic pharmaceutical
companies, such as Teva Pharmaceutical Industries Limited (BBB-
/Negative) and Mylan N.V. (BBB-/Stable). JPL's rating also takes
into account its parent's focus on life science chemical products,
which are commodities in nature and thus exposed to competition
and price volatility, as well as the weaker financial profile on a
consolidated basis.

JPL is smaller and less geographically diversified compared with
Glenmark Pharmaceuticals Ltd (BB/Stable), but benefits from a
greater presence in specialty pharmaceuticals, which limit its
exposure to ongoing pricing pressure in the generic pharmaceutical
market in the US. Compared with JPL, Ache Laboratorios
Farmaceuticos S.A. (BB+/ Negative) benefits from a bigger scale,
solid market positioning and a stronger financial profile,
although Brazil's Country Ceiling of 'BB+' constrains its rating.

JLS's leverage compares well against that of larger peers, such as
Teva and Mylan, given their acquisitive focus. Nonetheless, the
leverage remains weaker compared with that of Glenmark.

KEY ASSUMPTIONS

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

- JLS revenue growth of around 22% in FY18 and FY19, including
   the Triad acquisition, then 10%-11% thereafter, supported by
   new launches in the radiopharma and generic formulations
   businesses as well as moderate growth in the life sciences
   business.

- EBITDA margin to decline to about 17% in FY18 (FY17: 20%),
   reflecting addition of Triad business and pricing pressure in
   the US generics business, then improve to around 20% by FY20,
   supported by radiopharma business expansion while life
   sciences margins remain stable from FY17 levels.

- Annual capex of nearly INR5.7 billion over the medium term
   reflecting selective expansion plans in expanding pharma and
   life sciences business segments.

- Dividend payout to remain at less than 12% of net income.

RATING SENSITIVITIES

Positive: Fitch does not anticipate any positive rating action in
the near term given the challenges faced by JLS's life sciences
business, which will limit the improvement in its credit profile.
However, developments that may, individually or collectively, lead
to positive rating action include:

- sustained improvement in the operating profile of the life
   sciences business;

- sustained free cash flow generation; and

- FFO adjusted gross leverage sustained at less than 2.5x (FY17:
   3.9x).

Negative: Developments that may, individually or collectively,
lead to negative rating action include:

- volatility in free cash flow generation due to a weak
   operating environment in life sciences or adverse USFDA
   actions; and

- deterioration in FFO adjusted gross leverage to more than
   4.5x.

LIQUIDITY

Adequate Liquidity: JLS had an unrestricted cash balance of INR4.5
billion and undrawn credit facilities of INR7.0 billion as of
FYE17, which sufficiently covered INR5.4 billion in short-term
debt maturities and small free cash flow deficit in FY18. The
company's liquidity profile is further supported by Fitch's
expectations of sustained positive free cash flow generation
beyond FY18. There are no material debt maturities due before
October 2021 when USD300 million of senior notes mature, following
the 2016 US-dollar bond issuance and refinancing activities.


SWISSCO HOLDINGS: Judicial Managers Get US$28.5MM Offer
-------------------------------------------------------
The Business Times reports that the court-appointed judicial
managers (JMs) of Swissco Holdings have secured an offer valued at
US$28.5 million from a white knight investor for its offshore
support vessel business.

BT relates that the JMs from EY, in announcing the deal penned on
Sept. 18, said that the offer from fund house Asian Strategic
Turnaround Ventures Pte Ltd involves the sale of shares in three
Swissco-related entities and 26 vessels.

According to the report, the fund house will acquire all issued
and paid up share capital held by Swissco International Pte Ltd
(SIPL) in Swissco Offshore Pte Ltd (SOPL) and Singapore Marine
(SM) Logistics.

It will also take over the 49% stake that SIPL holds in Malaysia-
incorporated SW Marine, the report says.

In addition, the white knight investor will extend a US$4 million
loan to discharge the mortgages that SOPL has in respect to its
JTC leases, BT says.

The report notes that the transaction is expected to result in a
net loss from disposal of US$12.7 million based on the aggregate
net book value of the assets earmarked for the disposal as at
Dec. 31, 2016.

The deal carries a long-stop date of nine months from the signing
of the sale and purchase agreement. It remains subject to certain
conditions, including approval of the shareholders of the holding
company at an extraordinary general meeting and the sanction by
the High Court of two schemes of arrangement to be drawn up in
respect of the proposed divestments of SOPL and SM Log.

Asian Strategic Turnaround Ventures has placed a US$3.15 million
deposit after penning the deal, with the remainder to be paid up
on completion.

Swissco and SOPL entered into judicial management last November
after the listed holding company slipped into a US$296 million
quarterly loss on booking massive impairments.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.

A Singapore court in April 2017 approved the application made by
Swissco to be placed under judicial management after company
failed to receive support from its major creditors.



================
S R I  L A N K A
================


ALLIANCE FINANCE: Fitch Affirms Then Withdraws BB+ Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Alliance Finance Company PLC's (AFC)
National Long-Term Rating and the ratings on its outstanding
senior unsecured debentures at 'BB+(lka)'. The Outlook on the
National Long-Term Rating is Stable. Fitch has also affirmed AFC's
outstanding subordinated debentures at 'BB(lka)'.

At the same time, Fitch has withdrawn all the ratings of AFC
because they have been taken private.

KEY RATING DRIVERS

NATIONAL RATINGS AND SENIOR DEBT

AFC's rating reflects its established but modest franchise, weaker
capitalisation stemming from its track record of rapid growth and
higher risk appetite relative to peers. This is counterbalanced by
improvements in risk controls and asset quality following changes
to its management.

AFC's outstanding senior debentures are rated at the same level as
AFC's National Long-Term Rating as they rank equally with the
claims of the company's other senior unsecured creditors.

SUBORDINATED DEBT

The outstanding subordinated debentures are rated one notch below
AFC's National Long-Term Rating to reflect their subordination to
the claims of senior unsecured creditors.

The rating actions are as follows:

Alliance Finance Company PLC

-- National Long-Term Rating affirmed at 'BB+(lka)'; Outlook
    Stable; withdrawn

-- Senior debenture rating affirmed at 'BB+(lka)'; withdrawn

-- Subordinated debenture rating affirmed at 'BB(lka)'; withdrawn



                             *********

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
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related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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