/raid1/www/Hosts/bankrupt/TCRAP_Public/171115.mbx         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

          Wednesday, November 15, 2017, Vol. 20, No. 227


                            Headlines


A U S T R A L I A

APEX FIRE: First Creditors' Meeting Set for November 24
CHEKAH DEVELOPMENT: Second Creditors' Meeting Set for Nov. 22
HASTIE SERVICES: Ex-COO Charged With Conspiracy to Falsify Books
MEDALLION TRUST 2017-2: S&P Gives Prelim BB Rating to Cl. E Notes
PARAMOUNT MINING: Second Creditors' Meeting Set for Nov. 22

PROSPERITY RESOURCES: Second Creditors' Meeting Set for Nov. 22
REMOTE TECHNICAL: Second Creditors' Meeting Set for Nov. 21
SHERWIN FINANCIAL: Former Principal Gets 10 Years Imprisonment
TRENSET PTY: First Creditors' Meeting Set for November 23


C H I N A

GEELY AUTO: Proposed Acquisition No Impact on Moody's Ba1 CFR
XINYUAN REAL ESTATE: S&P Rates US$-Denom. Sr. Unsec. Notes 'B-'


H O N G  K O N G

CHINA SOUTH: S&P Rates New US$-Denom. Senior Unsecured Notes B-
NOBLE GROUP: To Include Noble Petro in US Oil Liquids Unit Sale
NOBLE GROUP: Jeffrey Frase Steps Down as Co-CEO and Exec Director


I N D I A

ALPHA MILK: ICRA Moves B+ Rating to Not Cooperating Category
ANEESH AHMAD: ICRA Moves C+/A4 Rating to Not Cooperating Category
ASOLUTION PHARMA: ICRA Withdraws D Rating on INR30cr Loan
CAPTAIN SPORTS: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
CREATIVE EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR6MM Loan

DHAULAGIREE POLYOLEFINS: Ind-Ra Assigns 'B' LT Issuer Rating
DURGA AUTOMOTIVES: ICRA Moves D Rating to Not Cooperating
EDUCATION FOUNDATION: ICRA Moves D Rating to Not Cooperating
EZRA SBL IFMR: Ind-Ra Gives Final BB+ Rating to Series A2 PTCs
FUSION VOICE: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan

GRAPE MARKETING: CRISIL Raises Rating on INR4.5MM Cash Loan to B+
HOTEL ASHOK: CRISIL Reaffirms 'B' Rating on INR8.8MM Term Loan
LOK RAJ: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
NESTOR PHARMACEUTICALS: ICRA Moves C+ Rating to Not Cooperating
OMKAR INFRATECH: ICRA Moves B Rating to Not Cooperating Category

PARSVNATH HOTELS: Ind-Ra Cuts Issuer Rating to D, Outlook Stable
PREMIER EXPORTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
PURANDAR MILK: ICRA Moves D Rating to Not Cooperating Category
SAI ENGINEERING: ICRA Moves B+ Rating to Not Cooperating
SAI MACHINE: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan

SARAVANA BUILDWELL: ICRA Moves D Rating to Not Cooperating
SARVESH RICE: CRISIL Reaffirms 'D' Rating on INR10.7MM Term Loan
SHREEDHAR MILK: ICRA Lowers Rating on INR20cr NCD to 'D'
SLN RICE: ICRA Moves B+ Rating to Not Cooperating Category
SRI SESHASAI: CRISIL Reaffirms 'B+' Rating on INR13MM Cash Loan

STURDY INDUSTRIES: ICRA Assigns D Rating to INR133.40cr Loan
TEESTA URJA: ICRA Assigns D Rating to INR4096.49cr Term Loan


I N D O N E S I A

SOLUSI TUNAS: S&P Lowers CCR to 'B+' on Weaker Cash Flow


N E W  Z E A L A N D

SOLID ENERGY: New Zealand Creditors to Get at Least 60c in NZ$1


P H I L I P P I N E S

CABANATUAN CITY RB: Claims Filing Deadline Set December 11


S I N G A P O R E

CHINA FISHERY: Withdraws KEIP Motion, Seeks OK of Bonus Plan


S O U T H  K O R E A

KUMHO TIRE: Creditors Hire Ex-CEO as New Chairman
KUMHO TIRE: Posts KRW230MM operating loss in Q3 Ended Sept. 30


                            - - - - -


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


APEX FIRE: First Creditors' Meeting Set for November 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Apex Fire
Pty Ltd will be held at the offices of WJ Hamilton & Co., Suites
508-509, 147 King Street, in Sydney, New South Wales, on Nov. 24,
2017, at 10:00 a.m.

William James Hamilton at WJ Hamilton was appointed as
administrator of Apex Fire on Nov. 14, 2017.


CHEKAH DEVELOPMENT: Second Creditors' Meeting Set for Nov. 22
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Chekah
Development Pty Ltd has been set for Nov. 22, 2017, at
3:00 p.m., at the offices of Chifley Advisory, Suite 19.03 Level
19, 31 Market Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2017, at 4:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Chekah Development on Oct. 18, 2017.


HASTIE SERVICES: Ex-COO Charged With Conspiracy to Falsify Books
----------------------------------------------------------------
The former director and the former chief operating officer of a
subsidiary of the publicly listed company Hastie Group Pty
Limited (in external administration) have both been charged with
three counts of conspiracy to falsify accounts.

Mr. Joseph Carmec Farrugia, the former Director of Hastie
Services Pty Limited (in external administration) and Mr. Ian
Athol Thompson, the former Chief Operating Officer of Hastie
Services appeared before the Downing Centre Local Court on
November 7 charged with two charges of conspiracy to falsify the
books and records of Hastie Services and one charge of conspiracy
to give false or misleading information to an auditor.

The Australian Securities and Investments Commission alleges
that:

    - between Nov. 7, 2008 and about June 30, 2011, Mr. Farrugia
      and Mr. Thompson conspired with two other senior staff
      members of Hastie Services to make false entries into the
      books of the company to reduce the "gap" between the
      forecast Earnings Before Interest and Tax (EBIT) and the
      actual EBIT; and

    - between May 5, 2010 and about Feb. 13, 2011, Mr. Farrugia
      and Mr. Thompson conspired with two other senior staff
      members of Hastie Services to make false entries into the
      books of Hastie Services in order to conceal the true
      financial position of Hastie Services' Western Australia
      branch.  These offences both carry a maximum penalty of
      two years imprisonment.

ASIC further alleges that between June 17, 2010 and about
April 9, 2011, Mr. Farrugia, Mr. Thompson and two other senior
officers of Hastie Services conspired to provide false
information to the auditors of Hastie Group Limited to conceal
the above offending.

This offence carries a maximum penalty of five years
imprisonment.

The Commonwealth Director of Public Prosecutions (CDPP) is
prosecuting this matter.

Hastie Services was a subsidiary of Hastie Group Ltd (in external
administration), a company formerly listed on the Australian
Securities Exchange. Hastie Group and a number of its
subsidiaries including Hastie Services were placed in external
administration on May 28, 2012.

On Aug. 24, 2017 Ms. Samantha Cousins, a former finance manager
of Hastie Services, pleaded guilty to three conspiracy charges
and was sentenced to 18 months imprisonment and released on
immediate recognizance on condition of good behavior.

Following Ms. Cousins sentence, on Oct. 20, 2017 Mr. Glyn Raines,
a former Chief Financial Officer of Hastie Services, pleaded
guilty to three conspiracy charges and sentenced to two years
imprisonment and ordered to serve his term by way of an intensive
corrections order.


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

The preliminary ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination and lenders' mortgage insurance to 20.3% of the
    portfolio, which covers 100% of the face value of these
    loans, accrued interest, and reasonable costs of enforcement.

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

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

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

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

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

  PRELIMINARY RATINGS ASSIGNED
  Class      Rating        Amount (mil. A$)
  A1         AAA (sf)      690.0
  A2         AAA (sf)       30.0
  B          AA (sf)        15.2
  C          A (sf)          7.1
  D          BBB (sf)        2.6
  E          BB (sf)         2.6
  F          NR              2.4
  NR--Not rated.


PARAMOUNT MINING: Second Creditors' Meeting Set for Nov. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Paramount
Mining Corporation Ltd has been set for Nov. 22, 2017, at
1:00 p.m., at the offices of BRI Ferrier, Level 30, Australia
Square, 264 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2017, at 4:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator
of Paramount Mining on Oct. 18, 2017.


PROSPERITY RESOURCES: Second Creditors' Meeting Set for Nov. 22
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Prosperity
Resources Limited has been set for Nov. 22, 2017, at 12:00 p.m.,
at the offices of BRI Ferrier, Level 30, Australia Square, 264
George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2017, at 4:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator
of Prosperity Resources on Oct. 18, 2017.


REMOTE TECHNICAL: Second Creditors' Meeting Set for Nov. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Remote
Technical Communication & Satellite Services Pty Ltd has been set
for Nov. 21, 2017, at 10:00 a.m., at the offices of Veritas
Advisory, Level 5, 123 Pitt Street, in Sydney, New South Wales.

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. 20, 2017, at 4:00 p.m.

David Iannuzzi and Steve Naidenov were appointed as
administrators of Remote Technical on Oct. 17, 2017.


SHERWIN FINANCIAL: Former Principal Gets 10 Years Imprisonment
--------------------------------------------------------------
The former Principal of Sherwin Financial Planners Pty Ltd and
Chairman of Wickham Securities Ltd, Bradley Thomas Sherwin, was
sentenced in the Brisbane District Court on November 14 to a
total of 10 years imprisonment on 25 charges, brought by the
Commonwealth Director of Public Prosecutions following an
Australian Securities and Investments Commission investigation
arising out of the collapse of his financial planning business.

On Sept. 5, 2017, Mr. Sherwin, 63, appeared in the Brisbane
District Court, and pleaded guilty to:

  * 24 counts of fraud by dishonestly causing a detriment between
    May 2009 and December 2012 to the value of nearly AUD10
    million to a number of clients of Sherwin Financial Planners;
    and

  * one count of breaching his duties as a director of Wickham
    Securities between June 2010 and October 2010 by falsely
    reporting nearly AUD4.5 million of loans made by Wickham had
    been repaid.

Mr. Sherwin was sentenced to 10 years imprisonment for the fraud
charges with an eligibility date for parole fixed at Nov. 14,
2021 and 12 months imprisonment for the breach of director's
duties to commence on Nov. 14, 2020.  This means Mr. Sherwin will
spend at least 4 years in prison before being eligible for
release.

At the time of committing the offences, Mr. Sherwin was the
Principal of Sherwin Financial Planners and the director of a
number of other companies into which his client's funds were
invested without their knowledge and consent (Sherwin group of
companies).  Sherwin Financial Planners had been in operation
since 1986, and by the time the Sherwin group of companies
collapsed in January 2013, they owed nearly AUD60 million to
approximately 400 clients.

The court heard that Sherwin Financial Planners recommended their
clients establish a self-managed superannuation fund into which
their existing superannuation funds would be rolled. The client's
superannuation funds were then held in a bank account. The bank
carried out transactions as requested in email instructions
received from Mr. Sherwin or another authorised officer at
Sherwin Financial Planners. ASIC commenced an investigation into
the operation of the bank accounts. In September 2015, ASIC wrote
to Sherwin clients advising of its concerns in relation to the
processing of transactions in those bank accounts.

Leading up to 2009, the property developing financing aspects of
Mr. Sherwin's business began to suffer financial difficulties and
they did not have sufficient funds available to meet ongoing
financial commitments.  The financial difficulties continued
until the companies were placed into administration in December
2012 and January 2013.  Prior to the companies being placed into
administration, Mr. Sherwin used client funds to meet interest
payments or to make capital redemptions to other clients, pay for
property purchases and construction costs on behalf of his own
company, and occasionally to make payments the Australian
Taxation Office on behalf of one of his companies.  By 2012, Mr.
Sherwin was constantly arranging for the transfer of money from
one account to another to cover payments that were immediately
due and that any plan he may have had to make good the shortfalls
owed to his clients could not have been realised.

The court also heard there was a lack of disclosure from Mr.
Sherwin to his clients about how their money would be invested.

In August and September 2010, Mr. Sherwin arranged for another
company to receive nearly AUD4.5 million from Wickham Securities
on the false premise that it needed to return funds to a deceased
client.  The funds were then returned to Wickham Securities and
falsely recorded as repayment of three non-performing loans.  The
court heard that if Wickham Securities' Trustee, Sandhurst
Trustees Limited became aware of the three non-performing loans,
then it would have taken immediate action pursuant to the terms
of the Trust Deed to demand repayment by Wickham Securities of
the entire amount of debenture notes outstanding.

There were a number of former clients of Mr. Sherwin present in
court during the sentencing hearing, including three victims who
chose to read out their Victim Impact Statement to the Court.
Nigel Jeffares said that as a result of losing all his
superannuation, he now suffers from depression and other health
issues and is unable to see his adult children and grandchild who
live and work overseas.

ASIC Commissioner John Price said ASIC would not tolerate this
kind of misconduct.

"Mr. Sherwin's actions caused great hardship to his clients and
their families", he said.

"Today's outcome should serve as a warning to company directors
and financial advisers who breach community standards - the
consequences are severe."

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Wickham Securities was placed into administration on Dec. 21,
2012 and liquidation on Feb. 6, 2013, with Grant Sparks and David
Leigh of PPB Advisory appointed as liquidators.  Following the
execution of search warrants at the premises of Sherwin Financial
Planners on Jan. 21, 2013, a further seven companies associated
with Mr. Sherwin were placed in administration on 24 January 2013
and liquidation on Feb. 27, 2013 (Sherwin Group). Stefan Dopking,
Quentin Olde and Michael Ryan of FTI Consulting (previously
Taylor Woodings) were appointed as liquidators. Those companies
were:

   - Sherwin Financial Planners Pty Ltd (Sherwin)
   - DIY Superannuation Services Pty Ltd (DIY Super)
   - Wickham Capital Pty Limited
   - Astor Funds Pty Ltd
   - Reacroft Pty Ltd
   - Blue Diamond Investments Pty Ltd, and
   - SP Property Pty Ltd.

On Jan. 21, 2013, ASIC also obtained interim injunctions in the
Federal Court against Mr. Sherwin and the Sherwin Companies,
restraining them from dealing with money or property.

In May 2016, ASIC permanently banned Mr. Sherwin from providing
financial services.

In September 2016, the former Chief Executive Officer of Wickham
Securities, Garth Peter Robertson, was sentenced to 5 years
imprisonment after pleading guilty to various charged brought by
ASIC, including fraud.

ASIC commenced an investigation into the operation of the bank
accounts.  In September 2015, ASIC wrote to Sherwin clients
advising of its concerns in relation to the processing of
transactions on the Money Market Deposit Accounts.

In June 2013, ASIC cancelled the registration of the auditor of
Wickham Securities, Brian Kingston, after forming the view he
failed to carry out or perform adequately and properly the duties
of an auditor.


TRENSET PTY: First Creditors' Meeting Set for November 23
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Trenset
Pty Ltd will be held at the offices of Deloitte Financial
Advisory Pty Ltd, Eclipse Tower, Level 19, 60 Station Street, in
Parramatta, NSW, on Nov. 23, 2017, at 11:00 a.m.

David Ian Mansfield and Neil Robert Cussen of Deloitte Financial
were appointed as administrators of Trenset Pty on Nov. 13, 2017.



=========
C H I N A
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GEELY AUTO: Proposed Acquisition No Impact on Moody's Ba1 CFR
-------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holdings
Limited's (Ba1 stable) proposed acquisition of three auto part
factories in Baoji, Yili and Ningbo from parent Zhejiang Geely
Holding Group Company Limited will -- once it completes -- have
no immediate impact on its Ba1 corporate family and senior
unsecured bond ratings.

The ratings outlook remains stable.

The proposed acquisition has no immediate rating impact because
Geely is expected to fund the transaction with cash-on-hand and
the company's credit metrics after the acquisition will continue
to support its Ba1 ratings.

On November 7, 2017, Geely announced that it had agreed to
acquire an engine factory in Baoji -- in the province of Shaanxi
-- for RMB345 million, an engine factory in Yili, and a
transmission factory in Ningbo -- both in Zhejiang province --
for RMB495 million and RMB993 million, respectively.

The considerations are based on the net asset values and value
premiums over the carrying value of land and buildings at 30
September 2017, as well as the expected capital contributions to
be made by Zhejiang Geely to the three auto part factories in
November 2017.

Geely will also repay a maximum of about RMB3.1 billion of a
shareholders' loan borrowed by the three factories from Zhejiang
Geely within 12 months of the completion of the acquisition.

The Baoji and Yili factories have designed production capacities
of 360,000 and 400,000 units of vehicle engines per annum and are
expected to commence production by the end of November and
December 2017 respectively. The Ningbo factory has a designed
production capacity of 600,000 units of transmissions per annum
and began production in October 2017.

The engines and transmissions manufactured by the three factories
will be sold to Geely's new Lynk & Co joint venture for use in
its vehicles, to Zhejiang Geely for use in subsidiary Volvo Car
AB's (Ba2 stable) vehicles, and for Geely's future high-end
vehicle models.

Geely will own 50% of the registered capital of the Lynk & Co
joint venture, which is expected to commence sales in the fourth
quarter of 2017, while Volvo Car Corporation, a subsidiary of
Volvo Car AB, and Zhejiang Geely will own 30% and 20% of the
joint venture, respectively.

Lynk & Co is a new vehicle brand that is positioned as a higher-
end offering -- in comparison to Geely's current products -- and
is designed to compete with foreign automakers in China and
overseas.

"The acquisition will give Geely the ability to make engines and
transmissions with advanced technologies that will support its
new Lynk & Co joint venture that will in turn will help the
company grow vehicle sales and improve its product breadth and
strength in terms of price points and geography," says Gerwin Ho,
a Moody's Vice President and Senior Analyst.

The acquisition requires the approval of Geely's minority
shareholders and is expected to complete by end-2017.

Geely's liquidity position is solid. At end-June 2017, it
reported net cash holdings - excluding pledged cash - totaled
RMB18.8 billion, which will be sufficient to cover its estimated
capex, including the acquisition of the three auto parts
factories, over the next 12 months.

Moody's expects that Geely's market share will continue to expand
in 2018, with unit sales growing about 31% year-on-year off a
unit sales base of over one million, versus about 52% in 2017,
and which would be faster than Moody's expectation of 3% year-on-
year for the industry as a whole in China.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

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


XINYUAN REAL ESTATE: S&P Rates US$-Denom. Sr. Unsec. Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B-' long-term issue
rating to a proposed issue of U.S. dollar-denominated notes by
Xinyuan Real Estate Co. Ltd. (B/Stable/--). The rating is subject
to S&P's review of the final issuance documentation.

The senior, unsecured notes are rated one notch below the
corporate credit rating. This reflects the subordination risk,
because the notes rank behind a significant amount of secured
debt in the capital structure.

S&P said, "We expect the China-based developer to use the
proceeds mainly for refinancing of existing debt, including the
replacement of some of its higher-cost onshore borrowings. As
such, we do not expect the proposed issuance to significantly
affect Xinyuan's credit profile.

"Xinyuan's year-to-date performance has been generally in line
with our expectations, with stable growth in contracted sales and
revenues, and a recovery in margins. We expect Xinyuan's
contracted sales to reach Chinese renminbi (RMB) 12 billion-
RMB14 billion in 2017. Despite the improved operating
performance, the company's leverage will likely hover at 7.5x-
8.5x in 2017 and 2018, from 7.0x in 2016. This is because we
expect debt to increase after factoring in considerably higher
capital expenditures.

"The stable outlook reflects our expectation that Xinyuan will
modestly increase its sales and margins over the next 12 months.
We expect the company's leverage to remain stable but high over
the period due to its need to replenish land reserves and finance
construction costs."



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


CHINA SOUTH: S&P Rates New US$-Denom. Senior Unsecured Notes B-
---------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B-' long-term issue
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by China South City Holdings Ltd. (CSC;
B/Negative/--). The ratings are subject to S&P's review of the
final issuance documentation.

S&P said, "We rate the senior unsecured notes one notch lower
than the issuer rating because of subordination risk. The
proposed notes will rank behind a significant amount of secured
debt and subsidiary level debt in CSC's capital structure. At
March 2017, the company had around Hong Kong dollar (HK$) 26
billion in unsecured debt at the subsidiary level and secured
debt, out of HKD 32.7 billion of total debt.

"We expect CSC to use the majority of the bond proceeds to
refinance existing debt and the remainder for general corporate
purposes. In our view, the new issuance will help the company
meet its short-term debt repayments before March 2018, manage its
interest expenses, and lengthen its debt maturity profile.

"We view China South City as on track to achieve its annual sales
target of HK$11 billion-HK$12 billion in the financial year
ending March 2018. First half sales results have shown growth of
26% year on year, which is in line with our base case, and we
expect the company's recurring revenue to maintain 10%-15% growth
as forecasted. In our view, the company's debt will moderately
grow to HK$35 billion, although the new issuance will not
significantly impact the company's leverage given the plan to
refinance.

"The negative outlook on the corporate credit rating on CSC
reflects our view that the operating environment for the company
will remain tough in the next 12 months amid weakness in trade
center sales in China. We expect the company to curb its capital
expenditure and maintain stable leverage in fiscals 2018 and
2019. Our base case anticipates that CSC's debt-to-EBITDA ratio
will be around 13x-14x for fiscals 2018 and 2019."


NOBLE GROUP: To Include Noble Petro in US Oil Liquids Unit Sale
---------------------------------------------------------------
The Business Times reports that Noble Group said on November 13
it has agreed to include equity interest in Noble Petro in its
proposed sale of wholly owned subsidiary Noble Americas Corp
(NAC) to rival Vitol US Holding Co, rather than sell this stake
to a third party.

According to the report, the debt-laden commodities trader said
the inclusion of Noble Petro and certain other adjustments would
increase the base consideration in the sale of NAC by US$15
million to US$217 million from approximately US$202 million as at
July 1, 2017.

The Business Times says the gross consideration from the NAC sale
would amount to approximately US$1.43 billion, comprising the new
base consideration of US$217 million and the net working capital
of approximately US$1.22 billion as at June 30, 2017.

This would result in cash proceeds from the proposed disposal of
about US$597 million, after deducting debt of approximately
US$836 million as at June 30, 2017, Noble Group said in a pre-
market filing, the Business Times relays.

The report says Noble had originally agreed to sell its American
unit NAC to Vitol, the world's largest oil trader, and its parent
Euromin for about US$1.42 billion. But the final consideration
for the sale was to be based on a number of variables, including
the value of NAC's interests in Noble Petro and NAC's contracts.

Noble Petro distributes gasoline and diesel in Texas and along
the US Gulf Coast, the report discloses.

Noble put NAC up for sale in July as part of a strategy to
survive by selling off assets to pay down debt after posting a
second-quarter loss of US$1.8 billion, the Business Times
recalls. It earlier sold its North American gas and power
businesses for US$248 million.

Noble reiterated on November 14 that it will hold a special
general meeting to seek shareholder approval for the proposed
disposal of NAC, the report adds.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.


NOBLE GROUP: Jeffrey Frase Steps Down as Co-CEO and Exec Director
-----------------------------------------------------------------
The Board of Directors of Noble Group said on November 13 that
they have accepted the resignation of Mr. Jeffrey Frase as Co-
Chief Executive Officer and Executive Director of Noble Group
effective Nov. 13, 2017, to pursue other opportunities outside of
the Group.

Mr. William Randall, who is currently Co-Chief Executive Officer
and Executive Director of Noble Group will, effective from
Nov. 13, 2017, serve as Chief Executive Officer and continue as
an Executive Director.

"Mr. Frase has been the guiding force behind the expansion and
profitability of the Group's global oil liquids platform in
recent years and, under his leadership, the business has been
successfully positioned for the proposed disposal to Vitol (the
"Proposed Disposal") 1. With the completion of the Proposed
Disposal expected by the end of 2017, Mr. Frase has decided to
resign as Co-CEO and Global Head of Oil Liquids to focus on other
opportunities where his leadership, market knowledge and
extensive network can be leveraged," Noble said.

"The Board would like to thank Mr. Frase for his leadership input
across the Group over the years, and especially for successfully
guiding the oil liquids business towards a new opportunity for
its employees, customers and proposed owners."

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.



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


ALPHA MILK: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the ratings for the INR24.00-crore bank facilities
of Alpha Milk Foods Private Limited (AMFPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA] B+
(Stable)"; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-Based             24.00       [ICRA]B+(Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in March 2016 which
was based on detailed information. The lenders, investors and
other market participants are thus advised to exercise
appropriate caution while using this rating as the rating does
not adequately reflect the credit risk profile of the entity. The
entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating
agreement with Alpha Milk Foods Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience of promoters in the dairy business
* Healthy clientele which includes Britannia, ITC, Parle
* Diversified product profile with milk, ghee, skimmed milk
powder, butter in its portfolio

Credit Challenges

* Low value added products which will result in low operating
margins

* Milk availability for processing is dependent on weather
conditions as milk produced is first consumed in liquid form and
only surplus milk left is available for processing

* Seasonal nature of the business which could result in lower
liquidity during peak utilization period

* Industry exposed to government regulations

* Being a private dairy player, has to follow product price
changes by the Cooperatives; offer higher price to milk producers
to ensure supply

Incorporated in 2007, AMFPL has set up a milk processing plant in
Hathras (Uttar Pradesh) with a processing capacity of 4 lakh
litres of milk per day, to manufacture desi ghee, skimmed milk
powder, dairy whitener, butter etc. The company has been promoted
by Mr. Gian Prakash Gupta and Mr. Vipin Gupta. The promoters also
have a Haryana-based company, incorporated in 1991, engaged in
milk processing, under the name of Karnal Milk Foods Limited.


ANEESH AHMAD: ICRA Moves C+/A4 Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the rating for the INR7.08 crore1 bank facilities
of Aneesh Ahmad Khan to the 'Issuer not co-operating' category.
The rating is now denoted as: "[ICRA]C+/[ICRA]A4; ISSUER NOT CO-
OPERATING".

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Bank limits            7.08       [ICRA]C+/[ICRA]A4; ISSUER NOT
                                    CO-OPERATING; Rating moved to
                                    the 'Issuer not co-operating'
                                    category

Rationale

The rating is based on limited information on the entity's
performance since the time it was last rated in April 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with Aneesh Ahmad Khan, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non co-operative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long and established track record of the promoters in coal
mining operations: The firm is managed by the Chhindwara-based
Khan family, which has been in the coal overburden removal and
transportation business for more than two decades.

* Relatively low counterparty risk due to reputed clients like
Western Coalfields Limited (WCL), Madhya Pradesh Power Generation
Company Limited (MPPGCL): the firm is engaged in overburden
removal and coal excavation contracts for WCL, coal
transportation work for MPPGCL either directly or through joint
ventures/sub-contract. Thus, a reputed clientele translates into
low counter party risk for AAK.

* High barriers to entry as a result of stringent technical and
financial qualification criteria for the bidders: The entry
barriers for new players remain high on account of stringent
technical and financial qualification criteria required to be
eligible for bidding coal excavation tenders in the open market.
Apart from that, the bidder's track record is also taken into
consideration before permitting it in the bidding process. .

Credit weaknesses

* Operations and mining contracts are subjected to regulatory
risks: The mining operations are associated with regulatory risks
and any regulatory changes can affect the mining activities on
these sites hence affecting the revenue stream of AAK. However,
the entire responsibility of getting regulatory clearances, land
acquisition and preparation of detailed mining plan lies with the
mining lease holder.

* Ability to maintain performance levels in terms of meeting
monthly contracted mining quantities remains critical in view of
presence of Liquidated Damages (LD) clause: The rates for over
burden removal, coal excavation and transportation are pre-
defined and dependent on the depth of coal bed. AAK could be
penalized in case of any shortfall in achieving the monthly
targets; also the contracts consist of a calorific value based LD
clause and hence AAK has to focus on both volume and quality to
avoid penalty.

* Vulnerability of profitability to diesel price variations in
case of actual usage by AAK being higher than allowed levels:
Fuel expenses form one of the major mining expenses incurred by
AAK. For all the contracts, either there is a diesel price
variation clause present or the mining lease holder directly
provides the fuel, based on pre-determined consumption norms.
Hence, the profitability for AAK is vulnerable to diesel price
fluctuation, in case the actual consumption of diesel is in
excess of norms allowed in the contract.

Aneesh Ahmad Khan was established in 1994 and is engaged in the
business of overburden removal, coal excavation and coal
transportation works. The firm was established by eight partners
belonging to the Khan family. The firm's operations are majorly
concentrated in coal mining areas of Madhya Pradesh, primarily in
the district of Chhindwara.

The scope of work for the firm is limited to the execution of
contract and does not involve land acquisition, environment
clearances, rehabilitation work etc. This reduces the risk
involved with these projects to a large extent.


ASOLUTION PHARMA: ICRA Withdraws D Rating on INR30cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term and short-term rating of [ICRA]D
outstanding for the INR31.00 crore long-term, short-term, fund-
based and non fund-based limits of Asolution Pharmaceuticals
Private Limited (APPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  based Limits           30.00       [ICRA]D; withdrawn

  Short-term Fund-
  based Limits            0.50       [ICRA]D; withdrawn

  Short-term Non
  Fund-based Limits       0.50       [ICRA]D; withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Asolution Pharmaceutical Private Limited was incorporated under
the guidance of Dr. Laxmi Chodankar and Dr. Nandkumar Chodankar
who have nearly three decades of experience in the pharmaceutical
industry. The company is currently engaged in custom synthesis
and manufacturing of Specialty products for API for the
international regulated markets. The company's product profile
comprises of niche, small volume products depending on the
requirements of the clients. The manufacturing unit of the
company is located in MIDC, Ambernath (Maharashtra)


CAPTAIN SPORTS: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Captain
Sports (CS) for obtaining information through letters and emails
dated July 17, 2017 and August 14, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       4        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 Captain Sports. 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 Captain Sports 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'.

Set up in 1999 by Mr. Rajkumar as a proprietorship concern of his
wife, Ms. Rajkumar Kalpana Devi, CS trades in sports fabrics such
as super PP, plain polyesters, dot knit polyester, and jack pro
polyester. It has five outlets, one each in Tiruppur, Chennai,
Palakkad, Madurai, and Hyderabad.


CREATIVE EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR6MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Creative
Educational Society (CES) for obtaining information through
letters and emails dated July 18, 2017 and August 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           6        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                1        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       3        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 Creative Educational Society.
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 Creative Educational Society 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'.

Established in 2005, CES runs two colleges offering undergraduate
courses in engineering and pharmacy and post graduate courses in
pharmacy. The day-to-day operations of the society are managed by
its Chairman - Mr. S. Rama Subbha Reddy.


DHAULAGIREE POLYOLEFINS: Ind-Ra Assigns 'B' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned Dhaulagiree
Polyolefins Private Limited (DPPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR14 mil. Fund-based limit assigned with IND B/Stable
    rating;

-- INR20 mil. Non-fund-based limit assigned with IND A4 rating;

-- INR90 mil. Proposed term loans* assigned with Provisional IND
    B/Stable rating;

-- INR20 mil. Proposed fund-based limit* assigned with
    Provisional IND B/Stable rating; and

-- INR20 mil. Proposed non-fund-based limit* assigned with
    Provisional IND A4 rating.

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

KEY RATING DRIVERS

The ratings reflect DPPL's small scale of operations and weak
EBITDA margins and credit metrics owing to the limited
clientele of the company. According to the provisional financials
of FY17, revenue increased marginally to INR99 million (FY16:
INR94 million), due to an increase in the sale of poly bags,
which contributed 37.7% to the total sales. EBITDA margins
declined to 3.4% in FY17 (FY16: 4.5%), due to an increase in raw
material cost. Consequently, gross interest coverage (operating
EBITDAR/gross interest expense + rents) deteriorated to 1.2x in
FY17 (FY16: 1.5x) and net leverage (adjusted net debt/operating
EBITDAR) to 5.8x (4.2x).

The ratings are also constrained by the company's high customer
concentration with the top 10 customers contributing 68.1% to the
revenue in FY17.

However, the ratings are supported by DPPL's comfortable
liquidity, which is reflected from its 35.73% utilisation of the
fund based facilities for the 12 months ended October 2017. The
ratings are also supported by over two decades of experience of
the directors in the plastic packaging industry.

RATING SENSITIVITIES

Positive: An improvement in the operating EBITDA leading to an
improvement in the credit metrics would lead to a positive rating
action.

Negative: Deterioration in the operating EBITDA leading to
further deterioration of the credit metrics would lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1984, DPPL manufactures high molecular high
density polyethylene films, sheet, lines, poly bags, tarpaulin
sheet. The company has a of 2,400mtpa manufacturing facility in
Howrah, West Bengal.


DURGA AUTOMOTIVES: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term rating of the INR12.00-crore fund-
based cash-credit limit of Durga Automotives Private Limited to
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-limit-      12.00      [ICRA]D ISSUER NOT
  Cash-credit                       COOPERATING Rating moved to
  facility                          the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on no significant updated information on the
entity's performance since the time it was last rated in April,
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with DAPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experience of the promoters in the vehicle dealership business:
DAPL is an authorised dealer of Hyundai Motors India Limited
(HMIL) for sales of passenger cars and an authorised dealer of
Piaggio for sales of commercial vehicles in West Bengal. The
promoters have significant experience in the vehicle dealership
business over the years.

Credit weaknesses

* Stretched liquidity position on account of high working capital
intensity of company's operations: The net working capital
intensity of DAPL's operations continue to remain high relative
to its operating income at ~38% during FY2016, resulting in its
stretched liquidity position.

* High geographical concentration risk, with entire operations
being limited to the state of West Bengal: The company owns four
showrooms for sales of Hyundai vehicles in Malda, Siliguri,
Darjeeling and Raigunj and one showroom for sales of Piaggio
vehicles in Siliguri. Thus presence of all the showrooms in the
state of West Bengal exposes the company to geographical
concentration risks.

DAPL was incorporated in 1998. It is an authorised dealer of HMIL
for sales of passenger cars and an authorised dealer of Piaggio
for sales of commercial vehicles in Siliguri, West Bengal. Apart
from vehicle sales, DAPL is also involved in sales of spare parts
and accessories and providing after sales services. DAPL started
its operations with a single showroom in Siliguri and has
gradually expanded its operations.


EDUCATION FOUNDATION: ICRA Moves D Rating to Not Cooperating
------------------------------------------------------------
ICRA has downgraded the ratings of Education Foundation (REF) to
[ICRA]D and has also moved the ratings to the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Term        9.85       [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Downgraded from
                                    [ICRA]BB-(Stable), Rating
                                    moved to the 'Issuer Not
                                    Cooperating' category

  Fund Based Cash        3.00       [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Downgraded from
                                    [ICRA]BB-(Stable), Rating
                                    moved to the 'Issuer Not
                                    Cooperating' category

  Non Fund Based         2.00       [ICRA]D ISSUER NOT
  Bank Guarantee                    COOPERATING; Downgraded from
                                    [ICRA]A4, Rating moved to the
                                    'Issuer Not Cooperating'
                                    category

Rationale

The rating downgrade follows the delays in debt servicing by
Rishiraj Education Foundation (REF) to the lender(s), as
confirmed by them to ICRA. The liquidity profile is strained on
account of decrease in scale of operations. ICRA has limited
information on the entity's performance since the time it was
last rated in May 2016.

As part of its process and in accordance with its rating
agreement with Rishiraj Education Foundation, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Positive outlook for the Indian Education sector: The outlook
for the Indian education sector remains positive driven by
increasing student strength, rising income levels and favourable
government policies.

Credit weaknesses

* Delays in repayment of debt obligations: The account is
irregular.

* Weak financial profile: The financial profile of the company
remains weak as marked by modest scale and limited track record
of operations, stretched capital structure (gearing of 2.90
times) and modest debt protection metrics (Total Debt/OPBDITA of
4.88 times, NCA/Total Debt of 10% and Interest coverage of 1.92
times).

* Intense competition: The profitability of the company remains
vulnerable to intense competition from established and upcoming
institutes making it difficult to attract quality faculty as well
as students.

* Vulnerability to regulatory developments: The operations of the
company remain vulnerable to the regulated nature of Indian
Education Industry.

Rishiraj Education Foundation (REF) was incorporated in the year
2012 under Section 25 of Company's act 1956 with registered
office in Rajkot, Gujarat to set up and run professional
educational institutions. Founded by Mr. Bipin Savalia, the
company is managed by four more directors who have an experience
of more than a decade in the education industry. The company
manages the trust namely 'Vidhya Vistar Kelavani Mandal' which
runs four schools and one college in the common residential
campus spread over 17 acres of land located at a distance of 10
kms from the city of Rajkot. The schools provide education from
Std I to Std XII while the college offers degree level courses.
The company commenced its operations from academic year 2014-15.


EZRA SBL IFMR: Ind-Ra Gives Final BB+ Rating to Series A2 PTCs
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ezra SBL IFMR
Capital 2017 (an ABS transaction) the following final ratings:

-- INR150.0 mil. Series A1 pass-through certificates (PTCs),
    issued on February 23, 2017, due on September 17, 2021,
    assigned with IND BBB+(SO)/Stable rating; and

-- INR3.26 mil. Series A2 PTCs, issued on February 23, 2017, due
    on September 17, 2021, assigned with IND BB+(SO)/Stable
    rating.

The microenterprise loan (MEL) pool assigned to the trust has
been originated by Disha Microfin Limited (Disha; originator or
seller). In September 2015, Disha received in-principle approval
from the Reserve Bank of India (RBI) to commence operations as a
small finance bank. Disha converted itself into a small finance
bank from a non-banking finance company (NBFC), changing its name
to Fincare Small Finance Bank Limited (FSFBL), effective
June 2017.

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The final ratings are based on the origination, servicing,
collection and recovery expertise of FSFBL, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction. The agency is of
the opinion that the issuer's origination and servicing
capabilities are of an acceptable standard. FSFBL follows a
branch model for sourcing of MEL loans. The company follows a
strong due diligence process to assess the creditworthiness of
prospective customers. All collections are handled by the in-
house sales team and are routed electronically through the
National Account Clearing House-facilitated Electronic Clearing
System mandate.

Transaction Structure: The final rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and the ultimate payment of principal by the final maturity date
of Sept. 17, 2021, in accordance with transaction documentation.
The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of 17 September 2021, in
accordance with transaction documentation.

Availability of Credit Support: The transaction benefits from the
available internal and external CE. The internal CE arises on
account of excess interest spread, subordination and over-
collateralisation. The levels of over-collateralisation available
to Series A1 and Series A2 PTCs are 8.07% and 6.07% of the
initial pool principal outstanding (POS), respectively. Total
excess cash flow or internal CE available to Series A1 and A2
PTCs is 46.40% and 43.19% of the initial POS, respectively.

The transaction benefits from an external CE of 8.0% of the
initial POS in the form of fixed deposits with RBL Bank in the
name of the originator, with a lien marked in favour of the
trustee. The external CE will be used in case of a shortfall in
a) the complete redemption of all Series of PTCs on the final
maturity date, b) the monthly interest payment to Series A1
investors c) the monthly interest payment of Series A2 investors
after the complete redemption of Series A1 investors and d) any
shortfall in Series A2 maximum payout on the Series A2 final
maturity date.

Key Pool Characteristics: The collateral pool assigned to the
trust at par had an aggregate outstanding principal balance of
INR163.2 million as of the pool cut-off date of 11 February
2017.  The 576-loan pool has a weighted average (WA) seasoning of
11 months and a WA amortisation of 11.0%, implying a moderate
repayment track record of underlying borrowers. Also, the WA loan
to value of the pool is 28.2%, with an average loan balance of
INR283,275 and a WA internal rate of return of 25.9%. There were
no overdue loans in the pool as of the pool cut-off date of 11
February 2017.

Key Assumptions: Ind-Ra has derived a base case gross default
rate in the range of 8%-9%. The agency has analysed the
characteristics of the pool and established its base case
assumptions through the four key performance variables, viz.
default rate, recovery rate, recovery timeline and prepayment
rate, which collectively affect the credit risk in a transaction.
Ind-Ra considers both long-term historical average of the key
performance variables of the old static pools and the performance
of the latest static pools.

Ind-Ra has derived the recovery rate on the basis of the data
shared by the originator and market inputs. According to the
agency's discussions with the originator, most recoveries take
the form of roll backs of 90+ dpd customers in the current
bucket. Ind-Ra has assumed a base case recovery rate of 65%-75%,
with a base case recovery time of 12-15 months.

Ind-Ra stressed the above variables for the rating level as per
'Rating Criteria for Indian Asset-Backed Securitisations'. Based
on the rating level, the agency also has made an adjustment for
the borrowers carrying the highest interest rate loans assuming
they will either prepay or default.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions about the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the ratings of
both Series A1 and Series A2 PTCs will not be impacted.

A new issue report for this transaction will be available shortly
on Ind-Ra's website, www.indiaratings.co.in.

COMPANY PROFILE

FSFBL (formerly Disha Microfin Limited) was registered as a non-
deposit accepting NBFC with the RBI on 5 April 2010. The company
was converted to an NBFC-MFI, effective 6 December 2013. In
September 2015, it received in-principle approval from the RBI to
start operations as a small finance bank. It commenced banking
operations from 21 July 2017. In October 2016, FSFBL acquired
Future Financial Services Pvt Ltd (FFSPL), a Chittoor-based NBFC,
through a slump sale.

FSFBL is a part of the Fincare group, which comprises FSFBL,
FFSPL, Lok Management Services Pvt. Ltd., India Finserve Advisors
Pvt. Ltd. and Fincare Business Services Pvt. Ltd.

FSFBL's loan portfolio grew to INR13.1 billion in FY17 (FY16:
INR3.2 billion). Its securitised loan portfolio stood at INR5.35
billion in FY17 (FY16: INR973.7 million). FSFBL classifies a loan
as an NPA if it becomes overdue for more than 90 days. Its gross
NPA stood at 11.07% at FYE17 compared with 0.45% at FYE16.


FUSION VOICE: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Fusion Voice Solutions India Private Limited (FVSIPL) at
'CRISIL B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      3.5      CRISIL B+/Stable (Reaffirmed)

The rating reflects FVSIPL's modest scale of operations, customer
concentration in revenue profile, exposure to intense competition
in the mobile phone industry resulting in modest profitability
margins, and a below-average financial risk profile, with a
modest networth, moderate total outside liabilities to tangible
net worth ratio and below average debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of promoters in the distribution business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: FVSIPL's business risk profile
remains constrained by its modest scale of operations as
indicated by its revenues of INR25.0 crore for 2016-17 (refers to
financial year, April 1 to March 31). The scale of operations is
expected to improve to around INR85. crore in 2017-18 on account
of increased traction of Nokia handset in the region.

* Customer concentration risk in revenue profile and Exposure to
intense competition: FVSIPL is the sole distributor of Nokia
mobile phones and accessories in Vijayawada. Furthermore, the
company is the sole supplier for mobile dealers like Big C
Mobiles and Lot mobiles in the Andhra Pradesh and Telangana
region. FVSIPL faces significant customer concentration risks.
Its four major customers account for about 85 per cent of its
total sales

Financial risk profile

* Modest net worth: FVSIPL's net worth was modest at INR2.5 crore
as on March 31, 2017. Moderate total outside liabilities to
tangible net worth (TOLTNW) ratio: FVSIPL's TOLTNW ratio was
moderate at 0.2 times as on March 31, 2017

* Below average debt protection metrics: FVSIPL has below average
debt protection measures. Its interest coverage and net cash
accruals to total debt (NCATD) ratios stood at 1.54 times and 24
percent, respectively, in 2016-17, because of low profitability
nature of operations and significant short-term debt contracted
to meet the working capital requirements.

Strength

* Established track record and extensive experience of promoters
in distribution business: FVSIPL's business risk profile benefits
from the extensive experience of its promoters in the
distribution business. The promoter Mrs. Jogu Prasad has been in
the current line of business for close to 12 years. Over the
years of her presence in this industry, the company has developed
healthy relationships with its suppliers and customers.
Currently, the company is the sole distributor of Nokia phone and
accessories in Vijayawada (Andhra Pradesh), Guntur and Vizag. In
addition, it is the sole supplier of Nokia mobiles and
accessories to organised retail players like BigC Mobiles Pvt
Ltd, Lot Mobiles Pvt and Sangeetha Mobiles for all their stores
in Andhra Pradesh and Telangana. CRISIL believes that the company
would continue to benefit from the established track record and
extensive experience of its promoters in the distribution
business.

Outlook: Stable

CRISIL believes Fusion Voice Solutions India Private Limited
FVSIPL will continue to benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability or substantial equity infusion by
promoters strengthen the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if working capital
requirement increases, resulting in deterioration in liquidity or
any large, debt-funded capital expenditure weakens the capital
structure.

Set up in 2003 as a proprietorship concern and reconstituted as a
private limited company in 2007, FVSIPL, based in Vijayawada
(Andhra Pradesh), distributes Nokia mobiles and accessories.
Operations are managed by the promoter, Ms Jogu Prasad.


GRAPE MARKETING: CRISIL Raises Rating on INR4.5MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Grape Marketing Pvt Ltd (GMPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      3.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade reflects improvement in financial risk profile
because of increase in interest coverage to 1.37 times in fiscal
2017 from 0.90 time in the previous fiscal driven by rise in
operating margin to 2.2% from 1.55%, and decline in debt. Total
outside liabilities to tangible networth (TOLTNW) ratio improved
to 0.15 time as on March 31, 2017, from 2.15 times a year
earlier. The financial risk profile has rebounded in fiscal 2017
on account of improvement in operating margin levels to earlier
levels of 2.2%. The improvement is expected to sustain over the
medium term leading to continued support to the financial risk
profile over the medium term. Further, the company's working
capital cycle has also strengthened with the reduction in debtor
and inventory days on account of control on the same. Sustained
improvement in business with sustainability of operating margins
will continue to support the business and financial risk profile
over the medium term.

The rating reflects the company's modest operating margin and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of its promoters in the metals
trading industry, and its established relationships with
customers and suppliers.

Analytical Approach

CRISIL has treated unsecured loans of INR3.05 crore as neither
debt nor equity as they are subordinated to bank debt and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest operating margin and susceptibility to intense
competition in the metal trading industry: Though operating
margin improved in fiscal 2017, it remained modest because of the
trading business. The company faces competition from a large
number of organised players representing distributors of reputed
national manufacturers, and several small players which sell
products of local and regional brands. Intense competition and
limited negotiating power with customers will continue to
constrain profitability over the medium term.

* Average financial risk profile: Despite improvement in TOLTNW
ratio and debt protection measures, the financial risk profile
remains average.

Strength

* Promoters' extensive industry experience: The promoters'
experience of more than three decades in trading in metals
through other entities has led to established relationships with
suppliers and customers, and will benefit GMPL over the medium
term.

Outlook: Stable

CRISIL believes GMPL will continue to benefit from its promoters'
extensive industry experience and its established relationships
with customers and suppliers. The outlook may be revised to
'Positive' if revenue and profitability increase significantly,
resulting in higher cash accrual, while working capital
requirement remains stable, or if equity infusion leads to a
better financial risk profile. The outlook may be revised to
'Negative' if revenue or operating margin declines, or if large
working capital requirement puts pressure on liquidity.

Incorporated in 2000, GMPL imports and trades in non-ferrous
metals such as lead, zinc, and aluminium, which are used to
manufacture batteries. Its daily operations are headed by Mr.
Chetan Jain. The company is based in New Delhi.


HOTEL ASHOK: CRISIL Reaffirms 'B' Rating on INR8.8MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hotel
Ashok - Thanjavur (HA) for obtaining information through letters
and emails dated July 17, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      1.2       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               8.8       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 Hotel Ashok - Thanjavur. 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 Hotel Ashok - Thanjavur 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'.

Set up in 2015 as a partnership firm by Mr. V Ashok, Mr. R
Vijaykumar, and their families, HA is setting up a 22-room hotel,
Hotel Ashok, in Thanjavur, Tamil Nadu. The project is currently
under construction and operations are expected to begin from
April 2017.


LOK RAJ: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Lok Raj
Saini Infra-Tech Private Limited (Lok Raj) 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
   ----------          ---------     -------
   Bank Guarantee          .55       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit           12.00       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Funded Interest        3.58       CRISIL D (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Reaffirmed)

   Working Capital        9.87       CRISIL D (Issuer Not
   Term Loan                         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 Lok Raj Saini Infra-Tech
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 Lok Raj Saini Infra-
Tech Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.

Set up as a proprietorship concern by Mr. Lokraj Saini in 1987,
it was reconstituted as a partnership firm in April 2008 and a
private limited company in 2010. The company undertakes
construction of roads, bridges and other infrastructure
development projects, mainly in Himachal Pradesh (HP), mainly for
government departments like H.P. Public Works Department.


NESTOR PHARMACEUTICALS: ICRA Moves C+ Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR75.00 crore bank facilities
of Nestor Pharmaceuticals Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]C+/ [ICRA]A4 ISSUER
NOT COOPERATING".

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based-Cash        51.00        [ICRA]C+ ISSUER NOT
  Credit                              COOPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

  Non Fund Based-        16.00        [ICRA]A4 ISSUER NOT
  Bank Guarantee/                     COOPERATING; Rating moved
  Letter of Credit                    to the 'Issuer Not
                                      Cooperating' category

  Unallocated Limits      8.00        [ICRA]C+/[ICRA]A4 ISSUER
                                      NOT COOPERATING; Rating
                                      moved to the 'Issuer Not
                                      Cooperating' category

Rationale

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with Nestor Pharmaceuticals Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience of the promoters in formulation business:
Nestor group started its business about a century ago in the year
1917 as a pharmacy company. NPL has other subsidiaries in UK,
Kenya and Tanzania which have ceased their operations. Nestor
group is promoted by the Sehgal Family and is currently managed
by the third generation pharmaceutical entrepreneur, Mr. Rahul
Sehgal. The promoters have established relations with government
agencies and overseas customers.

Credit weaknesses

* Moderate scale of operations amidst intense competition: The
scale of operations of NPL has remained moderate over the years
and the company faces stiff completion from a large number of
players in the domestic as well as exports market. The revenues
of the company have declined in FY2017 as compared to FY2016.

* Increased working capital intensity: The company has low
financial flexibility due to investments in other subsidiaries
and its working capital utilisation has remained highly utilised
as the receivables position has worsened in FY2017. This has led
to increase in working capital intensity as well as stretched
liquidity.

Incorporated in 1975 by the Sehgal family, NPL manufactures and
markets a wide range of branded and generic formulations. Nestor
has two umbrella brands under which products are marketed
globally 'Nestor' which is an established brand and 'Steriheal'
which is being developed as 'hygiene for health' brand.


OMKAR INFRATECH: ICRA Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR8.0 crore bank facilities
of Omkar Infratech Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA]B (Stable); ISSUER
NOT COOPERATING"

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  LT-Fund-based Limits      8.0      [ICRA]B (Stable); ISSUER NOT
                                      COOPERATING; Rating moved
                                      to the 'Issuer not
                                      Cooperating' category

Rationale

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in April,
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with OIL, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Credit Strengths

* Healthy demand of stone grits given the increasing activities
in the infrastructure industry

* Established relationships of the promoters with various real
estate and construction companies based out of Uttarakhand

Credit Challenges

* Small scale of operations with limited track record of
operations

* Low entry barriers and low value add nature of the business
leads to pressures on profitability from present and future
competitors

* Operations vulnerable to slowdown in the real estate and
construction industry

* Weak financial risk profile reflected by high gearing levels,
negative net profitability, and high working capital intensity
mainly due to large inventory levels; high inventory levels are
typical of this industry as the procurement of raw materials
(boulders) remain vulnerable and uneven, since the river bed
(quarry) remains inoperative for 4-5 months in a year

* The company remains exposed to risks associated with changes in
Govt. regulations in the Mining and Quarrying industry

Omkar was established in 2009 but there were no operations till
now. The company is engaged in the business of crushing/screening
boulders and stones into grits of smaller sizes of 10 mm, 20 mm
and 40 mm in size as per customer's requirement. The company's
plant started operations in Q4 FY14. The company's assets were
previously in another promoter company which was shifted from
U.P. in FY14.


PARSVNATH HOTELS: Ind-Ra Cuts Issuer Rating to D, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Parsvnath
Hotels Limited's (PHL) Long-Term Issuer Rating to 'IND D' from
'IND B-'. The Outlook was Stable. The instrument-wise rating
action is:

-- INR116.25 mil. Term loan (Long-term) due on March 2022
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects PHL's delay in debt servicing in
October 2017 due to tight liquidity position, resulting from
continued delays in commencement of commercial operations at its
hotel in Shirdi.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Incorporated in November 2007, PHL is implementing a three-star
hotel in Shirdi, Maharashtra. The company is a 100% subsidiary of
Parsvnath Developers Limited. The hotel, once completed, has been
proposed to be promoted by ITC Welcome group under its Fortune
Hotels brand and would comprise 52 rooms with facilities such as
a conference room, a restaurant and a travel desk.


PREMIER EXPORTS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Premier Exports
International's (PEI) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit affirmed with IND
    BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect moderate credit metrics. In FY17, interest
coverage (operating EBITDA/gross interest expense) was 2.67x
(FY16: 2.82x) and leverage (total adjusted debt/operating
EBITDAR) was 0.70x (1.07x). The improvement in leverage was
driven by an improvement in absolute EBITDA (FY17: INR24.20
million; FY16: INR19.86 million).

The ratings continue to be constrained by the small scale of
operations, volatile working capital cycle and the partnership
structure. In FY17, revenue was INR476 million (FY16: INR445
million). The marginal rise in revenue was driven by better
realisation of marine products such as squid and cuttlefish.

However, the ratings draw some comfort from the extensive
experience of the management of over two decades in the
processing and export of frozen marine products business, and a
stable operating profitability. Operating margin was 5.09% in
FY17 (FY16: 4.46%) and was 4.4%-5.1% during FY14-FY17, supported
by duty drawbacks on exports. Also, the ratings are supported by
a comfortable liquidity, indicated by a 75% average utilisation
of the working capital facilities for the 12 months ended October
2017. The working capital cycle was comfortable at 37 days in
FY17 (FY16: 39 days).

RATING SENSITIVITIES

Negative: Deterioration in operating margin and an elongation of
the net working capital cycle will lead to a negative rating
action.

Positive: Substantial growth in revenue and improvement in
operating margin leading to sustained/improved credit metrics
will lead to a positive rating action.

COMPANY PROFILE

Established in 1980 as partnership firm, PEI is engaged in the
processing and export of frozen marine products such as shrimps,
squid and cuttlefish. PEI is managed by four partners: KM
Abdulla, A Musthafa, KA Salim and M Nizam.


PURANDAR MILK: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the ratings for the INR7.00 crore bank facilities
of Purandar Milk and Agro Products Limited to the 'Issuer Not Co-
operating' category. The ratings are now denoted as: "[ICRA]D
ISSUER NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based limits-
  Term Loan              5.00        [ICRA]D; ISSUER NOT
                                     CO-OPERATING; Rating moved
                                     to the 'Issuer Not Co-
                                     operating' category

  Fund based limits-
  Cash Credit            0.90        [ICRA]D; ISSUER NOT
                                     CO-OPERATING; Rating moved
                                     to the 'Issuer Not Co-
                                     operating' category

  Unallocated            1.10        [ICRA]D; ISSUER NOT
                                     CO-OPERATING; Rating moved
                                     to the 'Issuer Not Co-
                                     operating' category

Rationale

As part of its process and in accordance with its rating
agreement with PMAPL, ICRA has been trying to seek information
from the company so as to undertake a surveillance of the
ratings, but despite repeated requests by ICRA, the company's
management has remained non-cooperative. In the absence of
requisite information, ICRA's Rating Committee has taken a rating
view based on best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
the company's rating is now denoted as: "[ICRA]D, ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

* Established presence in the dairy and agro-products business:
The promoter, Mr.Jagtap has a long standing experience spanning
over xx years, in the dairy and agro-products business. The
company has established presence in the Purandar taluka of Pune
district of Maharashtra which has resulted in healthy
relationships with the farmers ensuring steady milk supply to the
company.

Credit weaknesses

* Stretched financial profile; instances of delays in debt
servicing in the past: Dairy operations have dominated the
revenue profile of the company contributing to over 70% of the
revenues in the past fiscals followed by petrol pump revenues.
Limited milk procurement in the command area due to draught
conditions led to 24% decline in PMAPL's operating income in
FY2016. Moreover, modest profitability margins and inadequate
cash accruals to service debt obligations resulted in delays in
debt servicing in the past. The debt servicing indicators as of
March 31, 2016 remained stretched Total Debt/ OPBDITA of 27.31
times and NCA/Total Debt of 5%.

* Intense competition especially for milk procurement due to
presence of organized and unorganized players in the region: The
company currently markets milk in Mumbai and Pune markets which
are marked by presence of many established players along with
unorganized players which limits the profitability of the
company. The company in an attempt to expand customer base and
improve profitability is focusing on emerging urban centers like
Roha, Dist.Raigad (Near Mumbai) and Junnar, Alephata (Near Pune)
apart from strengthening its base in the command area.

Purandar Milk and Agro Products Limited was established in 2000
and commenced operations in 2001.The company is involved in
procurement, processing and sale of milk and milk products,
trading of petroleum products, petrol and diesel and weigh bridge
operations. The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'.

PMAPL is part of Silver Jubilee Group promoted by Mr. Sanjay
Jagtap which has diversified interests ranging from automobile
dealership, dairy, real estate to investment advisory services.
The prominent among them include Silver Jubilee Motors Limited
(promoted along with Mr. Kiranpalsingh Ahluwalia) involved in
sales and services of Mahindra and Mahindra utility vehicles.
PMAPL has set up a 5000 metric ton per month capacity cold
storage plant in Khalad, Pune (Maharashtra).


SAI ENGINEERING: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the long-term rating for the INR35.00-crore bank
facilities of Sai Engineering Foundation (SEF) to the 'Issuer Not
Cooperating' category. The long-term rating is now denoted as:
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              35.00      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                     category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in March 2016, which
was based on detailed information. The lenders, investors and
other market participants are thus advised to exercise
appropriate caution while using this rating as the rating does
not adequately reflect the credit risk profile of the entity. The
entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating
agreement with SEF, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key Rating Drivers

Credit Strengths

* Vast experience of the promoters in the construction as well as
hydro power generation business.

* Present supply-demand gap in the power sector will ensure
healthy off take in the existing as well as upcoming projects.

Credit Concerns

* Exposure of company's profitability to raw material price
fluctuation on account of absence of price escalation clause in
majority of its orders.

* Company is prone to hydrological risks due to shortage of water
or loss of generation due to silting.

Sai Engineering Foundation (SEF) is a voluntary organization
registered in accordance with the Societies Registration Act XXI
of 1860. It is engaged in providing technical consultancy,
planning, detailed engineering and implementation of
infrastructure projects like buildings, complexes, roads, hydro-
electric and solar power projects, with a special focus on hydro
power projects. It has executed a number of power projects in
Himachal Pradesh for government entities as well as private
developers. The entity has also been allotted six hydro projects
for which it looks after the operations and maintenance as well.


SAI MACHINE: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Sai Machine Tools Private Limited
(SMTPL).

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

The rating continues to reflect the company's average financial
risk profile and small scale and working capital intensive
operations. These rating weaknesses are partially offset by
extensive experience of promoter in manufacturing extrusion
machines for plastic processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and working capital intensive operations: The
company's business risk profile remains constrained on account of
its small scale of operations. The firm generated revenue of
INR37 cr. during fiscal 2017. SMTPL's working-capital-intensive
operations are reflected in its large gross current assets of
about 204 days as on March 31, 2017. The company has large
working capital requirements, driven by large inventory and
moderate debtors. It maintains large inventory to meet its
customers' requirements in a timely manner and because of the
large number of components required. Its debtor days are high as
it has to offer credit of 45 to 90 days to its customers. The
company's incremental working capital requirements are supported
by customer advances in case of contracts with new customers.
However, SMTPL primarily relies on bank borrowings to fund
incremental working capital requirements.

* Average financial risk profile: SMTPL has average financial
risk profile marked by modest net worth of INR5.9 cr., moderate
gearing of 0.98 times as on March 31, 2017. The company has
healthy  debt protection metrics with net cash accrual to Total
debt (NCATD) and interest coverage ratios of over 0.2 and 3.2
times, respectively, for 2016-17. Financial risk profile may
remain average over the medium term.

Strength

* Extensive experience of promoter in machinery and equipment's
industry: SMTPL started operations in 1988 and till date has
successfully commissioned more than 800 extrusion machines in
India and abroad. Hence, the promoter family has an experience of
more than 25 years in the machinery and equipment industry. The
company benefits from the extensive experience of the promoter,
his understanding of the dynamics of the plastic processing
industry, and established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that SMTPL will benefit over the medium term from
its promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' in case of significant improvement
in SMTPL's cash accruals or infusion of sizable fresh funds by
the promoters leading to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower cash
accruals, higher working capital requirements or debt-funded
capex further weakening the company's financial risk profile,
especially liquidity.

SMTPL, incorporated in 1988, is owned by the Jaiswal family based
out of Indore (Madhya Pradesh). The company manufactures
extrusion machines for plastic processing industry.

For fiscal 2017, SMTPL profit after tax (PAT) was INR0.61 crore
on net sales of INR37 crore, against a PAT of INR0.73 crore on
net sales of INR33.29 crore for fiscal 2016.


SARAVANA BUILDWELL: ICRA Moves D Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the INR10.0-crore bank facilities
of Saravana Buildwell Private Limited (SBPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-         10.0      [ICRA]D; ISSUER NOT
  Based-Term Loan                   COOPERATING Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on no information about the entity's
performance since the time it was last rated in June, 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
same does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA. However, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As a part of its process and in accordance with its rating
agreement with SBPL, ICRA has been trying to seek information
from the entity to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strength

* Significant experience of promoters in the real estate industry

Credit weaknesses

* Intense competition in the Bangalore residential market and
exposure to inherent cyclicality in the real-estate industry

* Exposed to market risk for the ongoing project

Incorporated in 2007, Saravana Buildwell Private Limited (SBPL)
is a private limited concern engaged in real estate development
in Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long
standing experience in the field of real estate development,
having developed more than 10 residential and commercial projects
encompassing 0.2 million square feet of constructed area, since
establishment of his partnership entity M/s. Saravana
Constructions in 1997. Initially, the group had started off as a
real estate company doing small format layouts, independent homes
and small apartment complexes, but now the group has forayed into
in to large housing projects and is in the process of getting
into villa project ventures too. The firm has its in-house team
of engineers and architect.


SARVESH RICE: CRISIL Reaffirms 'D' Rating on INR10.7MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sarvesh
Rice Mill Private Limited (SRMPL) for obtaining information
through letters and emails dated July 11, 2017 and August 10,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             5.25      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Term Loan      3.55      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              10.70      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SRMPL, incorporated in 2009, processes par-boiled rice at its
facility in Bardhaman, West Bengal. Its operations are managed by
Mr. Ritesh Agarwal and Ms. Vasudha Agarwal.


SHREEDHAR MILK: ICRA Lowers Rating on INR20cr NCD to 'D'
--------------------------------------------------------
ICRA has downgraded the ratings for the INR20.0 crore Non
Convertible Debenture programme of Shreedhar Milk Foods Limited
to [ICRA]D from [ICRA]BBB- (Stable). ICRA has also moved the
ratings to the 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA] D ISSUER NOT COOPERATING"

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Non Convertible         20.00      [ICRA]D ISSUER NOT
  Debenture Programme                COOPERATING; Downgraded from
                                     [ICRA]BBB-(Stable) and moved
                                     to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing on its
bank facilities by Shreedhar Milk Foods Limited, as confirmed by
the bankers to ICRA.

ICRA has limited information on the entity's performance since
the time it was last rated in August 2016.

As part of its process and in accordance with its rating
agreement with Shreedhar Milk Foods Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative.

In the absence of requisite information and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Healthy scale-up in operations during recent years: SMFL's
revenues have grown at a CAGR of 39% over FY2012-FY2017 aided by
capacity expansion, introduction of new products and higher
realizations

* Experienced promoters and professional management: Promoter
have good experience in the dairy industry, and the company has
also inducted professional management to pursue plans of scaling-
up direct marketing business.

Credit weaknesses

* Delay in debt servicing owing to liquidity pressures: SMFL has
delayed on timely servicing of its term loans, and cash credit
facilities have been over-utilised, highlighting liquidity
pressures

* Credit metrics expected to remain weak due to ongoing debt-
funded capital expenditure requirements: SMFL has been
undertaking debt-funded capital expenditure, which coupled with
increased working capital debt on its books due to scale-up in
operations, has resulted in high gearing levels and weak coverage
indicators for the company.

* Weak profit margins due to B2B exposure: SMFL's business
profile is primarily 'B2B' which limits its bargaining power and
ability to improve margins

* High product concentration risks: Revenue-mix characterised by
high product concentration risks such as skimmed milk powder
(SMP) and ghee, both of which exhibit high price volatility and
face high competition.

Incorporated in 2005, Shreedhar Milk Foods Limited (SMFL) is a
medium-sized dairy processing company engaged in processing
liquid milk and manufacturing various milk-based products such as
skimmed milk powder (SMP), pure ghee, white butter, cottage
cheese, curd and sweets. The company's processing facility is
located at Joya in Uttar Pradesh, with a processing capacity of
14.30 lakh litres per day (LLPD). With a product-mix concentrated
in favour of SMP, pure ghee and related derivatives, SMFL largely
caters to the bulk/institutional segment under its brand,
'Shreedhar', through its network of C&F agents. A small
proportion of the company's business is also generated from
contract manufacturing operations for players like Mother Dairy
and COMFED. While a majority of SMFL's business comes from the
bulk segment, it is currently in the midst of expanding its
direct marketing business, especially for poly-pack milk. To
achieve this, it has recently started procuring milk directly
from villages by setting up Village Level Collection Centres
(VLCCs) and Milk Chilling Centres (MCCs).

SMFL is promoted by the Delhi based Goel family. The promoters
have significant experience in the dairy industry, with their
roots in the milk trading business for the last four generations.
With its plans of expanding its retail presence, the company has
inducted professional management with significant experience in
the dairy industry. SMFL also raised equity funding from a
Mauritius-based private equity fund, 'The Great Indian Tusker
Fund', and another entity, Omrudra International Trading LLC.
Following the equity infusion, the promoter's stake in the
company stood at 93.3% as of June 2016.


SLN RICE: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
ICRA has moved the ratings for the INR8.00-crore bank facilities
of SLN Rice Industries to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Fund-        7.00       [ICRA]B+ (Stable) ISSUER NOT
  Based-Cash credit                 COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Long-term-Fund-        1.00       [ICRA]B+ (Stable) ISSUER NOT
  Based-Unallocated                 COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in May, 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA. However, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with SLN Rice Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long experience of promoters in the business: The promoters
have long experience of more than a decade in the rice milling
industry, which helps the firm in managing the business risks
effectively.

* Presence in major rice growing area results in easy
availability of paddy: The firm's plant is located in Tumkur,
Karnataka which is surrounded by paddy-cultivation areas, which
result in easy procurement with low transportation cost for the
firm.

Credit weaknesses

* Intense competition in a highly-fragmented industry structure
with low product differentiation and value addition, limiting
pricing flexibility: The firm operates in a highly competitive
industry, with the presence of a large number of small-scale and
cottage units. The lack of product differentiation and intense
competition restricts the bargaining position and pricing
flexibility of the firm.

* Agro-climatic and regulatory risks: The firm's profitability
and revenues are vulnerable to agro-climatic & regulatory risks
inherent in agriculture.

* Risk associated with partnership nature of the firm: Any
substantial withdrawal by the partners would adversely affect the
financial profile of the firm.

SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu and the rice mill is located at Tumkur,
Karnataka. The installed capacity of the plant is 5 tons per
hour.


SRI SESHASAI: CRISIL Reaffirms 'B+' Rating on INR13MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Sri Seshasai Spinning Mills Private Limited (SSMPL) at 'CRISIL
B+/Stable.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           13         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         6.68      CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-Based
   Bank Limits             .32      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect weak financial risk profile
because of modest net worth, high gearing, and below-average debt
protection metrics. The ratings are constrained by modest scale
of operations in the intensely competitive cotton yarn industry,
large working capital requirement, and the susceptibility of
profitability margin to volatile cotton prices. These rating
weaknesses are partially mitigated by the benefits derived from
the extensive experience of promoters in the cotton yarn industry
and established relations with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Net worth is estimated to be
around INR1.43 crore against total debt outstanding of INR19.7
crore resulting in high gearing of around 14 times as on March 31
2017.

Debt protection metrics was also below average as reflected in
interest coverage ratio and net cash accruals to total debt ratio
of around 1.3 times and 8% respectively.

* Modest scale of operations in intensely competitive cotton yarn
industry: Scale of operations remains modest as reflected in
INR47.81 crore in fiscal 2017. Modest scale of operations limits
company's ability to get benefits associated with economies of
scale which other big players in the industry are able to
leverage upon.

* Large working capital requirements: Business is highly working
capital intensive, with sizeable gross current assets (GCAs),
inventory and receivables of 160, 98, and 56 days, respectively,
as on March 31, 2017.

On account of working capital intensity, short-term debt has
increased in line with growth in revenue. Bank limit utilization
has been high at 99% in the 12 months through September 2017.
Working capital requirements should remain high over the medium
term as well.

* Susceptibility to volatile cotton prices: SSMPL remains
susceptible to volatility in cotton prices, which account for
around 70% of the operating income. The prices of cotton have
been volatile over the past few years because of global demand-
supply mismatch. The same is reflected in variable operating
margins in the past.

Strength

* Extensive experience of the promoters in cotton yarn industry,
and established relations with customers: Promoter, Mr. Jamili
Pardha Saradhi and his family have been associated with the
textiles industry for over four decades. The extensive experience
has helped the company maintain healthy relationships with
customers in India and abroad, and with raw material suppliers.
They have also helped expand production capacity to around 18,000
spindles. Furthermore, revenue, though modest at INR47.18 crore
in fiscal 2017, backed by healthy relationships with, and repeats
orders from, customers. Benefits from the extensive experience of
the promoters should continue to support business risk profile

Outlook: Stable

CRISIL believes SSMPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' in case of substantial improvement
in scale of operations and profitability or in working capital
cycle or if promoters infuse funds to support the liquidity.
Conversely, the outlook may be revised to 'Negative' if decline
in cash accrual, any large capex, or stretch in working capital
cycle weakens financial risk profile.

SSMPL was set up in 2005 by Mr. Jamili Pardha Saradhi and his
family. The company manufactures cotton yarn. Its spinning mill
is located in Guntur (Andhra Pradesh).


STURDY INDUSTRIES: ICRA Assigns D Rating to INR133.40cr Loan
------------------------------------------------------------
ICRA has assigned long-term and short-term ratings of [ICRA]D to
the INR350.00-crore bank facilities of Sturdy Industries Limited
(SIL).

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Term Loans                112.48      [ICRA]D; Assigned

  Fund-based Limits          90.00      [ICRA]D; Assigned

  Non-fund Based Limits     133.40      [ICRA]D; Assigned

  Unallocated Limits         14.12      [ICRA]D; Assigned

Rationale

The rating assignment takes into account the delays in debt
servicing, overdrawals of fund-based (FB) limits and instances of
devolvement of letters of credit (LC) over the last two years on
account of SIL's weak liquidity profile. The company's liquidity
has remained stretched over this period on account of the delay
in recovery of receivables from some of its major customers.
SIL has reported a decline in its turnover in the last three
years on account of weak order inflows as well as constraints on
working capital funding. Decline in the scale of operations along
with intense competition and low value-adding operations have
resulted in weak operating profitability. Further, high interest
expenses have led to losses at the net level over the last four
years. Moreover, debt levels have remained high on account of
overdrawal of working capital limits and conversion of devolved
LC limits into working capital term loans (WCTL). High debt
levels and weak net worth base have resulted in a highly
leveraged capital structure as reflected by gearing of 9.1 times
as on March 31, 2017. This, coupled with low profitability, has
led to weak debt-coverage indicators as reflected by NCA/Total
Debt of 1.2% and Debt/OPBDITA of 20.0 times as on March 31, 2017.

However, ICRA takes note of the two-decade long experience of
SIL's promoters and the company's established operational track
record in the aluminium cables and conductors industry.
Going forward, SIL's ability to timely service its debt
obligations, achieve revenue growth and improve its operating
profitability would be closely monitored.

Key rating drivers

Credit strength

* Promoters with more than two decades of experience: SIL's
promoters, Mr. Mohan Lal Gupta and Mr. Ramesh Gupta, have over
two decades of experience in the aluminium cables and conductors
industry. Moreover, the company has a long track record of
operations, having commenced operations in July, 1989.

Credit weaknesses

* Delays in debt servicing on account of weak liquidity position:
SIL's liquidity position has remained weak over the last couple
of years due to its stretched receivables cycle on account of
delays in payments from some of its major customers. As a result,
the company has not been able to generate sufficient cash flows
to fulfil its debt servicing obligations. This has led to
defaults on term loan repayments and interest payments,
overdrawals of fund-based limits as well as devolvement of LC
limits.

* Decline in scale of operations over the last three years: SIL's
operating income (OI) has declined substantially from INR842.33
crore in FY2014 to INR407.34 crore in FY2017. This is on account
of weak order inflows from its clients as well as working capital
funding constraints that have limited the scale of operations.

* Low operating profitability along with losses at net level:
SIL's operating profitability has remained low over the years
(OPBDITA/OI of 3.0% in FY2017) on account of low-value adding
operations along with significant competition in the aluminium
cables and conductors industry which limits the pricing power of
companies including SIL. Further, high interest expenses have
resulted in losses at the net level.

* Highly leveraged capital structure and weak debt-coverage
indicators: SIL' working capital borrowings have witnessed an
increase over the last three years on account of its high working
capital intensity due to stretched receivables cycle. Further,
devolved LCs have been converted into WCTL, which has led to
increase in long-term debt. High debt levels and weak net worth
position have resulted in high leverage as reflected by gearing
of 9.1 times as on March 31, 2017. Moreover, high debt levels
along with weak profitability have led to weak debt-coverage
indicators.

Incorporated in July 1989, SIL manufactures aluminium cables and
conductors along with plastic pipes and drip irrigation systems.
The company has three manufacturing facilities at Baddi (Himachal
Pradesh), Kamrup (Assam) and Parwanoo (Himachal Pradesh). The
company is managed by the Gupta family Mr. Mohan Lal Gupta, Mr.
Ramesh Gupta and Mr. Amit Gupta. SIL's equity shares are listed
on the Bombay Stock Exchange.

As per audited financials of FY2017, SIL reported net loss of
INR3.9 crore on an OI of INR407.3 crore as against net loss of
INR11.7 crore on an OI of INR428.9 crore in FY2016.


TEESTA URJA: ICRA Assigns D Rating to INR4096.49cr Term Loan
------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]D for INR4096.49-
crore (enhanced from INR3,328.90-crore) term loans of Teesta Urja
Limited (TUL).

                    Amount
  Facilities      (INR crore)      Ratings
  ----------      -----------      -------
  Term Loans         4096.49       [ICRA]D; Assigned/Outstanding

Rationale

The rating action continues to take into account the continued
delays in servicing of debt by TUL, which has developed 1200-MW
Teesta III hydro-power project in Sikkim, on account of
significant under recovery of costs led by delay in
operationalization of power purchase agreements (PPAs) and high
repayment obligations. Though the project has been commissioned
in February 2017, it is yet to commence the sale of power to
distribution companies under its long-term PPAs. As per the PPA
signed with PTC India Limited, 70% of the power is to be sold on
a long-term basis. While Central Electricity Regulatory
Commission (CERC) has issued an interim order allowing
provisional tariff, power off-take has not commenced yet.
Therefore, the power being generated is being sold in the power
exchange/short term bilateral transactions at 2.2-3.96 per unit,
which has resulted in subdued cash flows for the company.
Significant risks remain pertaining to approval of capital cost
by the regulator, considering the substantial time and cost
overruns witnessed in the project. These will ultimately have a
bearing on the tariff, which is to be determined on a cost-plus
basis and on the affordability/attractiveness of the power so
generated. The final debt-to-equity mix is 79:21, resulting in
high financial risk in the project.

The company has a strong parentage as the Government of Sikkim
(GoS) holds ~60% stake. It is also supported by other strong
investors such as PTC India Limited and project management
consultant, NHPC Limited. Firm off-take arrangements for 100%
power and presence of deemed generation clauses provide cushion
against hydrological and silting risks. Going forward,
improvement in debt servicing due to approval of capital cost,
determination of final tariff, commencement of power off-take and
restructure of debt obligations will be the key rating
sensitivity.

Key rating drivers

Credit strengths

* Strong parentage and experienced management: GoS holds 60%
stake and has been instrumental in bringing in equity capital for
completion of the project. NHPC Ltd. is the project management
consultant, which is another source of comfort.

* Commercial operations of project on track: Funding and
execution risks have abated post commissioning of the project in
February 2017.

Credit weaknesses

* Delays in debt servicing: The delay in interest during
construction at the pre-commissioning phase was on account of
delayed sanction of cost overrun funds. However, high debt
funding and inadequate tariff realisation has resulted in
continued delays post commissioning as well.

* Power off-take under long-term PPA yet to start: Even though
TUL has a firm PPA for its entire generational capacity, the
state discoms have not commenced procurement of power resulting
in inadequate cash accruals. Further, uncertainty regarding the
quantum of project cost approved by the regulator poses risk
towards the company's ability to generate sufficient cash flows
to service its debt obligations.

TUL is a Special Purpose Vehicle (SPV) incorporated on March 11,
2005 for the development of the 1,200-MW Teesta Stage III hydro-
electric electric project. The company has become a GoS
enterprise with the state government holding 60.08% stake in it.
Other investors in the company include Asian Genco Pte Limited
(24.98%), PTC India Limited (PTC, 5.62%), Indus Clean Energy
(India) Private Limited (5.18%), Athena Projects Private Limited
(2.72%) and APPL Power Private Limited (1.42%). All six units
have been commissioned in February 2017 and the budgeted project
cost is INR13,965-crore. Till March 2017, the company had
incurred ~INR12,570-crore on cash basis. TUL has signed a PPA for
sale of 100% of saleable power with PTC, which will sell 70% of
the total generation on a long-term basis and rest on a short-
term basis. However, at present, the power generated is being
sold in the exchange as the PPAs are yet to be operational.



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


SOLUSI TUNAS: S&P Lowers CCR to 'B+' on Weaker Cash Flow
--------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on PT
Solusi Tunas Pratama Tbk. (STP) to 'B+' from 'BB-'. The outlook
is stable. At the same time, S&P also lowered its long-term issue
rating on the outstanding senior unsecured notes that the company
guarantees to 'B+' from 'BB-'. The notes were issued by Pratama
Agung Pte. Ltd., STP's wholly owned subsidiary. STP is an
Indonesia-based telecom tower operator.

S&P said, "We downgraded STP because we expect a combination of
subdued operating performance and still-high financial charges to
translate into weaker interest-servicing capacity over the next
12-18 months.

STP's revenue and EBITDA growth has been slower than we earlier
anticipated for the nine months ended Sept. 30, 2017. Reported
EBITDA was about Indonesian rupiah (IDR) 1.25 trillion, less than
70% of our previous full-year projection of about IDR1.8
trillion. S&P said, "Our estimated EBITDA in the quarter ended
Sept. 30, 2017, was particularly soft, at about IDR415 billion,
driven by negative tenancy additions in the quarter. This was
about 2% lower than the previous quarter in an industry where
EBITDA generally grows quarter on quarter. We are revising our
2017 projection of EBITDA to about IDR1.65 trillion for 2017,
about 10% less than we earlier anticipated, with net new tower
builds to be marginally negative and modest net tenancy additions
of about 300."

S&P said, "We see less-pronounced growth prospects for STP beyond
2017 than we had earlier envisaged amid operating challenges and
the dependency on successful contract negotiations with some
customers. We also believe that STP could face some potential
moderate pricing pressure from upcoming lease expiries in a
competitive market. We now expect EBITDA to grow by 5%-7% in 2018
to IDR1,700 billion-IDR1,750 billion."

A recent domestic spectrum auction could stimulate demand in the
Indonesian tower industry, given it is likely to prompt
telecommunication companies (telcos) to increase spending on new
towers. However, STP's pipeline for new business has taken time
to materialize, and it remains unclear if the company can fully
harness the momentum of industry developments over the next 12-18
months.

S&P said, "In light of our lower cash flow forecasts and the
company's persistently high financing charges, we anticipate that
STP's coverage of cash interest with funds from operations (FFO)
will remain below 2.0x over the next two years. We consider this
level to be commensurate with a 'B+' rating. With debt remaining
elevated at about IDR7.4 trillion as of Sept. 30, 2017, we expect
STP's high financial charges to persist."

Financial charges, including hedging costs, will likely stay high
at about IDR900 billion in 2017, because of the substantial costs
in hedging STP's U.S. dollar-denominated debt. Given the
company's minimal positive free operating cash flows of IDR150
billion-IDR200 billion per year, S&P does not expect that debt
will meaningfully decrease over our projection horizon.
Therefore, interest expense is likely to remain elevated through
to 2019.

S&P said, "We acknowledge that STP will be able to call its high-
cost (hedged) US$300 million bond (about half of its total
reported debt) in February 2018. A number of Indonesian
speculative-grade companies have been able to raise low-cost debt
over the past few months. A refinancing of STP's bond could
reduce its interest burden; however, the magnitude of the
potential annual savings and the timeframe remain uncertain. The
company's future strategy on currency hedging of its refinancing
with U.S. dollar-denominated debt also remains to be seen."

Recent news that STP might be for sale has no rating implications
at this stage. The timeframe for a potential transaction and
interested buyers, if any, are currently uncertain.

The stable outlook reflects our expectation that STP will
generate at least IDR400 billion in quarterly EBITDA, steady cash
flows, and stable interest coverage ratios through 2018.

S&P said, "We may lower the ratings if STP's FFO cash interest
coverage stays below 1.7x. We believe this could happen due to:
(1) materially lower-than-expected revenue and EBITDA growth amid
still-elevated financial charges; or (2) its capital spending or
dividends increasing beyond our forecast, thus requiring the
company to raise additional debt. Ratings pressure could also
materialize if the relationship with STP's main customers
deteriorates, either because of more contract renegotiations or a
build-up in accounts receivables. This may lead us to reassess
the earnings quality of the company and the strength of its
business profile.

"We may raise the rating on STP following materially improved
operating performance, strengthened client relationships, and
reduced finance charges such that FFO cash interest coverage is
likely to remain above 2.0x on a sustainable basis. We believe
this is unlikely to materialize in the next 12 months amid
subdued operating performance and elevated finance charges."



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


SOLID ENERGY: New Zealand Creditors to Get at Least 60c in NZ$1
---------------------------------------------------------------
Sophie Boot at BusinessDesk reports that Solid Energy
New Zealand's creditors will get at least 60 cents in the dollar
after the failed state-owned enterprise's mines are sold, up from
the previous range of 45 cents to 55 cents.

BusinessDesk says the state-owned enterprise, operating under a
deed of company arrangement, has sold all but one of its assets,
with the Stockton export coal operation and two Waikato mines
sold to BT Mining, a joint venture between Bathurst Resources and
Talleys Energy, in August. Spring Creek, the only mine not sold,
is currently being closed.

Solid Energy was placed in voluntary administration in 2016 after
concluding it had no realistic prospect of refinancing NZ$239
million of debt facilities due to mature in September 2016. The
company's downward spiral began in 2013 when slumping global coal
costs exposed its commercial error in carrying substantial debt
on its balance sheet, the report recalls.

According to BusinessDesk, the sale to BT was finalised outside
of the financial year, and chair Andy Coupe said that once
remaining sale proceeds are collected and final costs are taken
into account, creditors should see a return of approximately 60
cents in the dollar, which could be higher based on post-
settlement coal prices.

Last October, administrators Brendon Gibson and Grant Graham of
KordaMentha said they expected returns from the asset sales to be
between 45-cents-and-55-cents in the dollar, higher than the top
end of the 35-to-40-cents range initially estimated for a managed
sale, BusinessDesk says.

Pike River Mine and East Mine were not included in the asset
sales programme, BusinessDesk notes. Solid Energy said it is
waiting to be advised of the new government's plans for re-entry,
and the assets will be disclaimed to the Crown on solvent
liquidation or before, if the Crown wants to take over the site
earlier, according to BusinessDesk.

The company is on track to go into solvent liquidation in
March 2018, Mr. Coupe said, adds BusinessDesk.

                        About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


CABANATUAN CITY RB: Claims Filing Deadline Set December 11
----------------------------------------------------------
Creditors of the closed Cabanatuan City Rural Bank, Inc. have
until December 11, 2017 only to file their claims against the
bank's assets. Claims filed after said date shall be disallowed.
Creditors refer to any individual or entity with a valid claim
against the assets of the closed Cabanatuan City Rural Bank and
include depositors with uninsured deposits that exceed the
maximum deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed Cabanatuan City Rural Bank, announced
that creditors of the closed bank may file their claims
personally at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except
holidays. Creditors also have the option to file their claims
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City. A sample Claim Form against the assets of the closed
bank may be downloaded from the PDIC website, www.pdic.gov.ph.
The Corporation also reiterated that creditors should transact
only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PHP500,000 who have already filed claims
for the insured portion of their deposits are deemed to have
filed their claims for the uninsured portion or the amount in
excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Cabanatuan City Rural Bank was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on September 28,
2017 and as the designated Receiver, PDIC was directed by the MB
to proceed with the takeover and liquidation of the closed bank
in accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located at Liwag Building, P.
Burgos Ave., Brgy. Padre Burgos (Pob.), Cabanatuan City. Its six
branches are located in Bongabon, Rizal, San Antonio, San Jose,
Talavera, and Zaragoza, all in Nueva Ecija.



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


CHINA FISHERY: Withdraws KEIP Motion, Seeks OK of Bonus Plan
------------------------------------------------------------
BankruptcyData.com reported that China Fishery Group's Chapter 11
trustee filed with the U.S. Bankruptcy Court a notice of
withdrawal of the previously-filed motion for approval of the
Peruvian Opcos' key employee incentive plan (KEIP) for certain
senior management employees. The Chapter 11 trustee also filed
with the Court a motion (i) to approve the Peruvian Opcos' bonus
plan and (ii) taking all desirable or necessary corporate
governance actions in connection therewith. The motion explains,
"The proposed Bonus Plan for the Senior Management Employees
consists of a metric which provides a cash payment based on the
amount of aggregate Sale Proceeds (the 'Sale Metric') realized in
the CFG Peru Sale and the proceeds from any Non-Core Asset Sales.
The Sale Metric is designed to incentivize the Senior Management
Employees to complete any Non-Core Asset Sales and the CFG Peru
Sale process in a manner that maximizes the Sale Proceeds. Each
Senior Management Employee is eligible to receive an incentive
payment of cash tied to the Sale Metric (the 'Sale Incentive
Payment'), the aggregate amount of which, based on the Sale
Proceeds, could range from $4 million (if Sale Proceeds are $1.2
billion) to $10 million (if Sale Proceeds are $1.7 billion). No
payout will occur if the Sale Proceeds are less than $1.2
billion."

The Court scheduled a November 16, 2017 hearing to consider the
bonus plan motion.

           About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition
was signed by Ng Puay Yee, chief executive officer. The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other
than CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter
11 trustee for CFG Peru Investments Pte. Limited (Singapore), one
of the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves
as the trustee's bankruptcy counsel; Hogan Lovells US LLP serves
as special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.



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


KUMHO TIRE: Creditors Hire Ex-CEO as New Chairman
-------------------------------------------------
Tire Business reports that Korea Development Bank, the lead of a
Kumho Tire Co. Inc. creditors group, has appointed former Kumho
Tire CEO Kim Jong-Ho as the tire maker's new chairman, effective
Dec. 1, 2017.

Mr. Kim, 70, who was Kumho Tire's CEO from 2008-12 and an adviser
from 2012-16, joined Kumho originally in 1976, the report says.
According to Kumho, he led the company through "significant
challenges during the global recession and recovery period"
during his tenure as CEO.

According to Tire Business, Mr. Kim's appointment comes after KDB
and China's Qingdao Doublestar Tire Co. Ltd. agreed to annul a
deal for Doublestar to buy the 42-percent stake in Kumho Tire Co.
Inc. held by KDB and other creditors.

A "self-rescue" plan for Kumho Tire submitted by Kumho Asiana
Group and Chairman Park Sam-Koo reportedly failed to gain
traction with the creditors' group, the report notes.

Tire Business says Mr. Kim's time with Kumho included three years
in the U.S., 1998-2001, when he was senior vice president and CEO
of the U.S. sales company. Other positions include: international
leadership positions in Singapore, the Middle East and Australia.

"Our primary focus is to truly listen to the needs of our
customers and implement a solution-based strategy and react to
market changes with optimal agility. It is time for us to make
disciplined and effective changes to better address and manage
market demands," the report quotes Mr. Kim as saying.

Tire Business relates that the creditors' group also appointed
Han Yong-seong, a former Woori Bank executive, to be Kumho Tire's
vice president. Mr. Han also was a CFO of Taihan Electric Wire
from 2010 to 2014, overseeing the restructuring of that company's
subsidiaries.

The appointments of Messrs. Kim and Han will be finalized during
a shareholders' meeting on Dec. 1, the report adds.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.


KUMHO TIRE: Posts KRW230MM operating loss in Q3 Ended Sept. 30
--------------------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co., South Korea's
second-biggest tiremaker by sales, said on November 14 that it
continued to suffer an operating loss in the third quarter of the
year, but successfully narrowed it on the back of improved sales
in overseas markets.

Yonhap relates that the tiremaker logged an operating loss of
KRW230 million (US$206,000) in the July-September period
following an operating loss of KRW23 billion the previous quarter
and a loss of KRW28 billion in the first quarter.

Sales increased 6.3 percent on-year to reach KRW755 billion in
the third quarter, it added, Yonhap relays.

Net profit reached KRW48.2 billion in the third quarter of the
year, swinging from a loss of KRW32 billion a year earlier, adds
Yonhap.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.



                             *********

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.



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