---

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

                      A S I A   P A C I F I C

          Thursday, November 9, 2017, Vol. 20, No. 223


                            Headlines


A U S T R A L I A

AMANO HOMES: First Creditors' Meeting Set for Nov. 16
BBY LTD: ASIC Bans Former Financial Adviser for 10 years
DIVITIARUM AUDAX: Loses Australian Financial Services License
HENGRONG PTY: Second Creditors' Meeting Set for Nov. 16
METALTECH FABRICATIONS: Second Creditors' Meeting Set for Nov. 14

MPRE (LANGWARRIN): First Creditors' Meeting Set for Nov. 15
RAVINA PROPERTY: First Creditors' Meeting Set for Nov. 16


C H I N A

CONCORD NEW ENERGY: Fitch Assigns BB- Rating to New USD Bonds
CONCORD NEW ENERGY: S&P Assigns 'BB' CCR With Stable Outlook


I N D I A

ANIL TRADING: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
ANJANEYA BREEDING: CARE Moves B+ Rating to Not Cooperating
ASHOK TIMBER: CARE Assigns B+ Rating to INR7.50cr LT Loan
AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
B ONE BUSINESS: Ind-Ra Migrates BB+ Rating to Not Cooperating

BANK OF INDIA: Moody's Affirms (P)Ba3 FC Subord. Program Rating
BHAVNAGAR ENERGY: CARE Reaffirms D Rating on INR3302.24cr Loan
BRAHMANI DEVELOPERS: Ind-Ra Moves BB+ Rating to Not Cooperating
CURA SANITARYWARE: CARE Lowers Rating on INR6cr Loan to 'D'
EAST HOOGHLY: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating

EMPEE SUGARS: Withdraws Insolvency Petition
EPARI'S JEWELLERS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
GOYAL ENTERPRISES: CARE Assigns B+ Rating to INR10.18cr Loan
G V PARIVAAR: CRISIL Reaffirms B+ Rating on INR7.25MM Cash Loan
KAMESHWAR INDUSTRIES: CARE Assigns B+ Rating to INR8.45cr Loan

KNY PROJECTS: CRISIL Reaffirms B+ Rating on INR4.25MM Cash Loan
LILAMANI INFRA: CARE Moves B+ Rating to Not Cooperating
MAPSKO BUILDERS: CRISIL Reaffirms B Rating on INR270MM Term Loan
NATHELLA SAMPATH: CARE Lowers Rating on INR355cr Loan to 'D'
NEEDHISHREE BUILDCON: CRISIL Reaffirms 'B' Rating on INR10MM Loan

NK TOLL ROAD: Ind-Ra Withdraws Commercial Paper's Rating
NKS CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Loan
ODYSSEUS LOGOS: CRISIL Assigns B+ Rating to INR8.25MM Term Loan
PARADIGM TUNNELING: Ind-Ra Migrates BB Rating to Not Cooperating
PARKER PARKER: CRISIL Cuts Rating on INR45MM Term Loan to D

PARUL FOODS: CRISIL Lowers Rating on INR6MM Cash Loan to B+
R R ENERGY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
SAFE DEVELOPMENT: CRISIL Assigns 'D' Rating to INR15MM Term Loan
SANTOSH CONSTRUCTION: CRISIL Assigns B+ Rating to INR7MM Loan
SHIMNIT UTSCH: CRISIL Reaffirms B- Rating on INR2.0MM Cash Loan

SRI MADAN: CARE Assigns B/A4 Rating to INR10cr LT/ST Loan
SRI RAGHURAMACHANDRA: CARE Assigns B+ Rating to INR7.5cr Loan
SRI SAI APPA: CRISIL Reaffirms 'B' Rating on INR4MM LT Loan
SRI VENKATESWARA: CARE Assigns B+ Rating to INR6cr LT Loan
TATA STEEL: Moody's Revises Outlook to Stable; Affirms Ba3 CFR

TEJAS ISPAT: CARE Assigns B+ Rating to INR9.0cr LT Loan
THRISSUR EXPRESSWAY: CARE Cuts Rating on INR505.18cr Loan to D
WEST INDIA CONSTRUCTION: CARE Puts B+ Rating to INR3.75cr LT Loan


I N D O N E S I A

ALAM SUTERA: Fitch Affirms B Long-Term IDR; Off RWN
SAWIT SUMBERMAS: Fitch Assigns B+ Long-Term IDR; Outlook Positive
SAWIT SUMBERMAS: Moody's Assigns B1 CFR; Outlook Stable


J A P A N

DTC EIGHT: S&P Lowers JPY44.232BB Class C Ratings to BB+ (sf)


S I N G A P O R E

BIRD BIRD: Restaurant to Shut Down on November 26
TEMBUSU INDUSTRIES: Face Action for Failure to Pay Lease Rental


S O U T H  K O R E A

SK HYNIX: Moody's Hikes CFR From Ba1; Keeps Positive Outlook


                            - - - - -


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


AMANO HOMES: First Creditors' Meeting Set for Nov. 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Amano
Homes Pty Ltd will be held at the offices of Cor Cordis,
Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth, on West
Australia, on Nov. 16, 2017, at 12:00 p.m.

Dino Travaglini and Cliff Rocke of Cor Cordis were appointed as
administrators of Amano Homes on Nov. 6, 2017.


BBY LTD: ASIC Bans Former Financial Adviser for 10 years
--------------------------------------------------------
The Australian Securities and Investments Commission has banned
Sergio Nicolo Belardo, a Perth-based former financial adviser
with BBY Ltd (BBY), from providing financial services for ten
years.

Mr. Belardo was an Authorised Representative of BBY from
September 2013 to May 2015 and in that role provided advice and
dealing services to BBY retail clients in relation to financial
products including securities and derivatives.

The banning follows an ASIC investigation into Mr. Belardo's
management of a number of BBY clients's accounts.  The clients
had implemented, on Mr. Belardo's recommendation, an investment
strategy which involved entering an equity position and
generating income by selling 'call' options, whilst
simultaneously buying a 'put' option acting as downside
protection.

ASIC's investigation found that Mr. Belardo:

* engaged in unauthorised discretionary trading on multiple
   client accounts;

* engaged in trading on client accounts that was inconsistent
   with, or contrary to, the investment strategy agreed in the
   Statement of Advice, or otherwise agreed with them; and

* provided clients with inaccurate information in relation to
   their accounts.

Following a hearing, an ASIC delegate found that Mr Belardo was
likely to contravene a financial services law.

Mr. Belardo's banning will be recorded on ASIC's register of
financial advisers.

ASIC Commissioner Cathie Armour said, "Financial advisers are
expected to act with honesty and in the interests of their
clients. ASIC will take action against those who breach their
clients' trust."

Mr. Belardo has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

                          About BBY Ltd

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

BBY Ltd is the main entity of the BBY group and is headquartered
in Sydney with offices in Adelaide, Auckland, Brisbane, Gold
Coast, London, Melbourne, New York, Perth and Wellington. The BBY
group consisted of 10 entities and included two other financial
services licensees: BBY Advisory Services Pty Ltd and SmarTrader
Limited.

On May 17, 2015, Stephen Vaughan and Ian Hall of KPMG were
appointed as joint and several voluntary administrators of the 10
BBY companies, including BBY, BBY Advisory Services Pty Ltd and
SmarTrader Limited.

On May 18, 2015, Steven Parbery and Brett Lord of PPB Advisory
were appointed receivers and managers of BBY and BBY Advisory
Services Pty Ltd, and trading by BBY on the ASX, Chi-X Australia
and SSX markets was also suspended.

On May 28, 2015, the Australian Securities & Investments
Commission (ASIC) suspended the Australian financial services
(AFS) licences held by BBY, BBY Advisory Services Pty Ltd, and
SmarTrader Limited.

On June 22, 2015, BBY Limited was placed in liquidation.


DIVITIARUM AUDAX: Loses Australian Financial Services License
-------------------------------------------------------------
The Australian Securities and Investments Commission has
cancelled the Australian financial services (AFS) licence of NSW-
based Divitiarum Audax Pty Limited and suspended the AFS licence
of NSW-based Mackellar Financial Services Pty Ltd.

Mackellar's AFS licence has been suspended from Oct. 31, 2017
until April 30, 2018, for failing to lodge financial statements
and auditor's reports for a period of two years. This is in
breach of both Mackellar's legal obligations and licence
conditions.

Divitiarum Audax's AFS licence has been cancelled, following a
suspension in May 2017, for continued failure to lodge financial
statements and auditor's reports for a period of four years.

ASIC Deputy Chair Peter Kell said, 'Licensees are required to
lodge financial statements and auditor's reports with ASIC to
demonstrate their capacity to provide financial services.

'Failure to comply with reporting obligations can be an indicator
of a poor compliance culture. ASIC won't hesitate to act against
licensees who do not meet these important requirements'.

Mackellar has held its AFS licence since July 2012. If Mackellar
does not lodge the required documents by April 30, 2018, ASIC
will consider whether the licence should be cancelled.

Divitiarum Audax provided general financial product advice and
held its AFS licence since February 2004. ASIC suspended
Divitriarum Audax's licence in May 2017. ASIC subsequently
cancelled the licence after Divitiarum Audax failed to lodge the
required documents.

The annual lodgment of audited accounts is an important part of a
licensee demonstrating it has adequate financial resources to
provide the services covered by its licence and to conduct the
business in compliance with the Corporations Act.

These actions are part of ASIC's ongoing efforts to improve
standards across the financial services industry.

ASIC will continue to contact AFS licensees who have not
financial statements and auditor's reports and take appropriate
action if they fail to lodge.


HENGRONG PTY: Second Creditors' Meeting Set for Nov. 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of Hengrong Pty
Ltd has been set for Nov. 16, 2017, at 11:00 a.m., at the offices
of HoskingHurst Pty Limited, Level 3, 65 York Street, in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 15, 2017, at 4:00 p.m.

Philip Raymond Hosking of HoskingHurst was appointed as
administrator of Hengrong Pty on Oct. 12, 2017.


METALTECH FABRICATIONS: Second Creditors' Meeting Set for Nov. 14
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Metaltech
Fabrications Pty Ltd has been set for Nov. 14, 2017, at
10:00 a.m., at the offices of HLB Mann Judd (Insolvency WA)
Level 3, 35 Outram Street, in West Perth, West Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 13, 2017, at 5:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd were appointed as
administrators of Metaltech Fabrications on Oct. 11, 2017.


MPRE (LANGWARRIN): First Creditors' Meeting Set for Nov. 15
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of MPRE
(Langwarrin) Pty will be held at the offices of Worrells Solvency
+ Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Nov. 15, 2017, at 3:30 p.m.

Con Kokkinos and Matthew Jess of Worrells Solvency were appointed
as administrators of MPRE (Langwarrin) on Nov. 2, 2017.


RAVINA PROPERTY: First Creditors' Meeting Set for Nov. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Ravina
Property Pty Ltd will be held at the offices of of Cor Cordis,
Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth, on West
Australia, on Nov. 16, 2017, at 1:30 p.m.

Dino Travaglini and Cliff Rocke of Cor Cordis were appointed as
administrators of Amano Homes on Nov. 6, 2017.



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


CONCORD NEW ENERGY: Fitch Assigns BB- Rating to New USD Bonds
-------------------------------------------------------------
Fitch Ratings has assigned Concord New Energy Group Limited (CNE)
a Long-Term Foreign-Currency Issuer Default Rating (IDR) and
senior unsecured rating of 'BB-'. The Outlook is Stable. Fitch
has also assigned an expected rating of 'BB-(EXP)' to CNE's
proposed US dollar bonds.

Proceeds from the proposed bonds will be used for capital
expenditure, repaying existing debt and general corporate
purposes. The final rating on the proposed bonds is subject to
the receipt of final documentation conforming to information
already received.

China-based CNE's 'BB-' rating is supported by its considerable
scale, with 819MW of consolidated wind-powered generation
capacity spread across 20 projects in areas with low curtailment
risk and a stable feed-in-tariff (FiT) regime. The general
operating environment for renewable energy is also improving,
with Chinese authorities addressing grid curtailment, although
tariffs on new projects are on a downward trend.

The rating also incorporates CNE's high financial leverage due to
large debt-funded expansionary capex as it aggressively expands
capacity over the next two to three years, higher structural
subordination relative to renewable transactions by Fitch-rated
peers and the typical time lag in receiving subsidy payments
faced by wind and solar generators in China. However, as CNE is
largely exposed to wind power generation, its subsidy exposure is
lower than for operators more exposed to solar.

CNE has a weak near-term financial profile for its 'BB-' rating,
characterised by its high financial leverage. Fitch expect its
FFO adjusted net leverage to peak at around 6.5x in 2017-2018
(2016: 3.1x), before gradually improving towards 5.0x-6.0x in
2019-2020. However, the company's liquidity is sufficient to meet
short-term debt obligations, partly due to lengthy credit periods
available from equipment suppliers and available undrawn credit
facilities. Fitch expects CNE to be able to upstream excess cash
generation from mature projects post project-level debt-servicing
to the holding company via dividends and shareholder loan
repayments to service liquidity requirements at CNE level.

KEY RATING DRIVERS

Favorable Project Locations: About 60% of CNE's consolidated wind
projects were located in areas with a low curtailment ratio of
less than 10%. In comparison, only 44% of wind projects
nationwide are located in areas with low curtailment issues.
CNE's strategy is to continue developing wind power projects in
China's southern provinces, which have low curtailment issues.
Fitch expects the share of CNE's projects located in regions with
no or low curtailment risk to improve to 76% by end-2018, when
projects under construction are completed.

The Chinese government has taken measures to address grid-
curtailment issues since mid-2016, amid a strong push for
renewable energy during the 13th Five-Year Plan for 2016-2020.
The measures improved the overall national wind-power curtailment
rate to 13.6% in 1H17, from 21.0% in 1H16, and include a
guaranteed minimum dispatch volume of wind and solar power in
selected provinces with high curtailment risk, continued power-
grid network investment and upgrades and better planning of
renewable-power capacity additions.

Stable FiT Tariffs: Chinese renewable-power projects enjoy a
fixed FiT for the first 20 years of operation, which enhances
revenue visibility. However, cash generation is exposed to
variations in wind patterns and solar irradiation. The government
has lowered FiTs for new projects in the previous three years to
reflect lower investment costs due to better technology and
efficiency. The latest tariff scheme was issued in December 2016.
These changes have not affected projects already in operation,
but could affect yields on new projects, making careful project
selection an important driver of credit quality.

Prolonged Subsidy Receivable Cycle: CNE has to wait for the
projects that commence operation to be included in the next batch
of project catalogues before the government dispatches the
associated subsidies, leading to a build-up of receivables. The
gap between catalogues has varied from two months to two years.
Fitch understands the seventh batch of projects is currently
under review. CNE's uncollected FiT subsidy amounted to CNY308
million in 2015 and CNY175 million in 2016, accounting for 10.5%
and 15.5% of its receivables, respectively. The uncollected FiT
subsidies were for CNE's new projects. The company will continue
to have significant subsidy receivables in 2017-2019 due to large
ongoing and planned capacity additions.

However, pressure on CNE's working capital from the prolonged
subsidy receivable cycle is partly counterbalanced by its lengthy
payable days. The company had bills and trade payables of CNY3.6
billion as of end-2016, which was mainly attributed to payables
to wind-turbine makers, including retention money, as well as to
its engineering, procurement and construction (EPC) suppliers.
Fitch do not expect sudden and large repayment demands from wind-
turbine makers, considering the weak bargaining power of
equipment suppliers along the value chain. However, Fitch have
factored in a gradual decline in payables related to CNE's legacy
EPC business.

Evolving Business Profile: CNE has actively managed its business
strategy in response to changing market conditions and shifted
its focus from EPC services and equipment sales to solar and wind
farm development and operation. Fitch believe CNE's experience in
the upstream EPC segment helps mitigate execution risk to some
extent, despite a short record in wind-power operation and
management.

Large Debt-Funded Capex: CNE aims to add 200MW-550MW of wind
capacity per year from 2017 to 2021, with capex peaking at CNY3.3
billion-3.7 billion in 2017-2018. Wind farm projects are capital
intensive with long payback periods. Fitch expect this, coupled
with the prolonged subsidy-receivable cycle, to push CNE's FFO
adjusted net leverage to around 6.5x in 2018, before improving
towards 5.5x as capex requirements ease and more projects start
generating cash. CNE has conducted a few build-transfer
transactions to strategically dispose of some projects and
recycle capital. However, the transactions are opportunistic and
insignificant in Fitch rating case assumptions.

Interest in Associates and JVs: CNE has minority investments in a
number of renewable power generation-related associates and
joint-ventures (JVs), which are accounted for on an equity basis.
The equity-accounted generation capacity associated with these
investments was 666MWs (attributable) as of end-2016. Taking
minority interests in projects in which CNE provided EPC work was
part of its previous strategy and the investments, which are
largely projects located in China's northern regions, are subject
to higher curtailment rates and provide little cash returns;
dividends from associates and JVs amounted to only CNY22 million
in 2016.

Major sponsors of many of these projects are state-linked power
entities. Fitch have not factored in any debt from these
associates and JVs in Fitch debt ratio calculations or assumed
any meaningful dividends. Fitch also expect the amount of debt at
these entities to gradually fall as projects mature, operating
performance improves with easing curtailment rates and project
debt amortises.

Sufficient Liquidity: CNE has solid banking relationships, with
CNY2 billion in undrawn credit facilities from major Chinese
banks. The company also has a record of accessing debt-capital
markets; it has issued various types of funding instruments,
including dim sum and domestic bonds. Management has indicated
that there are no restrictive covenants in place to prevent
project companies from upstreaming excess cash via dividends or
shareholder loan repayment after satisfying project-level debt-
servicing requirements. CNE had CNY1.8 billion in unrestricted
cash as at end-1H17; Fitch believe some of this is available to
manage liquidity requirements.

Senior Unsecured Ratings: CNE's senior unsecured rating is at the
same level as its IDR, despite a high level of prior-ranking
debt. Over 85% of CNE's debt was secured at end-2016. The
expected rating of the proposed US dollar notes is also on par
with CNE's IDR due to strong enterprise-valuation multiples for
China's renewable assets, particularly those located in areas
with low curtailment risk; the granularity of CNE's asset base;
and above-average recovery prospects for senior unsecured
creditors based on bespoke recovery analysis.

DERIVATION SUMMARY

CNE's credit profile is similar to that of Greenko Dutch B.V (a
special restricted group that issued a bond with a rating of
'BB-'). CNE has lower counterparty risk, as its revenue stream
relies mostly on State Grid Corporation of China (A+/Stable) and
China's Renewable Energy Subsidy Fund, while Greenko Dutch B.V.'s
key customers - non-federal Indian government-owned utilities -
have weaker credit profiles. Both companies enjoy preferential
dispatch priority despite different regulatory frameworks, but
face volume volatility risk due to the nature of renewable
energy. Greenko Dutch B.V had lower FFO adjusted net leverage of
5.4x at end-March 2017, against 6.0x-6.5x for CNE during its
investment cycle, but its FFO fixed-charge coverage ratio was
weaker at 1.3x, versus 2.6-2.7x for CNE.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue declining by around 30% in 2017 due to the phasing-out
   of the EPC business, but then increasing rapidly in 2018-2019
   by around 25% per annum in line with the completion of new
   wind-power projects

- Wind power on-grid tariff to decline for new projects in 2018,
   2019 and 2021, but remain largely stable thereafter

- Utilisation hours of 2,100 for CNE's new projects after ramp-
   up based on average utilisation hours for wind projects
   located in similar regions of 2,000 over the previous four
   years with an added 5% efficiency improvement from using wind
   turbines tailored for low-wind speed application

- Average EBITDA margin of over 65% in 2017-2019 (2016: 33%).
   This is higher than historical levels due to a new business-
   model focused on higher-margin power-projects operation away
   lower-margin EPC

- Capex averaging at CNY3.3 billion-3.7 billion in 2017 and
   2018, mostly for new wind-power projects, to taper afterwards

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

Fitch does not expect positive rating action in the medium-term
given CNE's scale and Fitch forecast financial profile
improvement already incorporated into the assigned ratings.
Positive rating action may result from:
- CNE successfully executing its expansion in line with current
   plans while China's new energy regulatory framework remains
   broadly favourable to industry players
- FFO net leverage lower than 5.0x on a sustained basis
- FFO fixed-charge coverage higher than 3.0x on a sustained
   basis

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Significant regulatory framework changes, with adverse
   implications for CNE's projects
- FFO adjusted net leverage exceeding 6.5x at peak or a failure
   to improve towards 5.0x by 2019-2020
- FFO fixed-charge coverage lower than 2.0x for a sustained
   period


CONCORD NEW ENERGY: S&P Assigns 'BB' CCR With Stable Outlook
------------------------------------------------------------
S&P Global Ratings said it assigned its 'BB' long-term corporate
credit rating to Concord New Energy Group Ltd. The outlook is
stable. S&P also assigned its 'BB-' long-term issue rating to the
company's proposed senior unsecured notes. Concord is a China-
based wind and solar farm developer listed on the Hong Kong Stock
Exchange.

The rating on Concord reflects the company's small scale in
consolidated capacity, execution risk given aggressive expansion
plans, and uncertainties related to the evolution of the
regulatory framework for renewable energy in China. S&P believes
Concord's plans to build and operate downstream power facilities
for itself could enhance visibility in cash flow generation, but
it will increase funding needs. Potential asset disposals could
partially temper the heightened funding needs.

Concord's ongoing business transformation is likely to enhance
its profitability and stability in cash flows. Since 2013, the
company has gradually shifted its business strategy from third-
party engineering, procurement, and construction (EPC) contracts
to downstream power generation. Management believes the
adjustment could enhance profitability and stability in cash flow
generation by leveraging on the cost advantages that helped
Concord win third-party contracts. Concord has established a
satisfactory track record in constructing and delivering wind
farms at low costs to third parties, such as Huadian Fuxin Energy
Corp. Ltd., the sole renewable energy platform under Huadian
Group. As a result of its shifting business model, Concord's
EBITDA margin rose to 31.5% in 2016, from 16.1% in 2015, despite
total revenue shrinking by 49% as Concord wound down its EPC
order backlog.

S&P believes Concord's solar and wind farms provide a more stable
source of revenue than EPC. Renewable energy production also
benefits from the fully regulated nature of the business.
Moreover, under the new business model, Concord is gaining more
control of projects at the operational level.

Concord used to hold minority stakes in wind farms as equity
investments. As of end-2016, total installed capacity of power
projects in which Concord holds equity interest was 2,547
megawatt (MW) -- 2,053MW of wind and 494MW of solar power,
compared with 1,601MW on an attributable basis. Management
intends to build, operate, and own the majority of new projects,
and targets to add about 1.7 gigawatt of consolidated capacity in
2017-2021. Project execution is a major risk, given the expected
rapid growth, in our opinion. Concord's small installed capacity
compared with peers' and its higher execution risk constrain its
business risk profile.

Concord's potential disposal of some projects could help the
company replenish capital to meet its aggressive debt-funded
growth plan, in S&P's view. Management expects to sell at least
50MW of projects each year to recycle cash for capital
expenditure. In 2016, Concord signed an agreement to sell its
200MW solar farm in Shaanxi province, which could result in
disposal consideration of approximately Chinese renminbi (RMB)
574 million in 2017. However, given the uncertainty of future
asset disposal, S&P did not factor in potential disposal proceeds
into its base-case forecast.

Concord is exposed to regulatory uncertainty given an evolving
policy framework for renewable energy in China. Feed-in tariffs
for newly commissioned wind and solar power plants are gradually
declining in China. This reflects decreasing investment costs,
mainly driven by technology advancements and the normalization of
investment returns for new projects. The government aims to fully
liberalize renewable energy tariffs by 2020. S&P expects Concord
will continue to earn reasonable project returns on its new
capacity despite potential tariff cuts in the next two years.

Concord's power-plant utilization hours will likely gradually
improve over the next 12-24 months, in S&P's view. The
operational wind farms, on a consolidated basis, are in provinces
without curtailment issues, such as Anhui and Hunan. Utilization
will ramp up in 2017 since the majority of wind farms were
commissioned in 2016. New wind farms will also be located in
central and southern regions, where utilization hours are better
than the national average.

Concord also has minority stakes in about 1.2GW of wind farms in
Inner Mongolia, Liaoning, Jilin, and Gansu provinces, where
severe power curtailment is common. S&P said, "We have not
assumed dividend income from these assets in our base-case
forecasts because the company intends to exit these investments.
Other favorable policies such as priority in power dispatching
and the renewable energy quota system will also support the
company's business. We assess the company's business risk profile
as fair based on the above factors."

The rapid pace of Concord's expansion and the company's
increasing leverage to fund capital spending are main factors
constraining our assessment of its financial risk profile.
However, given the strategic shift in Concord's business model
and increasing contribution from the newly commissioned power
generation projects, S&P expects cash-flow leverage to improve
over the next two to three years.

S&P said, "The stable outlook on Concord reflects our
expectations that the company will continue to focus on expanding
its wind farm business and have stable project returns over the
next 12 months despite uncertainties in relation to China's
renewable energy regulation. Potential disposals of commissioned
projects are likely to replenish Concord's capital needs for
expansion.

"The outlook also reflects our expectation of a steady increase
in Concord's revenues as new capacity is added to the portfolio.
Based on the additional revenues and increase in profitability,
we expect the company to maintain a ratio of weighted average
adjusted FFO to debt of about 10% over 2017-2019."

S&P could lower its ratings on Concord if:

-- Adverse regulatory changes in China or poor execution of the
    subsidy program hit the company's profitability and cash
    flows. This could happen if the government deregulates wind
    tariffs of projects through bidding or further delays subsidy
    payments; or

-- Concord faces execution risk related to projects under
    construction, or aggressively expands with higher debt than
    S&P expected, such that its FFO-to-debt ratio is consistently
    on a declining trend or falls below 9% on a consistent basis.

S&P sees any rating upside as limited while Concord completes its
transformation plan and delivers on the renewable projects
commissioned. S&P could raise its rating on Concord if:

-- The company maintains a disciplined approach to capital
    expenditure and has decent cash inflows from asset disposals
    on a consistent basis, significantly improving its FFO-to-
    debt ratio;

-- The company demonstrates a solid track record of operating
    power plants and continuously growing its consolidated
    capacity.



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


ANIL TRADING: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anil Trading
Company (ATC) a Long-Term Issuer Rating of 'IND B-'. The Outlook
is Stable. The instrument-wise rating action is:

-- INR125 mil. Fund-based limit assigned with IND B-/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect ATC's small scale of operations, moderate
EBITDA margins and weak credit metrics. As per FY17 provisional
financials, revenue grew to INR175.15 million (FY16: INR86.48
million) on account of increased sale of spices, arising from
favourable market conditions. EBITDA margin improved to 5% in
FY17P (FY16: 2.3%) due to a decrease in cost of materials
consumed. Consequently, gross interest coverage (operating
EBITDAR/gross interest expense + rents) improved to 0.8x in FY17P
(FY16: 0.7x) and net leverage (total adjusted net debt/operating
EBITDAR to 13.7x (21.3x).

The ratings are also constrained by ATC's elongated net cash
cycle of 197 days in FY17P (FY16: 131 days) due to high inventory
holding period of 213 days (197 days).

The ratings are also constrained by high customer concentration
with the company's top 10 customers accounting 78.3% of its total
revenue.

However, the ratings benefit from ATC's comfortable liquidity
position with 78% average utilisation of fund-based facilities
for the 12 months ended September 2017. The ratings are also
supported by the company' founders' four decades of experience in
the spice trading and processing business.

RATING SENSITIVITIES

Positive: Consistent revenue growth along with an improvement in
the credit metrics will lead to a positive rating action.

COMPANY PROFILE

Incorporated by 1975, ATC is a proprietorship firm enaged in the
trading of various spices. The company shifted its base to
Jodhpur in 1995. The company deals majorly with its sister
concerns, Gautam Trading Company ('IND B'/Stable), R.K Industries
('IND BB-'/Stable) and Roshan International. Mr. Gautam Chand
Jain is the promoter.


ANJANEYA BREEDING: CARE Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Anjaneya Breeding
Farm and Hatcheries (ABFH) to monitor the ratings vide e-mail
communications/ letters dated August 4, 2017, August 10, 2017,
August 30 2017, October 3, 2017 and October 5, 2017 and numerous
phone calls. However, despite our 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 Anjaneya
Breeding Farm and Hatcheries bank facilities will now be denoted
as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank        8.67        CARE B+; ISSUER NOT
   Facilities                        COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating on August 9, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: The scale of operations of the firm is
small marked by total operating income of INR11.96 crore in FY16
(Provisional; refers to the period of April 1 to March 31) and
tangible net worth of INR4.71 crore as on March 31, 2016. The
small scale limits the firm's financial flexibility in times of
stress and deprives it of scale benefits.

Leveraged capital structure along with working capital intensive
nature of business operations: Overall gearing of the firm,
though stood high at 2.80x as on March 31, 2016, improved
significantly from 11.80x as on March 31, 2015 due to accretion
of profits to reserves on account of substantial improvement in
profit levels in FY16. The debt profile of the firm includes
working capital borrowings coupled with term loan from banks and
unsecured loan availed from the relatives & friends.

Moreover, the firm had average operating cycle days of 151 days
in FY16 on account of high average inventory holding period. The
average holding inventory period of the firm stood at 207 days in
FY16 as the firm keeps inventory in form of chickens which have
long breeding period for around 26 weeks before they start laying
eggs. Furthermore, the firm undertakes bulk buying owing to
seasonality associated with poultry feed resulting in
accumulation of feeding material. Furthermore, the working
capital utilizations of the firm stood at around 100% for the
last 12 months ended July 2016.

Vulnerability of profits to raw material prices: The major raw
material for entities engaged in poultry business is the poultry
feed which consist of soya and maize. The profitability of the
poultry companies/firms is vulnerable to feed prices.

With raw material cost accounting for more than 70% of the total
income, ABF's profitability is vulnerable to volatility in raw
material (key ingredients - maize and soybean) prices. Maize is
the primary source of energy and constitutes about 65% of the
feed, whereas soybean is the primary source of protein and forms
about 25% to 30% of the feed. Maize is relatively a small crop in
India and being a rain-fed crop, any failure in monsoon affects
its harvest. Furthermore, the poultry industry consumes more than
50% of the domestic maize production.

Inherent risk in poultry in terms of disease outbreaks and
susceptibility of margins to volatility in realization rates: The
margins of ABF are susceptible to the volatility associated with
the realizations on sale of chicks, broilers and parent birds.
Moreover, inherent risk of disease outbreak associated with
poultry industry which can lead to significant decline in demand
of the products sold. Given the low level of capital investment
required in the business, the fragmented nature of the industry
and the short duration of the broiler operating cycle, commercial
poultry operations especially in the broiler segment tend to be
highly volatile. Changes in the prices of live birds and eggs
have a strong impact on the profitability of the entities
operating in the poultry industry.

Key Rating Strengths

Experienced proprietor: ABF is managed by Mr Sadashiv V Deshinge,
who has around two decades of experience in the similar line of
business and looks after overall administration activities
supported by a team of supervisors.

Partially integrated operations along with contract farming: The
operations of ABF include rearing of parent birds to hatching of
eggs to broiler breeding. The firm has also achieved backward
integration through manufacturing of poultry feed. ABF sources
the parent birds from companies like Venco Research and Breeding
Farm Private Limited, Uttra Foods & Feeds Private Limited and Neo
Feeds Private Limited naming a few.

Moreover, the firm is also engaged in contract farming of day old
chicks with the farmers. Farmers own the farms and ABF supplies
the farmers with day old chicks and the required feed and
medicines. The field staffs of ABF gives the required support in
terms of frequent visits to farms to check the health of the
birds, their feed intake, growth and mortality levels. After 6-7
weeks, the birds are weighed and sold by ABF. The variable fees
paid (based on weight gained by birds to feed supply) by the firm
ensure the efficient operations of the farmers. The growing
charges incurred by the firm during FY15 and FY16 were INR0.45
crore and INR0.57 crore respectively.

Healthy profitability margins along with comfortable debt
coverage indicators: The profitability margins of ABF have seen
drastic improvement during FY16 with PBILDT and PAT margin at
46.45% and 30.55% respectively as against 19.64% and 6.81%
respectively for FY15. The increase in PBILDT margin was on
account of decline in raw material prices along with decline in
expenses incurred towards purchase of eggs tray, feed mill
expenses and poultry shed maintenance. The firm at the end of
FY15 has closing stock of feeds of INR1.27 crore leading to lower
purchase of feeds during FY16 coupled with decline in maize
prices from INR 11229/- per metric tonne to INR10,875/- per
metric tonne. In line with PBILDT margin, the PAT margin also
improved during FY16.

The debt protection metrics also improved during FY16 with an
improvement in total debt to GCA ratio owing to improved GCA
levels due to higher profits during the year. The Total debt to
GCA improved to 3.07x in FY16 as compared to 9.60x in FY15.
Moreover, the interest coverage ratio of the firm improved to
4.36x in FY16 from 2.69x in FY15 on account of improved PBILDT
levels.

Belgaum, Karnataka based, Anjaneya Breeding Farm and Hatcheries
(ABF) was established by Mr. Sadashiv V. Deshinge as a
proprietorship firm in the year 2004. The firm is a partially
integrated unit engaged in poultry farming along with
manufacturing of animal and poultry feed, sale of one day old
chicks, broilers and rearing of parent birds.

The firm's processing unit includes 4 chicks/birds rearing farms
with total installed capacity of 40,000 chicks/birds per farm.
Moreover, the firm has total of 30 incubators with a total
installed capacity of 1600 eggs per incubator to hatch the eggs
into chicks. The firm also converts chicks into broilers (average
conversion time of 42-45 days) and sale the same to the end users
like slaughter houses, hotels and bulk dealers. Moreover, the raw
material used for manufacturing feeds is maize, soya and
sunflower oil which are procured from domestic suppliers. On the
other hand, ABF sells its 100% of products domestically covering
regions in and around Karnataka state.


ASHOK TIMBER: CARE Assigns B+ Rating to INR7.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ashok
Timber Trading Co., as:

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

   Short-term Bank
   Facilities            25.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Ashok Timber
Trading Co. is tempered by small scale of operations and
fluctuating total operating income, profitability margins are
susceptible to fluctuation in foreign currency elongated
operating cycle due to working capital intensive nature of
operations, partnership nature of constitution and highly
fragmented timber sector. The rating, however, derives its
strengths from experienced of the promoters, established
relationships with key suppliers and increasing profitability
margins.

The ability of the firm to increase its scale of operations while
maintaining the profit margins amidst competition, the ability to
enhance its geographical influence are the key rating
sensitivities and the Ability of the firm to improve its capital
structure and debt coverage indicators while managing its working
capital requirement efficiently.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: Although
having a presence of 10 years in the industry, the business
operations of the firm continued to be on the smaller end. The
total operating income achieved by the firm in FY17(CA Certified
Prov.) stood at INR20.29 crore coupled with a low net worth base
of INR4.46 crore as on March 31, 2017 (CA Certified Prov.)
remained small when compared to other peers in the industry. The
small scale of operations could restrict the firm's financial
flexibility and deprive it of scale benefits.

Leveraged capital structure and weak debt coverage indicators
albeit improving: The capital structure of the firm remained
leveraged although improving y-o-y i.e., from 2.70x in FY15, the
overall gearing ratio improved to 2.16x in FY17 (CA Certified
Prov.) on account of lower utilization of working capital bank
borrowings, decreased in unsecured loans from INR 2.73 crore as
on March 31, 2015 to INR2.57 crore as on March 31, 2017 (C A
Certified Prov.) coupled with increase in tangible networth. The
debt equity ratio was nil for the last three closing balance
sheet date ended March 31, 2017 (CA Certified Prov.), the firm
had no long term debt repayment obligations. The total debt of
the company was solely in form of working capital bank borrowings
(73%) and unsecured loans (27%).

Due to the afore mentioned reasons and decreasing amount of
unsecured loans from promoters , the debt coverage indicators
marked by total debt/GCA and interest coverage ratio improved
from 75.86x and 1.13x (FY15) to 33.12x and 1.28x (FY17, CA
Certified Prov.) respectively. However, still they remained weak.

Partnership nature of constitution with inherent risk of capital
withdrawal: The partners typically make all the decisions and
lead the business operations. If they become ill or disabled,
there may not be anybody else to step in and maintain the optimum
functioning of business. A business run by five partners also
poses a risk of heavy burden, i.e. an inherent risk of capital
withdrawal, at a time of personal contingency which can adversely
affect the capital structure of the firm. Moreover, the
partnership firms have restricted access to external borrowing
which limits their growth opportunities to some extent. The
partners withdrew ~Rs.0.10 crore during the review period.

Foreign currency fluctuation and government regulations on
industry: The firm is mainly importing raw material from
countries like Burma, Malaysia, Africa and South America. Its
import procurements constitute 90% of its total purchases. All
the sales however are concentrated to the domestic market,
particularly Karnataka. As a result of foreign procurements and
no hedging mechanism, the firm is exposed to foreign exchange
fluctuation risk. Revenue is further susceptible to government
regulatory policies in relation to import-export duties, custom
duties, restriction on volume of imports, freight rates, port
charges etc.

Working capital intensive nature of operations: The timber
industry is categorized by working capital intensive nature of
operations. The operating cycle of ATTC remained elongated during
the review period, primarily on account of high inventory and
collection days. The average inventory period was marked 245 days
in FY17 (CA Certified Prov.) as the firm required to store
adequate inventory on account of high lead time for procurement
and to meet the immediate needs of its customers. The firm also
had high creditor days which were due to high proportion of
Foreign Letter of Credit (FLC) backed creditors. The firm made
most of its imports backed by LC (upto 180 days). In order to
survive in the high level of competition, the collection days
were also extended by providing extension in credit period to its
customers. The average utilization for the working capital bank
borrowing remained 80-90% during the last 12 months ended
August 31, 2017.

Highly fragmented timber sector with low entry barriers: The
timber industry has a large number of unorganized players who
chiefly cater to local demands. Most of these players have
limited value addition to their products and subsequently, the
industry is classified by having stiff competition and low entry
barriers. Although the volume of trade may be high, the
profitability margins are generally low.

Key Rating Strengths

Experienced promoters: Mr. Shivji Gopal Patel, head of the family
and leading promoter has more than three decades of experience in
the trading of wood products. His sons Mr. Kishore Patel and Mr.
Praveen Patel also have more than two decades of experience in
the same line of business. All the three partners look after the
day to day operations of the firm.

Increasing profitability margins albeit fluctuating total
operating income: The total operating income of the company
remained fluctuating during the review period. In FY16, it
declined to INR 19.33 crore as compared to INR 31.86 crore in
FY15 as the pace of the construction industry slowed down and
also due to stiff competition from big players. However, the same
grew to INR 20.29 crore in FY17 at the back of increase in sales
from existing, new customers and gain of momentum in construction
industry. The PBILDT margin however was on an increasing trend.
It grew from 4.17% in FY15 to 8.82% in FY17 at the back of high
closing stock value on account of pileup of inventory and gains
made by fluctuation in raw material prices.

Established relationships with key suppliers: The firm has
established long term relationship with its key suppliers through
a decade long presence in the market. Some of its key suppliers
are Al-Badriya Wood industries, Export tradelink agencies, Shree
Srinivasa Tex (Dindigul) etc.

Bangalore (Karnataka) based, Ashok Timber Trading Company (ATTC)
was established in the year 2007 as a partnership firm by Mr.
Shivji Gopal Patel and family. The firm is engaged in wholesale
and retail trading of timber and plywood. For timber trading
operations, the firm imports its raw materials, round wooden
logs, around (~90%), from Burma, Malaysia, Africa and South
America. The remaining 10% is procured from across pan India. It
saws the same and sells them to wholesalers and retailers across
Karnataka. For its plywood trading segment, the firm majorly
procures plywood domestically, from across India (~90%) and the
rest (~10%) from various vendors abroad. Majority of the customer
base for ATTC belong to the real estate sector, strongly linking
its revenue profile to changes in real estate industry.


AVC MOTORS: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank facilities of
AVC Motors (AVC) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            12         CRISIL B/Stable (Reaffirmed)
   Term Loan               2.6       CRISIL B/Stable (Reaffirmed)

Operating income marginally declined to INR90 crore in fiscal
2017 from INR98 crore in fiscal 2016 due to limited demand
following demonetisation. Operating profitability was stable at
4.12% against 4.06% and is expected at 4.0-4.5% for fiscal 2018
on account of support from the principal, Mahindra & Mahindra Ltd
(M&M) on inventory loss in case of downward revision in prices.

Liquidity is weak on account of barely sufficient net cash
accrual, expected at around INR1 crore, to meet debt repayment
obligation of INR80 lakh, for fiscal 2018, coupled with an almost
fully utilised bank limit. Also, the partners withdrew around
INR42 lakh of capital in fiscal 2017. The extent of withdrawals
by the partners will remain a key rating sensitivity factor over
the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Geographical concentration in operations and high dependence on
the principal: Operations are concentrated in the Bathinda,
Malout, and Mansa regions of Punjab, resulting in limited demand
amid intense competition from other automobile dealers in area.
Furthermore, any weakening of the performance of the principal
will directly impact the credit risk profile of AVC.

* Weak financial risk profile: The adjusted interest coverage
ratio was low at 1.29 times for fiscal 2017, and is expected to
remain at a similar level over the medium term owing to high
interest cost against bank debt and loans and advances from group
companies.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of more than two decades in the automobile
dealer industry. This has enabled them to build a strong
relationship with the principal and customers.

* Benefits from the leadership position of M&M in the utility
vehicle (UV) segment: The strong market position of M&M in the UV
segment should continue to help AVC in attracting customers.

Outlook: Stable

CRISIL believes AVC will continue to benefit from the extensive
industry experience of its promoters, and the leadership position
of M&M in the UV segment. The outlook may be revised to
'Positive' if cash accrual increases substantially, strengthening
the financial risk profile. The outlook may be revised to
'Negative' if sizeable working capital requirement, delay in
recovery of loans and advances extended, or significantly low
revenue considerably weakens the key credit metrics.

AVC is a partnership firm set up in January 2011 by Ms Bimla
Devi, her daughter-in-law Ms Rupesha Rani, and Mr Surinder Kumar.
The firm began operations in December 2011 in Bathinda with the
dealership of passenger and commercial vehicles of M&M. It has a
showroom-cum-workshop in Bathinda and outlets in Mansa and
Malout.


B ONE BUSINESS: Ind-Ra Migrates BB+ Rating to Not Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B. One Business
House Private Limited's (BOBHPL) 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:

-- INR150 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating;

-- INR100 mil. Proposed fund-based working capital limit
    migrated to non-cooperating category with Provisional
    IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Proposed long-term loans migrated to non-
    cooperating category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2012, BOBHPL commenced commercial
operations on April 18, 2013. The company exports shrimps after
processing at its three leased plants: Alashore Marines Exports
Pvt. Ltd., Balasore Marines Exports Pvt. Ltd. and SM Sea Marines
Pvt. Ltd. The company has been registered with the Marine
Products Export Development Authority.


BANK OF INDIA: Moody's Affirms (P)Ba3 FC Subord. Program Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the Baa3/P-3 local and
foreign currency bank deposit ratings of three Indian public
sector banks. The affected banks are: (1) Bank of India (BOI),
(2) Union Bank of India (Union Bank), and (3) Oriental Bank of
Commerce (OBC).

For BOI, Moody's has affirmed the senior unsecured MTN program
rating at (P)Baa3 and the senior unsecured debt rating at Baa3
for debt issued from its London and Jersey branch.

Similarly, for Union Bank, Moody's has affirmed the senior
unsecured MTN program rating at (P)Baa3 and the senior unsecured
debt rating at Baa3 for debt issued from Union Bank's Hong Kong
Branch.

Moody's has also affirmed the standalone credit profiles or
baseline credit assessments (BCA) of these three banks at ba3. As
a result, Moody's has affirmed the subordinate MTN program rating
at (P)Ba3 for BOI and its London and Jersey branch, and Union
Bank and its Hong Kong branch.

In the case of BOI, Moody's has affirmed the bank's preferred
stock non-cumulative rating at B3(hyb). And, for Union Bank and
its Hong Kong branch, Moody's has affirmed the junior subordinate
MTN program rating at (P)B1.

The counterparty risk assessment (CRA) of the three banks is
affirmed at Baa3(cr)/P-3(cr).

At the same time, Moody's changed the outlook to stable from
negative for BOI and its London and Jersey branch, Union Bank and
its Hong Kong branch, and OBC.

RATINGS RATIONALE

ANNOUNCEMENT OF THE GOVERNMENT'S CAPITAL INFUSION PLAN IS THE KEY
DRIVER OF THE CHANGE IN OUTLOOK

On October 24, 2017, the Government of India (Baa3 positive)
announced a INR2.1 trillion ($32.0 billion) recapitalization plan
for Indian public sector banks.

The quantum of the plan is large enough to help improve the
capitalization levels of the banks. Of the total, INR1.5 trillion
($23.5 billion) would be in the form of recapitalization (recap)
bonds and already announced budgetary support. The government
expects the banks to raise INR580.0 billion ($8.9 billion) from
the capital markets.

Given that the overarching credit weakness of the public sector
banks is currently their weak capitalization levels, Moody's sees
the announced capital infusion plan as a credit positive for the
banks.

While details of the capital allocation plan, including the
structure of the recap bonds and allocations to individual banks,
have not yet been disclosed, Moody's expects that the INR1.5
trillion will be sufficient for all public sector banks to
maintain some buffer over the minimum Basel III common equity
tier 1 (CET1) ratio of 8% by fiscal March 2019. This estimate
factors in moderate loan growth of about 10% over the next two
fiscal years and an improvement in the provisioning coverage
ratio.

Furthermore, the additional capital will help the banks take
accelerated provisioning for their problem assets, which will in
turn improve their capacity to take haircuts on those assets in a
resolution process. In addition, as their credit profiles
improve, Moody's expects that some banks will be able to raise
capital from the equity markets, which will further support their
capitalization profiles.

GOVERNMENT CAPITAL INFUSION PLAN ALLEVIATES DOWNSIDE RISKS TO THE
BANKS' BCAs

The revision in the outlooks for BOI's, Union Bank's, and OBC's
ratings to stable from negative, reflect Moody's view that the
government's capital infusion plan alleviates some of the
downside risks to their BCAs and ratings.

Prior to this rating action, the BCAs of these three banks were
under pressure due to the deterioration in their asset quality,
as well as Moody's expectation of pressure on their
profitability, as they continued to build loan loss buffers.
Furthermore, their capitalization profile is somewhat weaker than
other rated banks in India, and the ability to generate internal
capital is limited.

As such, the capital infusion plan - which is significantly
higher than what was originally budgeted - will mitigate some
downside risks. Moreover, their funding and liquidity levels
remain stable and support their overall financial profiles.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Bank of India; Bank of India (London); and Bank of India, Jersey
Branch

What could lead to an upgrade:

Given the stable outlook, BOI's ratings are unlikely to face
upward pressure in the next 12-18 months. However, the outlook
could be revised to positive if the bank returns to profitability
on a sustainable basis which will help in internal capital
generation.

What could change lead to a downgrade:

BOI's BCA and ratings could face downward pressure if further
credit losses worsen its capital position. Any indication that
government support has diminished for the bank could also lead to
a downgrade of the bank's ratings.

Union Bank of India; Union Bank of India, Hong Kong Branch

What could lead to an upgrade:

Given the stable outlook, Union Bank's ratings are unlikely to
face upward pressure in the next 12-18 months. However, the
outlook could be revised to positive if the bank returns to
profitability on a sustainable basis which will help in internal
capital generation.

What could lead to a downgrade:

Union Bank's BCA and ratings could be lowered if further credit
losses worsen its capital position. Any indication that
government support has diminished for the bank could also lead to
a downgrade of the bank's ratings.

Oriental Bank of Commerce

What could lead to an upgrade:

Given the stable outlook, OBC's ratings are unlikely to face
upward pressure in the next 12-18 months. However, the outlook
could be revised to positive if the bank returns to profitability
on a sustainable basis which will help in internal capital
generation.

What could lead to a downgrade:

OBC's BCA and ratings could be lowered if further credit losses
worsen its capital position. Any indication that government
support has diminished for the bank could also lead to a
downgrade of the bank's ratings.

The principal methodology used in these ratings was Banks
published in September 2017.

Bank of India (Lead Analyst: Srikanth Vadlamani)

Long-term local and foreign currency bank deposit ratings
affirmed at Baa3; outlook changed to stable from negative

Short-term local and foreign currency bank deposit ratings
affirmed at P-3

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating affirmed at
(P)Ba3

Pref. stock (non-cumulative) rating affirmed at B3(hyb)

BCA and Adjusted BCA affirmed at ba3

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the bank changed to stable from negative

Bank of India, headquartered in Mumbai, reported total assets of
INR6.3 trillion ($97 billion) as of June 30, 2017.

Bank of India (London) (Lead Analyst: Srikanth Vadlamani)

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to stable from negative

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating affirmed at
(P)Ba3

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the branch changed to stable from negative

Bank of India, Jersey Branch (Lead Analyst: Srikanth Vadlamani)

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to stable from negative

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating affirmed at
(P)Ba3

Foreign currency junior subordinate MTN program rating affirmed
at (P)B1

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the branch changed to stable from negative

Union Bank of India (Lead Analyst: Alka Anbarasu)

Long-term local and foreign currency bank deposit ratings
affirmed at Baa3; outlook changed to stable from negative

Short-term local and foreign currency bank deposit ratings
affirmed at P-3

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating affirmed at
(P)Ba3

Foreign currency junior subordinate MTN program rating affirmed
at (P)B1

BCA and Adjusted BCA affirmed at ba3

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the bank changed to stable from negative

Union Bank of India, headquartered in Mumbai, reported total
assets of INR4.5 trillion ($69 billion) as of June 30, 2017.

Union Bank of India, Hong Kong Branch (Lead Analyst: Alka
Anbarasu)

Foreign currency senior unsecured debt rating affirmed at Baa3;
outlook changed to stable from negative

Foreign currency senior unsecured MTN program rating affirmed at
(P)Baa3

Foreign currency subordinated MTN program rating affirmed at
(P)Ba3

Foreign currency junior subordinate MTN program rating affirmed
at (P)B1

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the branch changed to stable from negative

Oriental Bank of Commerce (Lead Analyst: Srikanth Vadlamani)

Long-term local and foreign currency bank deposit ratings
affirmed at Baa3; outlook changed to stable from negative

Short-term local and foreign currency bank deposit ratings
affirmed at P-3

BCA and Adjusted BCA affirmed at ba3

CRA affirmed at Baa3(cr)/P-3(cr)

Outlook for the bank changed to stable from negative

Oriental Bank of Commerce, headquartered in New Delhi, reported
total assets of INR2.4 trillion ($38 billion) as of June 30,
2017.


BHAVNAGAR ENERGY: CARE Reaffirms D Rating on INR3302.24cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhavnagar Energy Company Limited (BECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          3,302.24      CARE D Reaffirmed


Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BECL continue to
take into account on-going delays in servicing of debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: After prolonged delay in
execution of BECL's lignite based power plant along with cost
overrun, Unit-I of the plant achieved commercial operations on
May 16, 2016 while Unit-II achieved it on March 27, 2017.
However, due to significantly sub-optimal level of plant
availability factor alongwith significant project cost overrun,
there is drastic under-recovery of fixed charges. This has led to
lower than envisaged cash flows resulting in stressed liquidity
and delays in debt servicing.

BECL is a special purpose vehicle (SPV) promoted by seven Gujarat
state Public Sector Units (PSUs), to establish and operate a 500
Megawatt (MW; 2 x 250 MW units) lignite-based pithead power plant
at Padva village, near Bhavnagar in Gujarat. BECL has power
purchase agreement (PPA) for 25 years with Gujarat Urja Vikas
Nigam Ltd. (rated CARE AA-; Stable / CARE A1+) for off-take of
power on ex-plant (bus bar) basis.

The project implementation started in February 2010 and COD of
the first unit of 250 MW (Unit-I) was originally envisaged in
February 2013 (three years from project start date), and COD of
second unit of 250 MW (Unit-II) was envisaged in May 2013, at an
initial project cost of INR3,742 crore (Rs.7.48 crore per mw) and
debt equity ratio of 4:1.

However, there has been an aggregate delay of 46 months in the
project execution from the original COD of May 2013 to revised
project COD of March 27, 2017. While Unit-I of the project (250
MW) achieved COD on May 16, 2016, the Unit-II achieved COD on
March 27, 2017.

Further, some of the facilities like lignite and lime handling
system, some parts of balance of plant, ash handling system, lime
milling and conveying system and sea water and cooling water
system are yet to be completed.

As a result the plant has been facing various teething issues in
achieving sustained power generation on a commercial basis.

Inordinate delays in project execution has resulted in
significant cost over-run, with the revised project cost now
being estimated at INR5,084 crore. This revised project cost is
expected to be funded with term loan of INR4,000 crore (Rs.3,572
crore already sanctioned) and the balance by promoter
contribution (equity and subordinated debt).


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

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

-- INR25 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
November 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rourkela (Odisha)-based Brahmani Developers was incorporated in
2007. The company executes civil construction contracts for
various public and private sector parties and is also engaged in
the real estate (residential and commercial) development
business.


CURA SANITARYWARE: CARE Lowers Rating on INR6cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cura Sanitaryware LLP (CSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities             6.00       CARE D Revised from CARE B+

   Short Term Bank
   Facilities             0.30       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of CSL is
due to ongoing delay in debt repayment owing to weak liquidity
position.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
repayment of principle and interest amount due to weak liquidity
position.

Cura Sanitaryware LLP (CSL) incorporated in October 2015 mainly
by Mr. Nisarg Faldu, Mr. Bharat Makasana and Mr. Bharat Gami to
manufacture high quality sanitary wares. It operates from its
sole manufacturing facility at Morbi in Gujarat. CSL's major
products include one piece closets, wall hung closets, basins,
table tops and other ceramic products. CSL commenced operations
from mid-October 2016.


EAST HOOGHLY: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated East Hooghly
PolyPlast Private Limited's (EHPPL) 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:

-- INR76.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR3.84 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR38.43 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
November 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

EHPPL, incorporated in December 2009, is promoted by Mr. Mainak
Mondal, Mr. Bimal Pal and Mr. Kamal Pal. The company, based in
Hooghly (West Bengal), has an existing capacity to produce
4,800MTPA of polypropene, fabric and manufactures high-density
polyethylene tarpaulins and fabric sheets used in the agriculture
and construction industries, and as truck and container liners,
wagon covers, temporary shelters (tents), poultry shading and
packing materials. The company sells its products under the brand
name, TARPEX.


EMPEE SUGARS: Withdraws Insolvency Petition
-------------------------------------------
Economic Times reports that Empee Sugars and Chemicals has
withdrawn the insolvency petition it filed before the National
Company Law Tribunal's (NCLT) Hyderabad bench after its main
lenders agreed to assign their outstanding loans to leading
stressed loans buyer Edelweiss Assets Reconstruction Company.

Empee Sugars and Chemicals earlier last month submitted before
the NCLT that its secured lenders, including Bank of India and
Indian Overseas Bank, have assigned all their outstanding loans
in favor of Edelweiss ARC, making the latter the lone secured
financial creditor, the report recalls.

ET reviewed a copy of the submission made on October 12.
Outstanding debt that Empee Sugars and Chemicals defaulted as of
July end amount INR762.94 crore. Its other lenders and
operational creditors include Andhra Bank, Federal Bank, Indian
Bank, Oriental Bank of Commerce, Punjab National Bank, Union Bank
of India, Sugar Development Fund, Pahorpur Cooling Towers, RR
Thulasi Builders and Isgec Heavy Engineering, ET discloses.

In its submission to NCLT, Empee Sugars and Chemicals said it
would restructure the dues of unsecured creditors with the
approval of Edelweiss ARCRs, ET notes. The company said it plans
to revive sugar production at Naidupet unit of Andhra Pradesh and
power generation at Ambasamudram unit of Tamil Nadu.

An NCLT bench comprising Ravikumar Duraisamy and Rajeswara Rao
Vittanala disposed Empee Sugars and Chemicals' insolvency
petition as withdrawn after observing that none of the counsels
appearing for both secured and unsecured lenders opposed it, ET
reports.

The sugar producer with a registered office at Naidupet and two
sugar plants, in Andhra Pradesh and Tamil Nadu, had claimed heavy
losses while moving the tribunal on August 24, 2017, the report
notes.

Empee Sugars and Chemicals Ltd is engaged in the manufacturing of
sugar and spirits including ethanol. The Company started its cane
crushing operation in 1992 at Naidupet Unit in Andhra Pradesh and
later ventured into the production of Spirits namely rectified
spirits and extra neutral alcohol. ESCL has two operating units
at Naidupet (Nellore) in Andhrapradesh and Ambasamudram
(Tirunelveli) in Tamil Nadu.


EPARI'S JEWELLERS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned Epari's Jewellers
(EJ) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.
The instrument-wise rating action is:

-- INR126 mil. Fund-based limit assigned with IND B/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect EJ's tight liquidity position as reflected by
lengthy working capital cycle of 177 days (FY16: 186 days,) and
near full average utilisation of fund-based limit for the 12
months ended September 2017.

The ratings are also constrained by the company's small scale of
operations and moderate credit metrics. Revenue was INR356
million in FY17 (FY16: INR356 million), EBITDA margin was 7.3%
(7.2%), EBITDA interest coverage (operating EBITDAR/gross
interest expense + rents) was 1.51x (1.48x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 4.92x
(4.98x).

However, the ratings are supported by the promoter's over four
decades of experience in the jewellery trading business.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will lead to a
positive rating action.

Negative:  Continued stretched liquidity position will lead to a
negative rating action.

COMPANY PROFILE

Odisha-based, EJ was incorporated in 1998 as a partnership firm.
The company is engaged in the trading of gold jewellery. It is
managed by Madhav Rao Epari, Arvind Kumar Epari and Bhanumathi
Epari.


GOYAL ENTERPRISES: CARE Assigns B+ Rating to INR10.18cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Goyal
Enterprises (GES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.18       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GES continues to
remain constrained on account of its thin profitability margins,
leveraged capital structure and moderate liquidity position. The
rating, further, continues to remain constrained on account of
susceptibility of profitability to cotton price fluctuation,
changes in the government policy and presence in the highly
competitive and fragmented industry with limited value addition.

The rating, however, continues to derive comfort from the
experience of the promoters into cotton industry and proximity of
its manufacturing facility to the cotton growing areas of
Maharashtra.

GES's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators while managing its working capital
requirement efficiently remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in profitability margins, leveraged capital structure and
moderately stressed liquidity position: The profitability margins
of the firm has declined y-o-y basis mainly on account of
increase in traded sales of cotton bales. The profitability
margins of the firm remained thin marked by PBILDT and PAT margin
of 1.57% and 0.16% respectively in FY17 (3.50% and 0.29% in
FY16).

The capital structure of the firm stood leveraged with an overall
gearing of 3.00 times as on March 31, 2017, deteriorated mainly
on account of higher utilization of working capital bank
borrowings. The debt service coverage indicators stood weak,
marked by total debt to GCA of 25.75 times as on March 31, 2017
deteriorated marginally mainly due to marginal decline in GCA
level. Further, interest coverage ratio also stood moderate at
1.46 times in FY17.

The liquidity position of the firm stood moderate marked by 80-
90% utilization in seasonal time and 40-50% utilization in non-
seasonal duration during last twelve months ended September,
2017. The current ratio stood comfortable at 1.27 times as on
March 31, 2017, however, quick ratio stood below unity at 0.58
times as on March 31, 2017 mainly due to maintenance of higher
inventory of finished goods to meet the customer demands. The
operating cycle of the firm has improved in FY17.

Operating margins are susceptible to cotton price fluctuation,
changes in the government policy and seasonality associated with
the cotton industry: Operations of cotton business are seasonal
in nature. Prices of raw material i.e. raw cotton are highly
volatile in nature and depend upon factors like monsoon
condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year.
Furthermore, cotton being a seasonal crop, the inventory levels
of the entity generally remains high at the end of the financial
year.

Key Rating Strengths

Experienced Management: GESF is incorporated by three partners of
the Goyal family, i.e., Mr. Phoolchand Goyal, Ms. Sapna Goyal and
Ms. Shobhna Goyal, in 2011. The Goyal group is engaged in the
cotton ginning and pressing business since more than two decades.

All the partners are actively involved in the day-to-day
operations of the firm and have around two decades of experience
in the cotton ginning and pressing business through the group
concerns namely, M/s. Goyal Cotton Fiber (Rated: CARE BB-), M/s.
Kedareshwar Fibers and M/s. Goyal Udhyog.

Significant improvement in Total Operating Income (TOI)
During FY17, TOI of the firm has improved significantly by 97.08%
over FY16 mainly on account of increase in sale of cotton seeds
and bales.

Sale from cotton bales has contributed 74.20% in FY17 and cotton
seeds contributed 16.31% of TOI, cotton seeds cake contributed
6.46% of TOI and remaining from sale of cattle feed, subsidy and
interest income

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer states in India. The plant of
GES is located in one of the cotton producing belt of Beed
(Maharashtra) in India. The presence of GES in cotton producing
region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

GES was incorporated in June 2011 by Mr. Kailash Mittal and Mrs
Savita Mittal as a private limited company. GES is engaged into
the business of cotton ginning and pressing. GES deals in 'Mech-
1' type of cotton which is being sourced through local farmers
from Maharashtra. GES operates from its sole manufacturing plant
located at Beed (Maharashtra) which has an installed capacity to
process cotton bales of 56,000 quintals per annum and for cotton
seeds of 1,04,000 quintals per annum as on March 31, 2017.


G V PARIVAAR: CRISIL Reaffirms B+ Rating on INR7.25MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with G V Parivaar
Retails Limited (GVRPL) for obtaining information through letters
and emails dated September 12, 2017 and October 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .15       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            7.25       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     0.10       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of G V Parivaar Retails Limited.
This restricts CRISIL's ability to take a forward G V Parivaar
Retails Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/CRISIL A4'.

Incorporated in 2008 as a closely held public limited company,
GVRPL is promoted by Mr. Vimmal Sethi, Ms. Kanchan Sethi, and Ms.
Amita Sethi. It is an authorised distributor for Samsung
refrigerators, televisions, air conditioners, washing machines,
and microwave ovens and its daily operations are handled by Mr.
Vimmal Sethi, the managing director.


KAMESHWAR INDUSTRIES: CARE Assigns B+ Rating to INR8.45cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kameshwar Industries (KIND), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.45       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of KIND is constrained
on account of its modest scale of operations, low profit margins,
leveraged capital structure and weak debt coverage indicators
along with long operating cycle. The rating is further
constrained on account of its partnership nature of constitution,
susceptibility of operating margins to cotton price fluctuation
and its presence in highly fragmented and seasonal industry with
regulatory controls.

The rating, however, derives strength from experienced partners
in the cotton industry and location advantage on account of it
being located in the cotton-producing area of Gujarat.

The ability of KIND to increase its scale of operations along
with an improvement in profit margins, solvency position, debt
protection metrics along with efficient working capital
management would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low margins

The total operating income (TOI) of KIND registered de-growth of
37.56% in FY17 (refers to the period April 1 to March 31) on the
back of lower sales volume of cotton bales. Owing to low value
addition nature of operations, PBILDT and PAT margin stood low
during FY17.

Leveraged capital structure, weak debt coverage indicators and
long operating cycle: The capital structure of KIND stood
leveraged as marked by an overall gearing ratio of 3.32 times as
on March 31, 2017. Owing to low net worth base and high debt
level, overall gearing stood high as on March 31, 2017.
Further, with low level of cash accruals and high debt level
total debt to GCA also stood weak at 27.49 times as on March 31,
2017 while interest coverage ratio remained moderate at 1.41
times for FY17.

Operating cycle stood elongated at 130 days during FY17 owing to
high inventory days. Due to seasonal nature of operations, the
firm has to maintain high inventory level which requires high
utilization of working capital limits as well. Average working
capital utilization for trailing 12 month period ended September
2017 stood high at 90%.

Partnership nature of its constitution with presence in highly
fragmented and seasonal industry along with regulatory controls
The constitution as a partnership firm restricts KIND's overall
financial flexibility as there is inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of partner. Also, the industry is highly
fragmented marked by presence of large number of units operating
in cotton ginning business, while cotton being a seasonal crop is
dependent upon the vagaries of monsoon. Furthermore, the cotton
supply and prices in India are highly regulated by the government
through Minimum Support Price (MSP) and export regulations.
Susceptibility of operating margins to cotton price fluctuation
The price of raw material i.e. raw cotton is highly volatile in
nature and depends upon factors like area under production, yield
for the year, international demand supply scenario, export quota
decided by government and inventory carry forward of last year
which exposes the ginners to price volatility risk.

Key Rating Strengths

Experienced promoters in the cotton industry: The management of
KIND rests in the hands of Mr. Parsottambhai S. Patel who has an
experience of around a decade in the same line of business.

Location advantage
KIND's plant is located in cotton producing belt of Gujarat
region which is the largest producer of raw cotton in India
having benefits derived from lower logistics expenditure, easy
availability and procurement of raw materials, labour, water and
power connection.

Kadi based (Gujarat) KIND was established in June 2013 as a
partnership firm to carry on the business of cotton ginning and
pressing. It is currently managed by 6 partners and operates from
its sole manufacturing plant situated in Kadi, Gujarat with an
annual installed capacity of 6,600 Metric tons (MT) of cotton
bales and 12,500 MT of cotton seeds as on March 31, 2017.


KNY PROJECTS: CRISIL Reaffirms B+ Rating on INR4.25MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of KNY Projects Private Limited (KNY).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          7        CRISIL A4 (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Cash Credit             4.25     CRISIL B+/Stable (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Proposed Cash           3.75     CRISIL B+/Stable (Reaffirmed;
   Credit Limit                     Removed from 'Issuer Not
                                    Cooperating')

The ratings reflect KNY's modest scale of operations and moderate
liquidity, with high bank limit utilisation. These weaknesses are
partially offset by promoter's extensive experience in the
consulting and civil construction industry and an average
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: KNY has a modest scale of
operations, with an operating income of INR16.3 crore in fiscal
2017; modest scale also restricts cost efficiencies. Moreover,
small size limits ability to participate in tenders of larger
value thus limiting its scope of growth.

* High bank limit utilization: Bank lines were 90% utilised, on
average, over the nine months through June 2017. Also, company
had availed ad hoc limits from June ' September 2017, of up to
INR20 lakh, which were regularised in a timely manner. With no
debt obligation, cash accrual, over and above growing working
capital needs, is expected to provide liquidity comfort over the
medium term.

Strengths

* Promoter's extensive experience: KNY's promoter has close to
two decades of experience in executing projects and providing
consultancy services. Mr. Ravi Yadav, MD and CEO, has worked in
Indian Oil Corporation Limited (IOCL) where he had overseen the
construction of several large projects. With his experience, the
business risk profile is expected to improve over the medium
term.

* Moderate financial risk profile: Financial risk profile is
supported by modest gearing of 0.8 time as on March 31, 2017. The
gearing is modest on account of nil debt obligation, and with no
debt-funded capital expenditure plans for the medium term,
gearing is expected to improve further. Moreover, the EBIDTA
coverage is also comfortable at 2.3 times on the back of improved
revenue and stable margins.

Outlook: Stable

CRISIL believes KNY will continue to benefit over the medium term
from the promoter's experience. The outlook may be revised to
'Positive' if sustainable growth in revenue and profitability,
while improving working capital management, strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if revenue and operating margin decline due to delays
in execution of projects or inefficient working capital
management leading to weak liquidity, or any large, debt-funded
capital expenditure weakening the financial risk profile.

Established in 2003 KNY, promoted by Mr. Ravi Yadav, provides
consultancy services such as architectural designs, including
validating and amending existing designs, budgeting for
construction, and overseeing the construction activity, along
with taking up construction contracts on its own.

On a provisional basis, KNY registered a profit of INR0.65 crore
on net sales of INR16.3 crore in fiscal 2017, against net profit
of INR0.69 crore on net sales of INR12.5 crore in fiscal 2016.


LILAMANI INFRA: CARE Moves B+ Rating to Not Cooperating
-------------------------------------------------------
CARE Ratings has been seeking information from Lilamani Infra to
monitor the rating vide e-mail communications dated May 17, 2017,
June 29, 2017, July 20, 2017, August 9, 2017, August 14, 2017,
August 21, 2017 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Lilamani's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        55.27       CARE B+; Issuer not
   Facilities                        cooperating

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

Detailed description of the key rating drivers

At the time of last rating on August 12, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Delay in the project completion and modest booking status: The
project progress has been slower than envisaged and the project
is now expected to complete with a delay of about one year in
December 2016 as against initial estimate of December 2015.
Furthermore, till May 31, 2016, Lilamani had received booking of
76 residential units (62 till July 22, 2015) aggregating
approximately 30% of total saleable units of the project.
High repayment obligation: The project term loan is repayable in
9 equal monthly instalments of INR6.67 crore each commencing from
February, 2017 out of booking receipts from members. Considering
modest booking status, receipt of advances from booked space as
well as future sales in time bound manner at envisaged rates
shall be very crucial.

Constitution as a partnership firm: Lilamani is a partnership
concern which restricts its financial flexibility and there is an
inherent risk of withdrawal of capital by the partners from the
firm.

Key Rating Strengths

Experienced promoter group with successful track record of
project execution: The operations of Lilamani are managed by Mr
Paras Vora and Mr Shreyans Vora, who have more than two decades
of experience in residential and commercial real estate
development. The group has successfully completed nearly 7
projects having more than 2000+ commercial units and 73 luxurious
residential units.

Ahmedabad-based Lilamani is a partnership firm constituted in
February 2012 by Mr Paras Vora and Mr Shreyans Vora to develop a
premium residential project under the name 'River Valley One' at
Hansol, Ahmedabad-Gujarat. The project consist of seven high-rise
residential towers (Basement + Ground Floor + Stair Cabin + 11
storeys) aggregating 253 (4 BHK) flats. The project is proposed
on 18,475 sq. mtrs (1.99 lakh sq. ft.) land owned by the Lilamani
group having total estimated saleable area of around 10.99 lakh
sq. ft. The project was launched in November 2013 and earlier
envisaged to be completed by December 2015 is now scheduled for
completion by the end of December 2016.


MAPSKO BUILDERS: CRISIL Reaffirms B Rating on INR270MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mapsko
Builders Private Limited (MBPL) for obtaining information through
letters and emails dated July 10, 2017 and August 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              270        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

MBPL, incorporated in January 2003, develops residential real
estate projects. It is a part of the Krishna Apra group that was
set up in 1997 by Mr. Amrit Singla (director, Apra Builders Ltd).
Mr. Singla, chairman and managing director of MBPL, looks after
operations.


NATHELLA SAMPATH: CARE Lowers Rating on INR355cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nathella Sampath Jewelry Private Limited (NSJPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      355.00      CARE D/CARE D; Revised from
   term Bank                         CARE BBB/CARE A3; ISSUER NOT
   Facilities                        COOPERATING on the basis of
                                     best available information

Detailed Rationale & Key Rating Drivers

Further to CARE's press release dated August 2, 2017 on NSJPL
wherein the rating on the company's bank facilities were denoted
as "Issuer not cooperating", CARE has been seeking information
from the company to monitor the rating vide various e-mail
communications and telephone calls. However, despite repeated
attempts by CARE, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

CARE has noted from publicly available information on closure of
NSJPL's retail showrooms and failure to meet commitments under
the Gold saving's schemes. Further, CARE's interaction with
bankers indicates delays in debt servicing by the company.

NSJPL, a Chennai-based company was incorporated on April 3, 2007
by the amalgamation of three partnership firms namely, Nathella
Sampath Jewellerie, NSC Jewellers and NSC & Co. The group was
promoted by Sriman Nathella Sampathu Chetty Garu in 1928 and the
retail operations commenced in 1998. The company is primarily
engaged in trading of gold jewellery and gold bullion which
accounted for almost 98% of the income for FY16 at INR1,388
crore. The company derives majority of its revenues from
wholesaling of gold jewellery which contributed to 72% (FY15: 74
%) of the company's net sales in FY16.


NEEDHISHREE BUILDCON: CRISIL Reaffirms 'B' Rating on INR10MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Needhishree
Buildcon Private Limited (NBPL) for obtaining information through
letters and emails dated July 10, 2017 and August 8, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         10        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

NBPL, incorporated in 2010, is constructing a residential
building, Ornate, in Jagriti Vihar, Meerut. Mr. Narendra Kumar
Sharma, Mr. Vinod Kumar Tyagi and Mr. Chetan Prakash, along with
their family members, are the promoters. The company is a part of
the Meerut-based Needhishree group, the promoters of which have
extensive experience in the real estate industry.


NK TOLL ROAD: Ind-Ra Withdraws Commercial Paper's Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
NK Toll Road Limited's (NKTRL) commercial paper (CP) as follows:

-- INR1,500 CP, issued on September 29, 2017 withdrawn with WD
    rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the CP as
NKTRL has repaid them in full.

The last published rationale for NKTRL can be accessed here.

COMPANY PROFILE

NKTRL is an SPV of Reliance Infrastructure Ltd. (IND A/RWN).  It
was set up with the objective to design, build and operate 43km
long four- lane section connecting Namakkal and Karur in Tamil
Nadu on NH 7. The project construction works have been completed;
the commercial operation for the project commenced in August
2009.


NKS CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with NKS Construction
and Engineers Private Limited (NKS) for obtaining information
through letters and emails dated September 18, 2017 and
October 9, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          14.4      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              5.0      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                0.6      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

NKS, set up as a proprietorship firm in 1992 by Mr. Nirmal Kumar
Swain in Cuttack (Odisha), was reconstituted as a private limited
company in April 2014. The company undertakes civil construction
and construction of pilling, dyke walls, reinforced cement
concrete (RCC) drains, RCC driveways, roads, and pathways on
contract.


ODYSSEUS LOGOS: CRISIL Assigns B+ Rating to INR8.25MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Odysseus Logos LLP (OLL). The rating
reflects exposure to project implementation phase, timely
stabilisation of operations and dependence on favorable climatic
conditions for power generation. These weaknesses are partially
offset by low off take risk driven by its 25-year power purchase
agreement (PPA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      1.75      CRISIL B+/Stable (Assigned)

   Proposed Term Loan      8.25      CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project implementation and stabilisation risks:
Project is yet to commence and thus exposed to implementation
risk. OLL has only acquired land and clearances have been
received. Timely implementation, stabilisation, and plant load
factor (PLF) during the initial phase of operations, will remain
critical, and hence, be monitored closely.

* Dependence on favorable climatic conditions for power
generation: A successful track record of solar panel efficiency
depends on exogenous factors and hence actual PLF over the medium
term will remain a critical rating sensitivity factor.

Strengths

* Healthy revenue visibility driven by long-term PPA with Vignan
Foundation: OLL's has entered into the 25-year PPA agreement with
Vignan Foundation for Science, Technology and Research (Vignan
Foundation), dependence on favorable climatic conditions for
power generation at a tariff of INR6.99 per unit.

Outlook: Stable

CRISIL believes OLL's credit risk profile will benefit from the
long tenure PPA. The outlook may be revised to 'Positive' if
timely implementation and stabilisation of the project leads to
high accruals along with timely payment track record from
counterparty. Conversely, the outlook may be revised to
'Negative' if delays in execution of project or lower-than-
expected cash accruals, or if delay in receipt of bills, leads to
stretched liquidity.

Setup in January 2016, OLL is setting up a 2 MW solar power plant
at Ananthapur, Andhra Pradesh, which is expected to be completed
by April 2018. It has entered into a 25 years PPA with Vignan
Foundation.


PARADIGM TUNNELING: Ind-Ra Migrates BB Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Paradigm
Tunneling Private Limited's (PTPL) 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:

-- INR30 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR110 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
October 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, PTPL commenced commercial operations in
FY16. It undertakes contracts for water drainages, tunnelling,
and water pipelining projects. The company is jointly promoted by
Mr. Sydney Kairanna, Mr. Vinay Shetty and Indel Corporation Pvt
Ltd.


PARKER PARKER: CRISIL Cuts Rating on INR45MM Term Loan to D
-----------------------------------------------------------
CRISIL has been consistently following up with Parker Parker VRC
Infrastructure Private Limited (PVIPL) for obtaining information
through letters and emails dated April 13, 2017, and May 10,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          45       CRISIL D (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facility
of PVIPL to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL
B/Stable/Issuer Not Cooperating.' The downgrade reflects delays
in servicing debt obligation. The delays have been confirmed from
publically available information.

PVIPL, incorporated in May 2012, is a joint venture between
Parker Estate Developers Pvt Ltd (rated 'CRISIL BB/Stable/Issuer
Not Cooperating') and VRC Constructions India Pvt Ltd (rated
'CRISIL BBB/Stable/CRISIL A3+'). PVIPL's promoters are Mr. Manish
Garg, Mr. Manohar Lal Garg, Mr. Rajiv Kumar Gupta, Mr. Ravinder
Mohan Garg and Mr. Chandra Shekhar Bansal. The company is
developing residential real estate projects, White Lily and White
Lily Residency, in Sonepat.


PARUL FOODS: CRISIL Lowers Rating on INR6MM Cash Loan to B+
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Parul Foods Specialities Private Limited (PFS) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

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

   Term Loan                4       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects deterioration of the business profile of
the company marked by decline in sales of INR9.7 crore in fiscal
2017 from INR24.5 crore in fiscal 2016. The decline in sales was
largely due to decline in bulk milk trading during the year. The
business risk profile was also adversely impacted by
demonetization and transition to GST. Operating income is
estimated at around INR7.5 crore over the period April-September
2017 and is expected to be around INR15 crore in fiscal 2018.

The ratings reflect small scale of operations and stretched
working capital. The above weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: PFS is a modest player in the
glucose industry with sales of less than INR10 crore in fiscal
2017. Modest scale of operations constrains the company's
bargaining power with customers and suppliers.

* Stretched working capital: PFS reported gross current asset
(GCA) days of 501 days on March 31, 2017 due to accumulated
inventory of INR12 crore. In the current fiscal, PFS has started
keeping more order backed inventory. Thus, GCA days are expected
to improve gradually over the medium term.

Strengths

* Extensive experience of the promoters: The promoters of the
company have more than 20 years of experience in the industry
which helps in maintaining good relationship with customers and
suppliers along the supply chain management.

Outlook: Stable

CRISIL believes that PFS will continue to benefit over the medium
term from the extensive experience and funding support of its
promoters. The outlook may be revised to 'Positive' if
significant improvement in scale of operations, while maintaining
healthy profitability, leads to higher-than expected cash
accrual. The outlook may be revised to 'Negative' if stretch in
working capital cycle or any additional debt-funded capital
expenditure weakens financial risk profile.

Incorporated in 1992 and promoted by Mr. Dev Raj Garg and Mr.
Satish Garg, Parul manufactures glucose powder (used in
confectionery items, biscuits, breads, chocolates, and other
edible items) and glutton from broken rice and also trades milk.
Facility is located in village Khanpur Kolian, Haryana.


R R ENERGY: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R.R. Energy
Limited's (RREL) Long-Term Issuer Rating of 'IND D'. The
instrument-wise rating actions are:

-- INR447.47 mil. Term loans (Long-term) due on October 2020
    withdrawn with WD rating;

-- INR240 mil. Fund-based working capital limits (Long-term)
    withdrawn with WD rating;

-- INR191 mil. Non-fund-based limits (Short-term) withdrawn with
    WD rating;

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain ratings for the bank
loans, as the agency has received no-objection certificates from
the lenders. This is consistent with The Securities and Exchange
Board of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for RREL.

COMPANY PROFILE

Incorporated in 2004, RREL has a ferroalloy manufacturing plant
and a 15MW biomass-based power plant in Raigarh, Chhattisgarh.


SAFE DEVELOPMENT: CRISIL Assigns 'D' Rating to INR15MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the long-
term bank facilities of Safe Development Alms Trust (SDAT). The
rating reflects recent delays in debt servicing by the trust due
to weak liquidity resulting from mismatch of fund flow.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        CRISIL D (Assigned)

   Proposed Long Term
   Bank Loan Facility      12.5      CRISIL D (Assigned)

   Proposed Term Loan       7.5      CRISIL D (Assigned)

The trust has a modest scale of operations, and faces geographic
concentration risk. However, it benefits from its strong track
record.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: The trust has delayed meeting its
debt obligation because of weak liquidity on account of fund flow
mismatch. Delays in the admission procedure at its medical
colleges led to delays in fee receipt.

* Modest scale of operations: SDAT's modest scale is indicated by
total operating income of INR54 crore in fiscal 2017 (Rs 40.9
crore in fiscal 2016).

* Geographic concentration in revenue: Operations are limited to
a single location, Palakkad (Kerala), where the hospital and
medical college are located, exposing the trust to the dynamics
of a single market.

Strength

* Strong track record: Presence of more than two decades in
various fields of medicine will continue to support operations.

SDAT is a registered charitable trust constituted by the Minority
Community of Muslims, with its headquarters at Karuna Hospital
Campus at Melamuri in Palakkad. Since its inception in 1993, the
trust has been in the medical education and healthcare segments.


SANTOSH CONSTRUCTION: CRISIL Assigns B+ Rating to INR7MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Santosh Construction & Infra
Private Limited & M/s Vijay Construction (JV) (SCIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           8        CRISIL A4 (Assigned)
   Cash Credit              7        CRISIL B+/Stable (Assigned)

The ratings reflect the high geographical concentration in
revenue and exposure to intense competition in the highly
fragmented industry. These weaknesses are partially offset by
extensive experience of its promoters in the civil construction
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and high geographical concentration
in revenue: Scale remains small in the competitive civil
construction segment. Also, majority of projects are from the
Government of Maharashtra, which exposes the firm's scale of
operations to the number of tenders floated in that region.
However, in the current year the firm has a healthy order book
which is expected to ramp up its revenues over the medium term.

* Exposure to intense competition: Low entry barrier has led to
many players in the civil construction industry, which affects
ability to win tenders and maintain profitability.

Strength

* Extensive experience of promoters: Presence of around 20 years
in the civil construction industry has enabled the promoters to
undertake several projects for the Government of Maharashtra
without significant delays.

Outlook: Stable

CRISIL believes that SCIPL will continue to benefit over the
medium term backed by its good project execution capability and
average capital structure. The outlook may be revised to
'Positive' if the concern reports substantial growth in its scale
of operations resulting in better-than-expected cash accruals
while managing its working capital requirements efficiently.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the concern's financial risk profile due to
lengthening of its working capital cycle or due to decline in
revenues and profitability.

SCIPL was formed by Mr. Santosh Murkute and Mr. Vijay Munde as a
joint venture. SCIPL is engaged in civil construction activities
in the irrigation segment in Maharashtra region.


SHIMNIT UTSCH: CRISIL Reaffirms B- Rating on INR2.0MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shimnit
Utsch India Private Limited (SUIPL) for obtaining information
through letters and emails dated September 19, 2017 and
October 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          8.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             2.0      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit        1.0      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

SUIPL, established in 2000, is a joint venture between Germany-
based Utsch AG and Shah Family. It manufactures high-security
vehicle license plates. Its operations are managed by director
Mr. Rushang Shah.


SRI MADAN: CARE Assigns B/A4 Rating to INR10cr LT/ST Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Madan Gopal Bhikam Chand Marketing Private Limited (SMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/short-      10.00       CARE B; Stable/ CARE A4
   term Bank                         Assigned
   Facilities

Rating Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SMPL are primarily
constrained on account of its fluctuating TOI with moderate
profitability margins, weak solvency position and liquidity
position. The ratings are, further, constrained on account of
seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry.
The ratings, however, derive strength from the experienced
management.

The ability of the company to increase in scale of operations
along with improvement in solvency position and better management
of working capital would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Fluctuating TOI with moderate profitability margins: The scale of
operations of the company has witnessed a fluctuating trend in
last three financial years ended FY17. During FY16, TOI of the
company has increased by 13.53% over FY15, however in FY17, TOI
has declined by 35.63% over FY16 mainly due to demonetization and
stood moderate with TOI INR32.24 crore in FY17. As per 9MFY18 TOI
stood at 7.03 crore.

Furthermore, profitability of the company stood moderate with
PBILDT and PAT margin of 4.61% and 0.26% in FY17. The PBILDT
margin has increased over FY16 owing to decline in cost of traded
goods. In line improvement with PBILDT, PAT margin has also
improved over FY16 owing to higher increase in PBILDT as compared
to increase in interest cost.

Weak solvency position and liquidity position: The capital
structure of SMPL stood highly leveraged with an overall gearing
of 5.00 times as on March 31, 2017, deteriorated y-o-y mainly on
account of increase in total debt. Further, debt service coverage
indicators of the company stood weak as reflected by total debt
to GCA of 102.11 times as on March 31, 2017, improved y-o-y
mainly due to increase in gross cash accruals. Interest coverage
ratio stood low at 1.11 times in FY17 as against 1.13 times in
FY16 due to increase in interest cost.
SMPL has almost full utilized its working capital bank borrowings
in last twelve month ended September 2017. Liquidity position of
the company stood moderate marked by current ratio and quick
ratio at 1.27 times and 0.72 times respectively as on March 31,
2017, deteriorated from 1.13 times and 0.64 times respectively as
on March 31, 2016.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry
As the company is engaged in the business of trading of
agriculture commodities, the prices of agriculture commodities
remained fluctuating and depend on production yield, demand of
the commodities and vagaries of weather. Hence, profitability of
the company is exposed to vulnerability in prices of agriculture
commodities.

Further, the business of the firm is characterized by highly
fragmented and competitive in nature as evident by the presence
of numerous unorganized and few organized players. The entry
barriers in this industry are very low on account of low capital
investment and technological requirement. Due to this, the
players in the industry do not have any pricing power.

Further, the industry is characterized by high degree of
government control both in procurement and sales for agriculture
commodities. Government of India (GoI) decides the Minimum
Support Price (MSP) payable to farmers.

Key Rating Strengths

Experienced management

Mr. Rajesh Kumar Mall, director, is graduate by qualification and
has more than two decades of experience in the industry. He look
after overall affairs of the company. Further, he is equally
supported by Mrs. Kusum Mall, who is having around 17 years of
experience and she look after the marketing and sales function of
the company. Further, the directors are assisted by Mr. Mithilesh
Singh and Mr. Ramji Lal Bagda, both are look after the accounts
and finance function of the company.

Jaipur (Rajasthan) based, SMPL was established in 2006 as a
private limited company by Mall Family. SMPL is engaged in
trading and exports of agricultural products, such as spices,
animal feeds, and herbs. It also trades in lac, used in bangles
and paints, in the domestic market.

SMPL exports to Srilanka, Bangladesh and Dubai. In domestic
market SMPL serving mainly Rajasthan and Madhya Pradesh.


SRI RAGHURAMACHANDRA: CARE Assigns B+ Rating to INR7.5cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Raghuramachandra Rice Industries (SRRI), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SRRI are tempered
by small scale of operations along with low net worth base, thin
PAT margin, leveraged capital structure and weak coverage
indicators, seasonal availability of paddy resulting in working
capital intensive nature of operations, constitution of entity as
a proprietorship firm with inherent risk of withdrawal of
capital. The ratings are, however, underpinned by moderate track
record and experience of proprietor in the rice milling industry,
stable growth in total operating income and moderate PBILDT
margin during the review period, healthy demand outlook of rice.

Going forward, ability of the firm to increase its scale of
operations and maintain profitability margins in competitive
environment, ability of the firm to improve its capital structure
and managing the working capital requirements effectively would
be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations along with low net worth base: SRRI has
a track record of around six years in the milling and rice
processing industry. The total operating income of the firm stood
at INR21.81 crore in FY17 with low net worth of around INR1.83
crore as on March 31, 2017 as compared to other peers in the
industry.

Thin PAT margin: The PAT margins of the firm increasing during
the review period from 0.70% in FY15 to 1.11% in FY17 on account
of decrease in depreciation, interest and finance charges,
however still remained thin.

Leveraged capital structure and weak coverage indicators: The
capital structure of the firm remained leveraged for the last
three balance sheet date ended March 31, 2017 marked by debt
equity and overall gearing ratio deteriorated from 0.77x and
4.17x respectively as on March 31, 2015 to 1.38x and 4.86x
respectively as on March 31, 2017 on account of higher amount of
working capital bank borrowings as on closing balance sheet date
ended March 31, 2017 coupled with increase inunsecured loans and
increase in term loans for the purchase of machinery and
equipment.

The debt coverage indicators of the firm remained weak level in
FY17 marked by total debt/GCA which deteriorated from 14.10x in
FY15 to 19.03x in FY17 due to increase in total debt levels.
Furthermore, the PBILDT interest coverage ratio, even though
improved from 1.74x in FY15 to 1.98x in FY17 due to increase in
PBILDT coupled with decrease in interest cost , still remained
weak.

Seasonal availability of paddy resulting in working capital
intensive nature of operations: Paddy in India is harvested
mainly at the end of two major agricultural seasons Kharif (June
to September) and Rabi (November to April). The millers have to
stock enough paddy by the end of the each season as the price and
quality of paddy is better during the harvesting season. During
this time, the working capital requirements of the rice millers
are generally on the higher side. Majority of the firm's funds
are blocked in inventory and with customers. Moreover, the paddy
is procured from the farmers generally against cash payments or
with a minimal credit period of 10-15 days while the millers have
to extend credit to the wholesalers and distributors around 20-30
days resulting in high working capital utilization reflecting
working capital intensity of business. The average utilization of
fund based working capital limits of the firm was utilized 80%
during the last 12 months period ended September 30, 2017.
Constitution of entity as a proprietorship firm with inherent
risk of withdrawal of capital: With the entity being partnership
firm, there is an inherent risk of instances of capital
withdrawals by partners resulting in lesser of entity's net
worth. Further, the partnership firms are attributed to limited
access to funding.

Key Rating Strengths

Moderate track record and experience of proprietor in the rice
milling industry: SRRI was established in 2011 by Mr. Raghuram
Ambati. He is a qualified MBA and has around six years of
experience in the rice milling and processing industry.
Stable growth in total operating income and fluctuating PBILDT
margin albeit remained comfortable during the review period
The total operating income of the firm increased from INR20.36
crore in FY15 to INR21.81 crore in FY17 on account of continuous
demand from existing customers along with addition of new
customers.

The firm has moderately comfortable PBILDT margins during review
period. The PBILDT margin of the firm is increased from 5.63% in
FY15 to 5.73% in FY17 due to decrease in the raw material prices
(paddy).

Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the
rice millers and thus the demand is expected to remain healthy
over medium to long term. India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. The rice industry in India
is broadly divided into two segments - basmati (drier and long
grained) and non-basmati (sticky and short grained). Demand of
Indian basmati rice has traditionally been export oriented where
the South India caters about one-fourth share of India's exports.
However, with a growing consumer class and increasing disposable
incomes, demand for premium rice products is on the rise in the
domestic market. Demand for non-basmati segment is primarily
domestic market driven in India. Initiatives taken by government
to increase paddy acreage and better monsoon conditions will be
the key factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of
the population in India has a stable domestic demand outlook. On
the export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.

Karnataka based, Sri Raghuramachandra Rice Industries (SRRI) was
established in 2011 as proprietorship firm by Mr. Raghuram
Ambati. SRRI is engaged in milling and processing of rice. The
rice milling unit of the firm is located at Raichur, Karnataka.
Apart from rice processing, the firm is also engaged in selling
off its by-products such as broken rice, bran and husk. The main
raw material paddy is directly procured from local farmers
located in and around Raichur, Karnataka and sells its finished
products of rice and other by-products in the open market
Karnataka, Tamil Nadu and Andhra Pradesh. Currently the firm is
processing around 3 tons of rice in an hour.


SRI SAI APPA: CRISIL Reaffirms 'B' Rating on INR4MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Sri Sai Appa Biocare (SSABC) at 'CRISIL B/Stable'
and reassigned its 'CRISIL A4' rating for the short term bank
facilities. CRISIL's ratings on the bank facilities of SSABC
continue to reflect its small scale of operations amidst
susceptibility to sudden changes in government policies and weak
financial risk profile. These weaknesses are partially offset by
the extensive experience of the firm's partners in the
distribution industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reassigned)

   Cash Credit             1        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4        CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations amidst susceptibility to sudden
changes in government policies: The scale of operations was small
with revenues of around INR2.1 crore for fiscal 2017.The small
scale of operations was due to the early stage of operations of
the firm.Furthermore,the government caps on the prices of stents
put pressure on the firm's operations.

* Weak financial risk profile: The firm has a weak financial risk
profile marked by high gearing and below average debt protection
metrics.

Strength

* Extensive experience of the partners: The partners have an
experience of over 25 years in the distribution industry and have
over 14 years of experience in the medical distribution industry.
Owing to their experience, the firm was able to obtain a
dealership agreement with Abbot India Limited.

Outlook: Stable

CRISIL believes SSABC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if the scale of operations improves significantly and
improves profitability. The outlook may be revised to 'Negative'
if increase in working capital requirement or decline in cash
accrual weakens financial risk profile.

Established in May 2016 as a partnership firm by Mr Ramesh K R
and Mr Sachidanandam S, SSABC is a Chennai based authorized
distributor of coronary stents, surgical implants, medical
equipment and medical devices of Abbot India Limited in Tamil
Nadu and Pondicherry.


SRI VENKATESWARA: CARE Assigns B+ Rating to INR6cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Venkateswara Agencies (SVA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6         CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SVA takes into
consideration small scale of operations with thin profitability
margins, weak debt coverage indicators along with constitution of
the entity as partnership firm with inherent risk of withdrawal
of capital. The rating is further tempered by cyclical nature of
poultry industry; risk associated to any outbreaks of bird flu
and other diseases and highly fragmented industry with intense
competition from large number of players. The rating, however,
derive strength from long track record of the firm and experience
of the promoter for more than four decade in poultry business
along with growth in total operating income with comfortable
capital structure and stable demand outlook of poultry products.

Going forward, ability of the firm to increase its scale of
operations with improvement in profitability margins and ability
to manage working capital requirements efficiently would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with thin profitability margins
The profitability margins of the firm are seen declining during
review period. The PBILDT margin declined from 8.56% in FY14
(refers to the period of April 01 to March 31) to 4.08% in FY16
due to increase in material cost. The PAT margin of the firm is
seen fluctuating and remained thin in the range of 0.45% to 0.28%
in FY16 due to low PBILDT margin coupled with increase in
interest cost at the back of increase in working capital
utilization coupled with term loan availed to support the
increasing scale of business operations.

Week debt coverage indicators

The debt coverage indicators of the firm remained weak during
review period (FY14-FY16) marked by high total debt/GCA which
stood at 18.56x in FY16 due to low cash accruals and PBILDT
interest coverage ratio at 1.58x in FY16.

Highly fragmented industry with intense competition from large
number of players: SVA faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the firm.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partners'
capital at the time of personal contingency which can affect its
capital structure. Further, partnership concern has restricted
access to external borrowing which limits their growth
opportunities to some extent.

Cyclical nature of poultry industry: The poultry industry has to
create a balance between its profit margin and consumer concerns.
The farmers are producing blindly, without taking the cyclical
impact of production, market and prices into account. They only
become aware of the problem when price actually fall. There is a
lack of production and demand database to forewarn farmers
against shortages and gluts.

Risk associated to any outbreaks of bird flu and other diseases:
There is a risk of outbreak of diseases that could adversely
affect the products of the project. When poultry is kept
intensively, the risk of disease is very high for the mere reason
that the birds are too close to each other. If proper vaccination
programs are not followed the business could suffer major
financial losses. It is important that a proper vaccination
programme is followed. The vaccination will minimize the threat
of diseases. Personnel will ensure that the birds are monitored
for diseases and that the chicken housing are kept clean and
secure from other event risks.

Key Rating Strengths

Experience of the promoter for more than a decade in Poultry
business: SVA was established in the year 1972 and is promoted by
Mr C.Raju. He is a science graduate and has more than four decade
of experience in the poultry business. Due to long term presence
in the market, the proprietor has good relations with suppliers
and customers.

Growth in total operating income with comfortable capital
structure: The total operating income of the firm grew at a CAGR
(Compound Annual Growth Rate) of 10.41% from INR22.51crore in
FY14 to INR27.44 crore in FY16 due to stable demand of eggs
coupled with repeat orders from existing customers and addition
of new customers. Further, during FY17, the firm has achieved
total sales of INR30 crore.

The debt equity ratio of the firm remained comfortable at below
unity for the last three balance sheet date ended March 31, 2016
due to minimal amount of term loan present in the long term debt
prolife of the firm. Moreover, the overall gearing ratio also
improved and remained at moderate level of 1.94x as on March 31,
2015 to 1.88x as on March 31, 2016 due to increase in tangible
net worth.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Sri Venkateswara Agencies (SVA) was established in 1972 by Mr
C.Raju along with his family members as a Partnership firm. SVA
is engaged in poultry services like hatching of eggs, trading of
eggs and manufacturing of sogo. SVA poultry farm has capacity to
keep 1,20,000 birds with an average egg production of 1,00,000
per day. The firm purchases the eggs from Sri Devi Egg Traders,
Om Murugan Enterprises and Mahendhra Feeds and foodsand sells the
eggs within the state of Karnataka to local traders. The firm
purchase Tapioca (Raw material for Sago manufacturing) from Saran
Traders and
Vijay Traders and sells to Sogoto Sago Serve, Sri SakthiVinayaka
Traders among others .The firm receives the 90% income through
sell of eggs and 10% income through Sago business.


TATA STEEL: Moody's Revises Outlook to Stable; Affirms Ba3 CFR
--------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook on Tata
Steel Ltd. and Tata Steel UK Holdings Limited (TSUKH) to stable
from negative.

Moody's has also affirmed Tata Steel's Ba3 corporate family
rating (CFR) and TSUKH's B3 CFR. At the same time, Moody's has
withdrawn the B3-PD probability of default rating for TSUKH.

RATINGS RATIONALE

"The change in the ratings outlook to stable from negative
reflects Moody's expectation that the benign operating
environment and recovery in the financial performance of TSUKH
and Tata Steel over the last few quarters will continue over a
longer term, leading to a sustained improvement in its credit
metrics," says Kaustubh Chaubal, a Moody's Vice President and
Senior Analyst.

Tata Steel's consolidated adjusted leverage -- as indicated by
adjusted debt/reported EBITDA -- stood at an estimated 4.7x at
end-September 2017, down from 8.9x in March 2016.

Strong growth prospects -- in particular, in its key operating
markets of India, Europe and South East Asia -- with apparent
steel consumption (production + imports -- exports) slated to
grow, amid capacity removals in China, augur well for Tata Steel.

Moody's expects China's steel production capacity to continue to
decline with the government's implementation of supply-side
reforms and environmental protection measures that have forced
the closure of inefficient mills and prompted consolidation in
the industry, leading to a decline in Chinese exports and
supporting regional steel prices.

As for demand, Moody's expects India's steel consumption to grow
in the mid-single digits in 2017 and 2018, on the back of
economic activity with expected GDP growth in the 7.3% - 7.5%
area. Moreover, implementation of the goods and services tax
(GST) in July will help the organized sector, and strong brand
recall players, such as Tata Steel, will be major beneficiaries.

In Europe -- by far Tata Steel's second largest market by volume
with expected annual shipments of 10 million tonnes (mt) in the
fiscal year ending March 2018 (FY2018) -- sustained demand from
key user industries, such as automotive, construction and capital
goods, will lead apparent steel consumption to grow by an
estimated 2% in calendar 2017 and by 1.5% in 2018.

As a result, consolidated EBITDA/tonne will average INR7,500 --
7,900 in FY2018, higher than the stable outlook trigger of
INR7,000. Moreover with half the sales volumes from the higher
profitable Tata Steel India (TSI) business -- that generates
EBITDA/tonne in the INR10,000 - INR12,000 range, up from ~ 40% in
FY2016 -- will drive a meaningful improvement in consolidated
earnings. Absent any large capital expenditure and investment
needs, free cash flow generation will improve and allow
deleveraging.

Following Tata Steel's signing of the memorandum of understanding
(MoU) with thyssenkrupp AG (Ba2 developing) in September, Moody's
expects Tata Steel to enter into a definitive agreement for a
joint venture (JV) of its European business by March 2018 and the
consummation of the JV by March 2019. The transaction is at an
early stage with signing and possible closing subject to due
diligence and approvals from respective shareholders and
antitrust authorities.

The change in the ratings outlook to stable rests on Moody's view
that Tata Steel will maintain a cautious approach when evaluating
expansions or potential acquisitions. Large debt-funded
investments, if any, that slow the pace of leverage correction
could weigh on the ratings. That said, given the significant
improvement in operating and financial metrics, there is
sufficient headroom under the ratings.

In light of the significant improvement in operating and credit
metrics, upward ratings pressure is likely to build over the next
12-18 months. Tata Steel's ratings could be upgraded if adjusted
debt/EBITDA improves towards 4.0x -- 4.5x and EBIT/interest
coverage improves to 3.0x.

A downgrade is unlikely, given the return of the outlook to
stable. That said, downward pressure could build if there is any
reversal in the trajectory for leverage correction, as a result
of a sudden shift in industry conditions, or if the company
undertakes overtly aggressive investments or acquisitions.
Adjusted leverage exceeding 5.0x -- 5.5x on a sustained basis
could be a leading indicator of a downgrade.

Sustained improvements in TSUKH's credit metrics, such that
adjusted debt/EBITDA remains below 6.5x, will support an upgrade
of the corporate family rating.

Moody's does not anticipate any downward pressure on the
company's fundamental credit quality. Any revision in Moody's
support assumptions from Tata Steel could pressure the ratings.

The principal methodology used in these ratings was Steel
Industry published in September 2017.

Tata Steel Ltd. is an integrated steel company headquartered in
Mumbai. It acquired the operations of Corus plc -- now known as
Tata Steel UK Holdings -- in January 2007.

In fiscal 2017, Tata Steel's business spanned 26 countries. With
23.88 million tonnes of crude steel sales in fiscal 2017, it is
one of the leading steel players globally.


TEJAS ISPAT: CARE Assigns B+ Rating to INR9.0cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tejas
Ispat Private Limited (TIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             9.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of TIPL is constrained
by project risk, working capital intensive nature of operations,
volatility in raw material and finished goods prices, intensely
competitive nature of the industry and cyclical industry. The
rating, however, derives strength from its experienced promoters
and presence of partial backward integration.

Going forward, the company's ability to complete its ongoing
project, achieve the envisaged revenue, profit margins and
efficient management of its working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project risk: TIPL is setting up furnace division with aggregate
project cost of INR6.89 crore which will be financed at debt
equity of 1.38x. The financial closure for the required term loan
of INR 4.0 crore has already been sanctioned. Further, TIPL has
already spent INR2.89 crore on the project till June, 2017 and
the project is estimated to be completed by October 2017. Going
forward, the ability of the company to complete the ongoing
project and commence operations, achieve revenue, profit margins
as envisaged will be critical for the company.

Working capital intensive nature of operations: The operation of
the company is estimated to be working capital intensive as the
company will require holding raw materials as well as finished
products inventories for about a month as for smooth functioning
of production process as well as for timely supply to its
customers. Furthermore, being new entrant in the market, the
company is required to allow around a month credit period to its
customers to penetrate in the market. However, it has estimated
to receive credit from its suppliers for around 15 days which
will mitigate its working capital to a certain extent.
Considering its nature of business, the bank has sanctioned fund
based limit of INR5.0 crore.

Exposed to volatility in raw materials and finished products
prices: The basic raw material required for ingots manufacturing
is sponge iron/pig iron and the company has proposed to purchase
the same from open market at prevailing spot prices. The prices
of the sponge iron/pig iron are highly volatile in nature and the
company will remain exposed for the same. Further, the prices of
the finished products (structural steels) are also highly
volatile in nature and the company is exposed for the same.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: TIPL has proposed to
manufacture ingots and structural steels which are primarily
dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.

The fortunes of companies like TIPL from the iron & steel
industry are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters: TIPL is promoted by the Malhotra family of
Jamshedpur, Jharkhand in 2006. The key promoter Mr. Kailash
Malhotra has around four decades of experience in iron and steel
industry through his partnership firm 'M/s K.R. Enterprises',
will look after the day to day operations of the company. He will
be supported by his son Mr. Vivek Malhotra who has joined his
family business since 2009 and accordingly has seven years of
experience in iron and steel industry. Going forward, the company
will derive benefits out of wide experience of the promoters in
the iron & steel industry.

Presence of partial backward integration: Integration activity in
the long run will help TIPL to partly mitigate the uncertainty in
procurement of M.S. Ingots & would result in improvement of
profitability, as per unit cost of internally manufactured ingots
is lower than that of procuring them externally. However, the
sourcing of raw material (i.e. sponge iron) for manufacturing of
MS ingots will be critical for the company in the long run.

TIPL was incorporated in May 2006 by the Malhotra family of
Jamshedpur, Jharkhand for setting of an iron & steel
manufacturing plant. The manufacturing plant of the company will
consist of furnace division and a rolling division and the same
are proposed to be located at Adiyapur Industrial Area,
Jamshedpur in Jharkhand with installed capacity for ingots of
36,500 metric ton per annum and 21,900 metric ton per annum of
structural steels. TIPL has already set up the rolling division
entirely funded by the promoters and presently setting up furnace
division with aggregate project cost of INR6.89 crore which will
be financed at debt equity of 1.38x. The financial closure for
the required term loan of INR 4.00 crore has already been
achieved. Further, TIPL has already spent INR2.89 crore on the
project till June, 2017 and the project is estimated to be
operational by October 2017.


THRISSUR EXPRESSWAY: CARE Cuts Rating on INR505.18cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Thrissur Expressway Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            505.18      CARE D Revised from
                                     CARE BB-; Stable

Detailed rationale and key rating drivers

The revision in ratings is on account of delays in interest
servicing.

Detailed description of the key rating drivers

Key rating weakness

Delays in meeting the debt obligations, due to delay in the
project execution: There have been delays in meeting interest
payments, primarily due to further delay in the execution of
project and also delay from the lenders in disbursing the term
loan amount to meet IDC expand obligations as requisite promoter
contribution is fully already infused.

Project execution risk considering delay in progress with respect
to initial COD, however NHAI has approved for EOT-2 up to
December 31, 2017: TEL is exposed to construction risk
considering the project has already been delayed. However, some
comfort is derived from NHAI having approved for EOT-2 upto
December 31, 2017 due to protest from local people against
blasting operations and change of scope.

Inherent traffic and revenue risk associated with toll based
nature of the project coupled with presence of alternate route
Revenue in a toll based road project is primarily dependent on
the extent of tollable traffic and rate of traffic growth, which
is an estimate based on surveys carried out at the time of
bidding and thereafter adjusted for seasonal factors. Being a
toll based project, TEL is associated with the inherent revenue
risks arising out of such projects and various macro-economic
factors beyond the control of the company. Further, the project
is also exposed to risk of traffic diversion on account of
presence of an alternative route.

Interest rate risk: TEL shall remain exposed to variations in
interest rate on the project debt availed during the concession
period, owing to floating interest rates.

Operation & Maintenance and Major Maintenance risk: TEL is
mandated to operate and maintain the road as per the
specification set out in the CA, non-compliance of which could
result in penalties being levied by NHAI, thereby exposing TEL to
O&M and MM risk. With absence of fixed price O&M and major
maintenance contract, the project is exposed to risks arising
from price variation with respect to key raw materials.

Key rating strengths

Established track record of the group and sponsors as a developer
of various BOT-based roads: KMC Constructions Limited (KMCCL) of
the KMC group is an integrated construction, infrastructure
development and management company headquartered in Hyderabad,
India. The company is engaged in the business of construction and
development of road projects. The group has more than four
decades of track record in building large infrastructure projects
in road sector and execution track record of more than 15,000 km
of road. China Railway 18th Bureau (Group) Co., Ltd (CR18G) is
one the largest enterprises in the construction industry
globally. It has executed EPC contracts and managed
infrastructure assets across the world. For TEL, CR18G is a
technical partner to KMC and is not involved in obtaining sponsor
undertakings. KMCCL and KMCIL together are the sponsors for TEL.

Favourable location of the stretch with moderate traffic
potential
NH 47 is an inter-state highway that serves as a link between
Kerala and Tamil Nadu stretching from Salem to Kanyakumari. NH-47
is one of the important highways for both Kerala and Tamil Nadu.
With a total length of 659 km, the highway starts from Salem
(Tamil Nadu) and ends at Kanyakumari and passes through important
cities/districts. Airport traffic is also driver of traffic
growth on the project road as it leads to two major international
airports namely Cochin and Coimbatore.

Advanced project progress with presence of all requisite
approvals: As per monthly report of September 2017, financial
progress was 89.69% till the end of September 2017 as against
targeted progress of 100% (considering EOT-1 till March 31, 2017)
thus lagging behind by 10.31%. Physical progress achieved at the
end of September 2017 is 87.64% as against targeted progress of
100%. The project is in its advanced stage of progress and has
all the requisite approvals in place.

Successful receipt of grant: The company has received grant of
INR 231.21 crore (out of total grant of INR 243.99 crore) as on
October 18, 2017.

Incorporated on April 8, 2009, Thrissur Expressway Ltd (TEL) is
an Special Purpose Vehicle [SPV, (incorporated as Thrissur
Expressway Private Limited and subsequently changed to public
limited company)] for the purpose of 6-laning of the
Vadakancherry-Thrissur section of NH-47 design chainage from km
236.135 to km 264.490 km (28.355 km length) in the state of
Kerala on Design-Build-Finance-Operate (DBFO) basis, under the
Concession Agreement (CA) from NHAI.

NHAI has selected the consortium of KMC Constructions Limited and
China Railway 18th Bureau Group Corporation Limited (CR18G) based
on their bid for a positive grant of INR243.99 crore to execute
the project in the shareholding ratio of 74:26 as the SPV for
implementing the project. Subsequently, KMC Group increased its
stake in the project and also transferred its share to its wholly
owned subsidiary and road holding company viz. KMC Infratech
Limited (KMCIL). Currently, KMCIL hold around 90% equity stake in
TEL and CR18G holds the balance 10%.

At the end of September 2017, TEL has achieved financial progress
of 89.69% (against 100% targeted by end of September 2017) and
cumulative physical progress achieved at the end of September is
87.64% (against 100% targeted at the end of September 2017).


WEST INDIA CONSTRUCTION: CARE Puts B+ Rating to INR3.75cr LT Loan
-----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of West
India Construction Company (WICC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             3.75       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.90       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of WICC are
constrained by its small scale of operations with low profit
margins, partnership nature of constitution, working capital
intensive nature of operations, moderate capital structure with
moderate debt coverage indicators and its presence in an
intensely competitive industry with tender driven process risk.
The ratings, however, derive strength from the experience of the
partners, long track record of operations, satisfactory client
profile and moderate order book position.

WICC's ability to increase scale of operations by executing of
orders in hand within stipulated time period, timely receipts of
contract proceeds and effective management of working capital
will be the key ratings sensitivities going forward.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: WICC is a
small player vis-a-vis other players in the domestic construction
industry marked by total operating income of INR6.32 crore
(INR3.71 crore in FY16) with a PAT of INR0.08 crore (INR0.04
crore in FY16) in FY17 Provisional. The profit margins of WICC
have remained low during last three years (FY15-FY17) marked by
operating margin in the range of 5.84% to 7.10% and PAT margin in
the range of 1.20% to 1.25%.

Partnership nature of constitution: WICC, being a partnership
firm, is exposed to inherent risk of the capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/insolvency of the partners. Further, partnership firm has
restricted access to external borrowing as credit worthiness of
the partners would be the key factors affecting credit decision
for the lenders.

Working capital intensive nature of operations: The operations of
the firm remained working capital intensive as the firm allows
high credit to its customers due to its low bargaining power
compared to its big clients like PWD, Government Chhattisgarh,
Steel Authority of India Ltd, Hindustan Steelworks Construction
Limited (HSCL), Shriram EPC Limited. Furthermore, the average
inventory period was also on the higher side due to slow
certification of works. The firm avails around one and half
months
credit from its suppliers due to long association with them and
accordingly the average creditor's days was on the higher side
during past years. The average utilization of working capital was
on the higher side at around 95% during last 12 months ended
July 31, 2017.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the firm remained moderate
marked by overall gearing of 1.08x as on March 31, 2017.
Furthermore, the
debt coverage indicators also remained moderate marked by
interest coverage of 1.56x and total debt to CGA of 22.44x in
FY17.

Presence in an intensely competitive industry and tender driven
process risk: The firm has to bid for the contracts based on
tenders opened by the Government of Chhattisgarh, Steel Authority
of India Ltd., Hindustan Steelworks Construction Limited (HSCL),
Shriram EPC Limited. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. Since
the type of work done by the firm is mostly commoditized, the
firm faces intense competition from other players. Furthermore,
orders are generally tender driven floated by the government
departments indicating a risk of non-receipt of contract.

Key Rating Weaknesses

Long track record and experienced partners: WICC is into civil
construction industry since 1976 and thus has long track record
of operations. The key partner Mr. Ashok Kumar Jain has more than
four decades of experience in civil construction industry and
looks after the day to day operations of the firm. Being in the
industry for long period, Mr. Jain has built up long standing
relationship with its clients and the firm is deriving benefits
out of this. Mr. Jain is supported by the other partners and a
team of experienced professionals.

Satisfactory client profile: WICC executes orders for various
departments of Government of Chhattisgarh, Steel Authority of
India Ltd (rated CARE AA: Negative), Hindustan Steelworks
Construction Limited (HSCL) and Shriram EPC Limited. Considering
the client profile of the firm, the risk of default is very
minimal.

Moderate order book position: The firm has an order book position
of INR20.23 crore (3.20x of revenue of FY17) as on August 22,
2017 which is to be executed by September 2018. The revenue
visibility seems to be satisfactory in near to medium term as
revealed from its moderate order book position.

WICC was set up as a proprietorship entity in May 1976 and it was
constituted as a partnership firm in November 1987. Currently the
firm is managed by the three partners Mr. Ashok Kumar Jain, Mr.
Vikas Jain and Mrs. Disha Jain. Since its inception, the firm has
been engaged in civil construction business like laying of
pipelines, supplying and fixing pipe line, construction of water
supply system, construction of stadium building, residential
quarters, college, shopping complex, etc. WICC is classified as a
'Class A contractor' by the Government of Chhattisgarh which
enables it to participate in higher value contracts.



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


ALAM SUTERA: Fitch Affirms B Long-Term IDR; Off RWN
---------------------------------------------------
Fitch Ratings has removed the ratings of Indonesia-based property
developer PT Alam Sutera Realty Tbk (ASRI) from Rating Watch
Negative (RWN) and simultaneously affirmed the company's Long-
Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
The agency has also affirmed ASRI's senior unsecured rating and
the ratings on all its outstanding senior unsecured notes at 'B'
with a Recovery Rating of 'RR4'.

The affirmation of the ratings follows the company's announcement
on 2 November 2017 that it has received the requisite consent
from the holders of its outstanding US dollar senior unsecured
notes to waive the breach of the restricted payment covenant in
the bond indentures. The company is due to pay the consent fee on
or around 6 November 2017. The notes are issued by ASRI's 100%-
owned subsidiary Alam Synergy Pte Ltd and guaranteed by ASRI.

ASRI's 'B' ratings reflect its large low-cost land bank of more
than 19 million square metres (sq m), healthy profit margins,
moderate leverage and comfortable liquidity, and factor in Fitch
expectations that its annual property pre-sales will remain
subdued at less than IDR3.5 trillion in the medium term.

KEY RATING DRIVERS

Pre-Sales Continue to Lag: ASRI's 4Q17 transactions could help
the company meet its pre-sales target by year-end, although 9M17
pre-sale underperformance underlines the non-negligible sales
execution risk associated with current operations. One major
issue is the lack of sales progress from its prime office
project, The Tower, which represented 40% of the original 2017
contracted sales target. Positively, Fitch expect most of ASRI's
deliveries to its Chinese development partner, China Fortune Land
Development (CFLD), to be fulfilled during 2017, despite a delay
on titles for a small number of parcels.

Land Sales Increase Concentration: ASRI's liquidity has benefited
from its partnership with CFLD in its second township project in
Pasar Kemis, under which CFLD buys raw, zoned land from ASRI's
deep local land bank in the area. This offtake does, however,
significantly increase concentration around one buyer for a large
portion of ASRI's cash flow. CFLD's involvement will accelerate
the achievement of critical mass for a development located on the
outer edge of greater Jakarta, but also ties ASRI's own land bank
in the area more closely to the development success or failure of
a third party.

Development Strategy in Mild Shift: ASRI's original Alam Sutera
township, close to Jakarta's central business district (CBD) and
served by retail, commercial and increasingly light-business
properties, is approaching a mature phase. Future residential
developments will probably use more high-rise units, where ASRI
has a shorter record, rather than houses. Commercial projects are
also likely to feature condominiums as part of mixed-use
developments, notably in potential redevelopment of ASRI's other
Jakarta CBD property, the older Wisma Argo Manunggal centre. The
property's scheduling will be timed in line with progress on
sales from the completed The Tower project.

Solid Land Bank: The company has a large low-cost land bank and
an established domestic franchise. The land bank extended to over
18.9 million sq m available for development with a carrying value
of IDR9.4 trillion as at June 2017. In particular, ASRI still
benefits from 150 hectares of prime development land bank within
the original Alam Sutera township plus adjacent land purchased or
under negotiation for purchase from fellow developer, PT
Modernland Realty Tbk (B/Stable) and other land owners.

Finances Still Stretched: Land sales, including to CFLD, have
helped plug lower-than-anticipated pre-sales in a market already
facing challenges from continued supply growth. This prudent move
has been at the cost of lowering operating cash flow quality and
overall realisation from the company's land bank. Operating cash
flow and working capital have been volatile over recent periods,
with gross debt climbing as pre-sales and booked revenue fall.

DERIVATION SUMMARY

ASRI's Long-Term IDR is well-positioned relative to peers, such
as Modernland and PT Kawasan Industri Jababeka Tbk (B+/Stable).
Around half of ASRI's and Modernland's property sales consist of
commercial and industrial property. Demand for these types of
properties is more cyclical during economic downturns than for
residential properties. However, ASRI has a better record of
selling residential properties and a larger land bank to support
sales compared with Modernland. Still, Modernland has
demonstrated stronger sales execution during the recent downturn.
These reasons, combined with Fitch view that both companies will
maintain comparable leverage levels, supports similar ratings.

Jababeka is one of Indonesia's largest industrial property
developers, but its Long-Term IDR is primarily driven by the
strong recurring cash flows it derives from its thermal power
plant, which has a 20-year power purchase agreement with the
state-owned PT Perusahaan Listrik Negara (Persero) (BBB-
/Positive), as well as from its dry port. These cash flows
provide adequate cover for Jababeka's interest expenses across
economic cycles. The stability of its recurring cash flow
supports a higher rating than for ASRI, whose property sales have
been volatile in the last two years. The cyclicality of
Jababeka's industrial property sales are counterbalanced by
limited infrastructure and capex requirements.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Annual property pre-sales of around IDR3 trillion in 2017 and
   2018
- The pace of cash collection to increase in the next two years
   because sales to CFLD and from commercial properties will make
   up a larger portion of ASRI's contracted sales than in the
   past
- 40% of the refundable IDR1.4 trillion deposit received from
   CFLD, which is in an escrow account to be deployed against
   land acquisitions, has been treated as restricted cash
- EBITDA margins to remain between 65%-70% in the next two years
   (2016: 60%), supported by the higher mix of land sales and
   commercial properties in the pipeline
- ASRI to spend around IDR600 billion and IDR1 trillion on land
   banking in 2017 and 2018, respectively

Key Recovery Rating assumptions:
- The recovery analysis assumes ASRI will be liquidated in a
   bankruptcy rather than continue as a going-concern because it
   is an asset trading company
- For estimating the liquidation value, Fitch have assumed a 75%
   advance rate against the value of accounts receivable as well
   as adjusted inventory, and a 50% advance rate against its
   fixed assets
- Fitch has assumed that ASRI's IDR1.5 trillion secured bank
   loans outstanding as of 31 December 2016 will rank prior to
   its USD480 million senior unsecured notes in a liquidation,
   as well as the secured IDR200 billion undrawn bank facilities
   outstanding as of the same date which Fitch assume will be
   fully drawn down prior to liquidation
- Fitch has deducted 10% of the resulting liquidation value for
   administrative claims
- The above estimates result in a recovery of 100% of ASRI's
   unsecured debt, corresponding to a 'RR1' Recovery Rating for
   the senior unsecured notes. Nevertheless, Fitch has rated the
   senior notes at 'B' with a Recovery Rating of 'RR4' because
   under Fitch's Country-Specific Treatment of Recovery Ratings
   criteria, Indonesia falls into 'Group D' of creditor
   friendliness. Instrument ratings of issuers with assets in
   this group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Annual contracted sales, including sales to CFLD, sustained
   at more than IDR3.5 trillion
- Net debt/adjusted inventory sustained below 50%

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Net debt/adjusted inventory above 60% for a sustained period
   (30 September 2017: 48.7%)
- Significant weakening in liquidity

LIQUIDITY

Satisfactory Liquidity: Structurally, the liquidity schedule
looks manageable. Only modest maturities of less than IDR400
billion a year from amortising construction and development loans
are due each year until 2020, when Fitch expect the local bank
market to be accommodating if cash flow do not permit
deleveraging. ASRI employs corridor hedging for its US dollar
bonds, which represent 85% of its debt, helping defray the
foreign-currency exposure arising from a dollar-funded, rupiah-
income profile.

FULL LIST OF RATING ACTIONS

PT Alam Sutera Realty Tbk
- Long-Term Foreign-Currency IDR off RWN; affirmed at 'B';
   Stable Outlook
- Senior unsecured rating off RWN; affirmed at 'B' with a
   Recovery Rating of 'RR4'

Alam Synergy Pte Ltd
- Long-term rating on USD245 million 6.625% senior unsecured
   bond
   due 2022 off RWN; affirmed at 'B'/'RR4'
- Long-term rating on USD235 million 6.95% senior unsecured
   bond due 2020 off RWN; affirmed at 'B'/'RR4'


SAWIT SUMBERMAS: Fitch Assigns B+ Long-Term IDR; Outlook Positive
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based palm oil producer PT
Sawit Sumbermas Sarana Tbk (SSMS) a Long-Term Foreign-Currency
Issuer Default Rating (IDR) of B+' with a Positive Outlook. Fitch
Rating Indonesia has also assigned the company a National Long-
Term Rating of 'A(idn)' with Positive Outlook.

Fitch has also assigned the proposed US dollar senior unsecured
notes to be issued by SSMS's wholly owned subsidiary, SSMS
Plantation International Pte Ltd, an expected rating of 'B+(EXP)'
with Recovery Rating of 'RR4'. The notes will be guaranteed by
SSMS and its parent, PT Citra Borneo Indah (CBI), and certain
operating subsidiaries. SSMS intends to use the proceeds mainly
for refinancing existing debt. The final rating is subject to the
receipt of final documentation conforming to information already
received.

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

The Positive Outlook reflects Fitch expectation that net
leverage, as measured by adjusted net debt to EBITDAR, will
reduce to below 2.5x by 2019, driven by higher production due to
maturing young plants, healthy palm oil price, and contribution
from the downstream business. Furthermore, Fitch believe risks
related to M&A and sustainability are likely to fade gradually in
the next two to three years.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

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

Efficient Upstream Operator: SSMS's rating is supported by its
young plantation area and favourable operating profile. SSMS
owned and operated 19 oil palm estates in Central Kalimantan at
end-June 2017. SSMS has a high oil extraction rate (OER) of
around 23%-24%, the highest in the industry in Indonesia. The
average age of SSMS's planted area was young at 7.8 years at end-
2016. Of the more than 70,000 ha of planted area, about 15,000 ha
are immature.

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

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

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

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

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

Proposed Bonds Extend Debt Maturity: The net proceeds from the
proposed issue of US dollar-denominated bonds will be used mostly
to refinance the majority of bank loans. If the issuance
proceeds, SSMS's debt maturity schedule will be extended to 2022.
The proposed bonds are rated at the same level as SSMS's IDR as
they represent the company's unconditional, unsecured and
unsubordinated obligations.

DERIVATION SUMMARY

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

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

No country-ceiling or operating environment aspects impacts the
rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Gradual increase in FFB yield to around 22.5 tonnes/ha in
   2018-2020, as more plants enter their prime mature stage
- CPO OER at 23.4% in 2018-2020, in line with historical average
- CPO price at USD655/tonne in 2017, USD665 in 2018 and USD675
   from 2019. Realised price will be about USD70 lower.
- Cost per ha to increase by 4% per year to factor in inflation
- Capex at 5% above management guidance
- Other investment outflows of around IDR320 billion per year in
   2018-2019 and IDR480 billion in 2019 for inorganic growth
   (including new planting)
- SSMS dividend payout at 30% of net income

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

RATING SENSITIVITIES

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

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

LIQUIDITY

Comfortable Liquidity

Fitch believe CBI has comfortable liquidity with cash of IDR1.4
trillion and unused credit facilities of IDR602 billion as of
end-June 2017, which are sufficient to cover the IDR441 billion
of debt maturing within one year and IDR769 billion in capex for
its palm oil refinery in 2H17 and 2018. CBI's liquidity is also
supported by SSMS's robust operating cash flow generation. The
proposed US dollar bond issue to refinance the majority of bank
loans will also extend the debt maturity schedule.


SAWIT SUMBERMAS: Moody's Assigns B1 CFR; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) to Sawit Sumbermas Sarana Tbk (P.T.) (SSMS).

At the same time, Moody's has assigned a backed senior unsecured
bond rating of B1 to the proposed notes to be issued by SSMS
Plantation Holdings Pte. Ltd., a wholly owned subsidiary of SSMS.

The proposed bonds will be unconditionally and irrevocably
guaranteed by SSMS and certain subsidiaries, as well as Citra
Borneo Indah (P.T.) (CBI), the controlling shareholder of SSMS.

The outlook on all ratings is stable.

SSMS will use the net proceeds from the bond issuance to repay
its existing secured borrowings with the balance applied for
general corporate purposes.

RATINGS RATIONALE

"SSMS' B1 corporate family rating reflects the credit quality of
CBI, which consolidates SSMS, with the benefits ranging from
SSMS' upstream oil palm plantation business and CBI's downstream
businesses," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.

There are also strong linkages between both companies as (1) CBI
is the parent company and largest shareholder of SSMS, with a
stake of around 58% as of October 31, 2017, (2) the majority of
CBI's earnings are derive from the consolidation of SSMS, and (3)
SSMS has provided intercompany loans to support the expansion
plans of CBI.

On a standalone basis, CBI owns 81% stakes in Surya Borneo
Industri (P.T.) (SBI) and Citra Borneo Utama (P.T.) (CBU), which
own the downstream refinery and logistics businesses, while SSMS
owns the upstream oil palm plantations and the remaining 19%
stakes in SBI and CBU.

As of June 30, 2017, SSMS had a total oil palm planted area of
70,603 hectares, located in Kalimantan, Indonesia, and annual
production of around 340,000 tons of crude palm oil (CPO). The
company also owns six palm oil mills with a total annual capacity
of 2.25 million tons and one kernel crushing plant with an annual
capacity of 45,000 tons.

The B1 rating is supported by SSMS' efficient upstream operations
where the company has a track record of profitable and cash
generative operations through the CPO cycle. Historically, SSMS
has maintained an adjusted EBITDA margin of around 50%, owing to
its above-average fresh fruit bunch (FFB) yield of around 20
metric tons (MT) per mature hectare, compared to an Indonesian
industry average of 15-16 MT.

The rating also takes into account the expectation of the
increased diversification and scale provided in CBI's downstream
operations, when its refinery commences operations in 2018. While
this will mean that EBITDA margins are likely to decline to
around 30%-35% on a consolidated basis, it will allow the company
to benefit from a fully integrated plantation-to-refinery
business model.

Despite the continued capital spending required for its
downstream businesses, Moody's expects CBI's leverage, as
measured by adjusted debt/EBITDA, to be around 3.5x over the 12-
18 months. Liquidity will also remain adequate over the next 12
months, with minimal refinancing risk, however banking
relationships across the group are limited.

The rating is constrained by (1) CBI's small scale relative to
its regional peers, (2) the company's exposure to inherent CPO
price volatility, (3) execution risk of its new downstream
operations; (4) aggressive capital spending on land acquisition
to grow its plantation business, and (5) limited banking
relationships.

The ratings outlook is stable, reflecting Moody's expectation
that CBI on a consolidated basis will maintain a prudent and
conservative approach towards further investments as it pursues
growth.

A rating upgrade is unlikely over the near to medium term, but
positive momentum could build, if CBI successfully executes its
business plans and grows its scale, generates positive free cash
flows, and demonstrates a sustained improvement in its financial
profile, such that adjusted debt/EBITDA is below 3.0x, and
EBITA/interest expense is above 4.0x. In particular, Moody's
expects both CBI and SSMS to improve access to funding with more
diversified banking relationships.

SSMS' ratings could face downward pressure if: (1) CBI fails to
implement its business plan, in particular, for its downstream
business, such that earnings growth is adversely affected; (2)
the company undertakes large debt-funded acquisitions for growth
that materially weaken its credit profile; or (3) there is
evidence of cash leakage outside of CBI.

Credit metrics indicative of downward rating pressure include
adjusted debt/ EBITDA above 4.0x and adjusted EBITA/interest
expense below 2.5x, all on sustained basis.

The principal methodology used in these ratings was Global
Protein and Agriculture Industry published in June 2017.

Listed on the Indonesian Stock Exchange since December 2013,
Sawit Sumbermas Sarana Tbk (P.T.) (SSMS) is an upstream palm oil
producer with a market capitalization of around IDR14.2 trillion
($1 billion) as of October 31, 2017.

Following the completion of a corporate reorganization at Citra
Borneo Indah (P.T.) (CBI) on October 16, 2017, SSMS is now
controlled and owned by Pak Abdul Rasyid and his family through a
58.5%-stake, as held by CBI; 8.1%, as held by Putra Borneo Agro
Lestari; and 2.3%, as held by Jimmy Adriyanor, as of October 31,
2017.



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


DTC EIGHT: S&P Lowers JPY44.232BB Class C Ratings to BB+ (sf)
--------------------------------------------------------------
S&P Global Ratings said it has lowered by three notches to 'BB+
(sf)' its rating on class C of the pass-through notes issued
under the DTC Eight Funding Ltd. (DTC8) transaction. At the same
time, S&P has affirmed its ratings on classes A to B and D issued
under the same transaction. Classes E and N have already been
fully redeemed.

The rating actions reflect the following:

-- The construction company Daito Trust Construction Co. Ltd.
    entered into a master lease agreement with each borrower of
    the apartment construction loans underlying the transaction.
    The borrowers continue to repay principal and pay interest on
    the loans using the stable income from the master leases. As
    a result, no defaults have occurred since closing.

-- For the loans currently outstanding, we assume a foreclosure
    frequency of about 5% and projected losses (net loss rate
    after accounting for recoveries from defaulted loans) of
    about 1% under S&P's base-case scenario, and projected losses
    of about 10% under our 'AA' stress scenario. In calculating
    foreclosure frequency, S&P did not take into account the
    stabilizing effect on income from the master lease contracts.

-- The transaction employs a unique waterfall such that if
    credit enhancement levels for the notes reach a predetermined
    level for each class, collections after deducting payments
    such as interest on the notes are used to make principal
    repayments for the rated junior notes in addition to
    repayments for most senior notes. As a result, the credit
    enhancement levels for the classes except the most junior
    rated notes are maintained at the respective predetermined
    levels. This limits accumulation of credit enhancement for
    the senior rated classes, unlike transactions that employ a
    typical sequential payment structure.

-- S&P's criteria for rating Japanese residential mortgage-
    backed securities (RMBS) establish a credit support floor for
    apartment loans for each rating category to ensure credit
    stability in case of defaults on large loans. As current
    credit enhancement available for class C fails to meet the
    credit support floor that is commensurate with S&P's 'BBB'
    category, it has lowered its rating on this class.

-- Considering the possibility that some loans will be fully
    prepaid in the future, S&P's analysis incorporates the risk
    that the concentration in large loans will increase and the
    credit support floor for each rating category will rise to
    some extent as the transaction ages.

-- Current credit enhancement available for classes A to B and D
    is sufficient to cover those classes' various risks such as
    credit risk under a stress scenario consistent with S&P's
    current ratings on the classes.

The DTC8 transaction is backed by a pool of apartment
construction loans that Lehman Brothers Commercial Mortgage K.K.
originated. The loans were extended to finance the construction
costs and miscellaneous expenses of rental apartment buildings
that Daito Trust Construction newly built. Updated loan-by-loan
data for the transaction are provided.

  RATING LOWERED

  DTC Eight Funding Ltd.
  JPY44.232 billion structured secured notes due 2038
  Class   To         From        Initial issue amount
  C       BB+ (sf)   BBB+ (sf)   JPY1.62 bil.

  RATINGS AFFIRMED

  DTC Eight Funding Ltd.
  Class   Rating     Initial issue amount
  A       AA (sf)    JPY35.0 bil.
  B       A (sf)     JPY1.78 bil.
  D       BB+ (sf)   JPY1.21 bil.

The transaction closed on March 6, 2007.



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


BIRD BIRD: Restaurant to Shut Down on November 26
-------------------------------------------------
International Business Times reports that fans who enjoyed going
to "Bird Bird" restaurant will have to bear with the sad news as
the celebrity chef and the owner of the Singapore restaurant,
Bjorn Shen, has announced that his restaurant will be shutting
down on November 26.

They are also planning to host a three-day farewell from
November 24 to 26 with a "One Last Time" menu to wind up things
before closure, the report says. He also gave the reason for the
closure of the restaurant by hinting about the ruthless business
tactics of Singapore's cafe and restaurants in his Facebook post,
IBT relates.

He blames himself for the failure of the famous Thai restaurant
and also asked his employers not to self-blame themselves for the
failure of the restaurant, according to the report.

"Bird Bird" restaurant started off on a good note in Singapore,
along with its unique concept of Thai influenced street food and
the introduction of various flavors related to Thai food,
especially humble chicken that costs SGD29, which was a favorite
among the foodies.

IBT notes that Shen announced the closure of his restaurant
through a social media post, and also said that their restaurant
was seeing rampant success at initial stages, where they had been
listed under Burpple's Hot Hundred list in 2016 and was crowned
as champ at Savour & DBS's Live Your Dream competition in 2017.

Moreover, they were also selected under the list of Best Cafes on
Chope's Diner Choice Awards 2017 where they honor the most
impressive dinner spots, but they are going to pull out from the
competition due to the impending closure of the restaurant, the
report discloses.


TEMBUSU INDUSTRIES: Face Action for Failure to Pay Lease Rental
---------------------------------------------------------------
Samantha Ho at theedgemarkets.com reports that Hexza Corp Bhd has
served a notice of default to Tembusu Industries Pte Ltd and is
considering taking legal action after the private company failed
to pay the monthly lease rental for equipment under a
January 2015 agreement.

According to the report, the company said it was weighing its
options to recover its investment of US$6 million for an eight-
megawatt heavy fuel oil power generation system in Myanmar, for
which Tembusu had agreed to lease back for a 10-year period at a
monthly rental of US$130,205.

However, Tembusu had failed to adhere to a twice-rescheduled
payment timeline, while discussions with directors of Tembusu
over the matter could not arrive at an amicable resolution, Hexza
said in a filing with Bursa Malaysia on Nov. 7, relates
theedgemarkets.com.

theedgemarkets.com says the company, which is involved in
investment holding and the manufacture of formaldehyde-based
resins and ethanol, has also issued a letter of demand to Tin
Maung Kyin, a director of Tembusu who had provided a personal
guarantee that rent and other monies due would be paid.

The report relates that Hexza said it had recognized a full
provision of MYR28.54 million as impairment loss in its first
quarter ended Sept 30, 2017.

The provision is expected to have a negative impact on earnings
per share and net assets per share of 14.2 sen, the group said.

Singapore-based Tembusu Industries Pte Ltd provides engineering
and project management services.



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


SK HYNIX: Moody's Hikes CFR From Ba1; Keeps Positive Outlook
------------------------------------------------------------
Moody's Investors Service has upgraded SK Hynix Inc.'s Ba1
corporate family rating (CFR) to a Baa3 issuer rating, and
therefore has withdrawn the CFR. The rating outlook remains
positive.

RATINGS RATIONALE

"The upgrade primarily reflects the favorable structural changes
in the global DRAM market, where SK Hynix has a solid position,
which, together with its conservative financial management,
should allow it to maintain a robust financial profile and
excellent liquidity through the cycles," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

SK Hynix is the second largest supplier by revenue in the global
DRAM market, which is its key revenue and earnings driver and is
demonstrating decreasing cyclicality and more favorable industry
conditions.

In Moody's view, these developments are structural and are driven
by more restrained capacity increases by key players following
industry consolidation, increasing challenges from incremental
technological migration, and growing entry barriers for new
entrants, given increasing technological complexity.

These structural changes should enable SK Hynix to achieve less
volatile and higher profitability through the industry cycles
than before.

Given this factor and the favorable supply and demand dynamics,
Moody's expects SK Hynix's reported operating margin to average
44% between 2017 and 2018, significantly above the 25% average
between 2013 and 2016.

SK Hynix's capital spending will increase to KRW10 trillion this
year (compared with KRW6-7 trillion per year in 2015 and 2016)
and will remain high in 2018. It also plans to invest KRW4
trillion in 2018 in light of its presence in a consortium to
acquire Toshiba Corporation's (Caa1 negative) semiconductor
business.

However, its reported debt will remain stable at around KRW4.3
trillion and its leverage -- as measured by adjusted debt/EBITDA
-- around 0.3x in 2017 and 2018, due to strong operating cash
flow generation. Its sizeable cash holdings of about KRW6.3
trillion at end-September 2017 also provide buffers against its
financial leverage. Its level of leverage is strong for its Ba1-
level standalone credit profile.

SK Hynix's strong financial position is in part a result of its
conservative financial policies, as reflected in a solid cash
cushion, moderate debt levels, and shareholder returns only out
of free cash flow and after capital spending needs are met.

At the same time, the rating continues to reflect the capital-
intensive nature of the memory chip industry and SK Hynix's
moderate competitive position in the NAND market. As the fifth-
largest NAND manufacturer globally, according to DRAMeXchange,
its profitability in this business remains weak and continued
investment is required to close the technological gap with the
market leader, Samsung Electronics Co., Ltd. (A1 positive).

SK Hynix's Baa3 rating continues to include a one-notch uplift to
its Ba1-level standalone credit strength, reflecting Moody's
expectation of financial support from SK Hynix's largest
shareholder, SK Telecom Co., Ltd. (SKT, A3 stable), in case of
need.

The positive outlook reflects Moody's expectations that SK
Hynix's profitability and financial metrics will remain strong
for its Ba1-level standalone credit profile over the next 12-18
months, given that the fundamentals in the DRAM market will
likely remain supportive.

Upward rating pressure could arise if SK Hynix can sustain its
(1) solid position in the DRAM market without disruptions in
supply and demand dynamics stemming from large supply growth, (2)
improving competitiveness in the NAND business, and (3) positive
free cash flow despite large capital spending.

Credit metrics that would support a rating upgrade include
sustained operating margins above 15% and adjusted debt/EBITDA
below 1.0x, and maintenance of its net cash position over the
course of a cycle.

SK Hynix's rating outlook could return to stable if the company's
credit profile deteriorates, owing to: (1) a significant erosion
of its market positions or delays in technological migrations, or
(2) changes in its investment and shareholder distribution
policies, such that its cash balance declines substantially.

Other specific financial metrics for a downgrade include an
operating margin below 10%, a cash balance below KRW3 trillion,
or an adjusted debt/EBITDA above 2.0x on a sustained basis.

In addition, an adverse change in the relationship between SK
Hynix and SKT could result in a negative rating action.

The principal methodology used in this rating was Semiconductor
Industry Methodology published in December 2015.

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co., Ltd. (A3 stable).
DRAM accounted for 77% of SK Hynix's revenue in 3Q 2017, followed
by NAND (21%).




                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***