/raid1/www/Hosts/bankrupt/TCRAP_Public/171208.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

           Friday, December 8, 2017, Vol. 20, No. 244

                            Headlines


A U S T R A L I A

GENETIC TECH: PricewaterhouseCoopers Casts Going Concern Doubt
LIBERTY FUNDING 2017-1: Moody's Assigns Ba2 Rating to Cl. F Notes
NANT DISTILLERY: Directors May Have Been Trading While Insolvent
QUEENSLAND NICKEL: Clive Palmer due in Court Over Collapse
REDZED TRUST 2017-2: Moody's Assigns B1 Rating to Cl. F Notes

SIMPKISS PTY: First Creditors' Meeting Set for Dec. 19


C H I N A

AMERICAN LORAIN: WWC P.C. Raises Going Concern Doubt
ANTON OILFIELD: Moody's Hikes CFR to B3; Outlook Positive
BIOSTAR PHARMACEUTICALS: Regains Nasdaq Listing Compliance
KWG PROPERTY: Bond Tap Issue No Impact on BB- Rating, Fitch Says
URUMQI GAOXIN: Fitch Publishes BB+ Long-Term IDR; Outlook Stable


H O N G  K O N G

IMPERIAL PACIFIC: Fitch Withdraws CCC Long-Term IDR


I N D I A

AIRCO-FIN TUBES: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
BLACKSTONE LOGISTICS: CRISIL Reaffirms D Rating on INR8.99MM Loan
CANCER AND ALLIED: CRISIL Assigns B+ Rating to INR100MM Loan
ENERGIZED SOLUTIONS: CRISIL Cuts Rating on INR13.8MM Loan to D
GLOBAL PROPERTIES: Ind-Ra Moves BB- Rating to Non-Cooperating

HEALTHPLUS RESEARCH: CRISIL Assigns 'B' Rating to INR40MM Loan
HILLWOOD FURNITURE: CRISIL Cuts Rating on INR35MM Loan to 'D'
HK ENNTERPRISES: CRISIL Assigns B Rating to INR20MM Cash Loan
KUMAR JEWELLERS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
MERAKI CV 2016: Ind-Ra Raises A2 PTCs Rating to BB+(SO)

N. PRAKASH: CRISIL Assigns B+ Rating to INR4.15MM LT Loan
NIDHI ENGICON: CRISIL Assigns B+ Rating to INR4MM Cash Loan
RABIA LOGISTICS: CRISIL Reaffirms D Rating on INR7.89MM LT Loan
RAJASHRI FOODS: CRISIL Reaffirms B+ Rating on INR17.87MM LT Loan
RAVI VINYLS: CRISIL Assigns B+ Rating to INR12MM Loan

RELIANCE COMMUNICATIONS: Fitch Withdraws RD Long-Term IDR
SAI POINT: CRISIL Assigns 'B' Rating to INR12MM Overdraft
SHALBY HOSPITALS: Faces Insolvency Process From Creditor
SIDDHANATH SUGAR: CRISIL Cuts Rating on INR75MM Pledge Loan to B+
SINGLA CABLES: CRISIL Assigns B+ Rating to INR14MM Cash Loan

SR FOILS: CRISIL Reaffirms D Rating on INR155MM Cash Loan
SRI SAI SRINIVASA: CRISIL Assigns 'B' Rating to INR3.8MM LT Loan
SUNSHINE VEGETABLES: Ind-Ra Affirms BB- Rating, Outlook Stable
T. P. CONSTRUCTIONS: CRISIL Assigns C Rating to INR0.49MM Loan
TAPTI AGRO: CRISIL Assigns 'B' Rating to INR13.5MM Term Loan

TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR14.25M Loan
TARUN OILS: Ind-Ra Lowers Issuer Rating to B, Outlook Stable
TRIGUNA AGRITECH: CRISIL Assigns B Rating to INR15MM LT Loan
USM HEALTHCARE: CRISIL Assigns B+ Rating to INR8.92MM LT Loan

* Delinquencies in Comm. Vehicle and Home Loans to Stay Stable


J A P A N

TOSHIBA CORP: Completes JPY600 Billion Share Sale


N E W  Z E A L A N D

NEW ZEALAND ASSOC: Fitch Alters Outlook to Neg., Affirms B ST IDR
OCEAN FISHERIES: Seafood Wholesaler Goes Into Liquidation


S O U T H  K O R E A

KOREA LAND: Moody's Hikes Baseline Credit Assessment to ba3
KUMHO TIRE: Shares Skid on Report of Possible Court Receivership

* Korea's Credit Card ABS Delinquencies to Remain Low in 2018


                            - - - - -


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A U S T R A L I A
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GENETIC TECH: PricewaterhouseCoopers Casts Going Concern Doubt
--------------------------------------------------------------
Genetic Technologies Ltd. filed with the U.S. Securities and
Exchange Commission its annual report on Form 20-F, disclosing a
net loss of $8,534,481 on $518,506 of revenue for the fiscal year
ended June 30, 2017, compared with a net loss of $7,151,746 on
$824,586 of revenue in 2016.

The audit report of PricewaterhouseCoopers in Melbourne,
Australia, states that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at June 30, 2017, showed $12.11
million in total assets, $1.53 million in total liabilities, and
a total stockholders' equity of $10.58 million.

A copy of the Form 20-F is available at:

                       https://is.gd/GKXfg5

                   About Genetic Technologies Ltd.

Genetic Technologies Ltd. is a molecular diagnostics company that
offers predictive testing and assessment tools to help physicians
proactively manage women's health. The Company's lead product,
BREVAGenplus, is a clinically validated risk assessment test for
non-hereditary breast cancer and is first in its class.
BREVAGenplus improves upon the predictive power of the first
generation BREVAGen test and is designed to facilitate better
informed decisions about breast cancer screening and preventive
treatment plans. The Company was founded in 1989 and is based in
Australia.


LIBERTY FUNDING 2017-1: Moody's Assigns Ba2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes to be issued by Liberty Funding Pty Ltd in respect of
Liberty Series 2017-1 Auto (Trust).

Issuer: Liberty Series 2017-1 Auto

-- AUD34.0 million Class A1 Notes, Assigned P-1 (sf);

-- AUD161.0 million Class A2 Notes, Assigned Aaa (sf);

-- AUD38.7 million Class B Notes, Assigned Aa1 (sf);

-- AUD22.8 million Class C Notes, Assigned A1 (sf);

-- AUD15.6 million Class D Notes, Assigned Baa1 (sf);

-- AUD16.8 million Class E Notes, Assigned Ba1 (sf);

-- AUD8.1 million Class F Notes, Assigned Ba2 (sf);

The AUD3.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans, secured by motor vehicles, originated by
Liberty Financial Pty Ltd (Liberty, unrated).

This is Liberty's first auto ABS transaction issued in 2017.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
the evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure, the
availability of excess spread over the life of the transaction,
the liquidity facility in the amount of 2.00% of the initial
balance of all rated notes, the interest rate swap provided by
National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)), and
the credit strength and experience of Liberty as servicer.

At closing, the Classes A1 and A2, Class B, Class C, Class D,
Class E and Class F Notes are supported by 35.00%, 22.10%,
14.50%, 9.30%, 3.70% and 1.00% subordination, respectively. The
notes will be repaid on a sequential basis in the initial stages
(until the subordination percentage on Class A2 Notes increases
from the initial 35.0% to 50% and once the transaction reaches
the 10% pool factor). At all other times, subject to satisfaction
of step down criteria, principal collections will be first be
distributed to Class A1 and then to Class A2, Class B, Class C,
Class D, Class E and Class F Notes on a pro rata basis. The Class
G Notes do not step down and will only receive principal payments
once all other notes have been repaid.

Main Model Assumptions:

Moody's base case assumptions are a mean default rate of 7.00%,
which translates into 7.10% on a seasoning-adjusted basis, a
coefficient of variation (CoV) of 52.5% and a recovery rate of
37.5%. Moody's assumed mean default rate and recovery rate are
stressed compared to the historical levels of 6.1% (based on
origination vintages from 2008 to 2017) and 47.8% (based on
origination vintages from 2001 to 2017) respectively. Moody's
default rate analysis focused on historical performance post 2008
which is when Liberty reduced the volume of adverse credit
history loan origination. The stress addresses the lack of
economic stress during the historical data period.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, lack of transactional governance and
fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 10.0% (2.9% higher than the Moody's
assumption of 7.1% on a seasoning adjusted basis) and recovery
rates fall to 31.5% (from Moody's assumption of 37.5%) then the
model-indicated ratings for the Classes A1, A2, B, C and D Notes
drop zero, one, three, five and four notches to P-1 (sf), Aa1
(sf), A1 (sf), Baa3 (sf) and Ba2 (sf) respectively.


NANT DISTILLERY: Directors May Have Been Trading While Insolvent
---------------------------------------------------------------
Patrick Billings at The Mercury reports that directors of a
failed Tasmanian whisky company may have traded insolvent,
breached their duties and committed other offences, liquidators
said.

Nant Distillery at Bothwell, later named Naw Distillery,
collapsed owing an estimated AUD4.9 million to creditors, the
report relates.

It was the brainchild of Queensland bankrupt Keith Batt and one
of several businesses that formed his Nant group of companies,
according to the report.

The Mercury says the distillery is now run by Australian Whisky
Holdings (AWH), which is completely separate from Nant, but
continues to use the brand name.

The Mercury relates that in a startling report liquidator
Deloitte said it found evidence suggesting the former distillery
company had been trading insolvent for years.

"Investigations regarding the company's affairs revealed [it] may
have been insolvent from as early as 30 June 2014," the Mercury
quotes Deloitte's Richard Hughes as saying.

"Our investigations indicate that the Director [Margaret Batt nee
Letizia] and Former Director [Keith Batt] may have contravened
certain provisions of the Act and committed offences which
include but are not limited to insolvent trading, breaches of
directors duties.

"Notwithstanding, the Director and Former Director may have
defences."

Mr. Hughes also said further investigations were needed to draw
"definitive conclusions" and ultimately "insolvency would need to
be determined . . . [by] a court."

According to the Mercury, Nant has come under sustained scrutiny
for its whisky barrel investment scheme, which left investors out
of pocket.

Investors forked out thousands of dollars for the barrels but an
AWH audit this year alleged hundreds of barrels were never
filled, the Mercury states.

The Mercury says the liquidator's report revealed that Nant
Barrel Holdings, which managed the investment scheme, transferred
at least AUD4.9 million in funds to Nant Distillery. It was never
paid back, with Nant Barrel Holdings listed as a related-party
creditor to the distillery business.

The Mercury relates that he investment scheme is now under
investigation for fraud by Tasmania Police's serious and
organised crime unit.

The report found Nant related parties also owed the distillery
company more than AUD4 million. This includes AUD1.15 million
owed by Mr. Batt and more than AUD250,000 owed by Mrs. Batt, the
Mercury discloses.

The liquidator's report highlighted possible "uncommercial
transactions" and "unreasonable director related transactions" as
potential targets for recovery actions, the Mercury adds.

According to the Mercury, the report stated there were lots of
"unanswered questions, due to the lack of records" relating to
the company's demise but pointed to year on year losses and the
regular transfer of funds between related Nant entities.

The liquidator expressed frustration at "the resistance and
noncooperation of some parties" which meant investigations were
"only preliminary and limited," the Mercury relays.

Deloitte will seek funding, possibly from a litigation funder, to
have various parties examined in court, adds the Mercury.


QUEENSLAND NICKEL: Clive Palmer due in Court Over Collapse
----------------------------------------------------------
Melanie Petrinec at The Courier-Mail reports that Clive Palmer
has been ordered to explain who was responsible for a tweet made
while he was meant to be in a Brisbane court hearing into the
collapse of Queensland Nickel.

The Courier-Mail relates that in the tweet published on the
former federal MP's account, Mr. Palmer appears to be pictured
outside Brisbane Supreme Court with the caption "Hey memesters
you vibin' my style??".

It was published on December 1 at the same time lawyers for
liquidators FTI Consulting were in the nearby Federal Court
exasperated by Mr. Palmer's absence, the report says.

According to The Courier-Mail, Justice John Reeves had warned
Mr. Palmer needed to "move heaven and earth" to meet a new
deadline to hand over records from his flagship company
Mineralogy by Dec. 5.

The court heard on Nov. 30 that he had satisfied that request.
"Mr. Palmer has complied with all orders made last week," the
report quotes Justice Reeves as saying on Nov. 30.

The Courier-Mail says the judge has now given Mr. Palmer until
next Wednesday [Dec. 13] to produce an affidavit detailing the
"provenance and content" of the December 1 tweet. "I want an
explanation given," he said.

Ahead of Nov. 30's expected appearance, Mr. Palmer said he'd
"probably" front but insisted he was not required to.

He was not present when the matter was mentioned, the report
notes.

FTI Consulting have spent months chasing the Mineralogy records,
which will shed light on funds that flowed out of Queensland
Nickel before the company failed with debts of about
AUD300 million, The Courier-Mail adds.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


REDZED TRUST 2017-2: Moody's Assigns B1 Rating to Cl. F Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Trustee Company Limited
as trustee of RedZed Trust Series 2017-2.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2017-2

-- AUD150.00 million Class A-1 Notes, Assigned Aaa (sf)

-- AUD56.50 million Class A-2 Notes, Assigned Aaa (sf)

-- AUD23.75 million Class B Notes, Assigned Aa2 (sf)

-- AUD4.75 million Class C Notes, Assigned A2 (sf)

-- AUD4.75 million Class D Notes, Assigned Baa2 (sf)

-- AUD4.25 million Class E Notes, Assigned Ba1 (sf)

-- AUD2.5 million Class F Notes, Assigned B1 (sf)

The AUD3.5 million of Class G-1 and Class G-2 Notes (together,
the Class G Notes) are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a securitisation of first ranking mortgage
loans secured over residential properties located in Australia.
The loans were originated and are serviced by RedZed Lending
Solutions Pty Limited (RedZed, unrated). Around 92.3% of loans
are to self-employed borrowers, 88.3% were extended on
alternative income documentation verification (alt doc) basis,
and, based on Moody's classifications, 18.7% are to borrowers
with adverse credit history.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE - representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario -
is 17.4%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are:

- While the Class A-2 Notes are subordinate to Class A-1 Notes
in relation to charge-offs, they rank pari passu in relation to
principal payments, on the basis of their stated amounts,
throughout the life of the transaction. This feature reduces the
absolute amount of credit enhancement available to Class A-1
Notes.

- The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.25% above
BBSW, which is within the current portfolio yield of 6.3%. This
generates a high level of excess spread available to cover losses
in the pool.

- Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000
limiting their exposure to losses. At the same time, retention
amount ledger ensures that the level of credit enhancement
available to the more senior ranking notes is preserved.

- Class B to Class F Notes will start receiving their pro-rata
share of principal if certain step-down conditions are met. Pro-
rata allocation is effectively limited to a maximum of two years.

- While Class G Notes do not receive principal payments until
the other notes are repaid, once step-down conditions are met,
their pro-rata share of principal will be allocated in a reverse
sequential order, starting from Class F Notes.

Key pool features are:

- The pool has a weighted-average scheduled loan-to-value (LTV)
of 70.3%, and 29.1% of loans have scheduled LTV over 80%. There
are only 0.3% of loans with scheduled LTV over 85%.

- Around 92.3% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may
experience higher default rates.

- About 88.3% of the loans were extended on an alt doc basis.

- The pool exhibits high borrower concentration, with top 20
borrowers representing 13.7% of the pool.

- Loans secured by investment properties represent 41.6% of the
pool, with further 6.2% of loans secured by both owner-occupied
and investment properties.

- Interest only loans represent 36.6% of the pool.

- Based on Moody's classifications, around 18.7% of borrowers
have adverse credit history.

- Based on Moody's classifications, 88.9% of loans are secured
by properties located in metro areas, which is higher than market
average.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties or lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN
credit enhancement (CE) and mean expected loss - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.

In case of Class A-1 Notes, if MILAN CE increased to 25%, the
model implied rating of the notes would reduce by one notch to
Aa1. The sensitivity in the rating is due to pro-rata allocation
of principal among the Class A-1 and Class A-2 Notes, on the
basis of their stated amounts, throughout the life of the deal,
thus reducing the absolute amount of credit enhancement available
to Class A-1 Notes.


SIMPKISS PTY: First Creditors' Meeting Set for Dec. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Simpkiss
Pty Ltd will be held at the offices of Crouch Amirbeaggi, Suite
403, 55 Lime Street, in Sydney, NSW, on Dec. 19, 2017, at
11:00 a.m.

Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Simpkiss Pty on Dec. 7, 2017.



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C H I N A
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AMERICAN LORAIN: WWC P.C. Raises Going Concern Doubt
----------------------------------------------------
American Lorain Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $136.36 million on $79.67 million of net revenues for
the fiscal year ended December 31, 2016, compared with a net loss
of $2.69 million on $140.71 million of net revenues in 2015.

The Company's independent accountants WWC, P.C., states that the
Company had incurred substantial losses during the year and had
working capital deficit, which raises substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at December 31, 2016, showed $148.25
million in total assets, $82.16 million in total liabilities, and
a total stockholders' equity of $66.10 million.

A copy of the Form 10-K is available at:

                        https://is.gd/nhqIBD

                  About American Lorain Corporation

American Lorain Corporation is a food manufacturing company.  The
Shandong, China-based Company develops, manufactures and sells a
range of food products, including Chestnut products, Convenience
foods and Frozen food products.  It operates through three
segments: Chestnut products, Convenience food products and Frozen
food products.


ANTON OILFIELD: Moody's Hikes CFR to B3; Outlook Positive
---------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Anton Oilfield Services Group to B3 from Caa1
following the expected completion of its debt exchange offer and
new note issuance.

At the same time, Moody's has upgraded to B3 from Caa1 the senior
unsecured rating on the notes due in November 2018 (the existing
notes) and the senior unsecured rating on the notes due in
December 2020 (the new notes).

The ratings outlook is positive.

This action concludes the ratings review initiated on
November 14, 2017.

RATINGS RATIONALE

On November 28, 2017, Anton entered into an agreement to issue
USD300 million notes due in December 2020, comprising USD176.42
million in the form of a debt exchange offer and USD123.58
million as a concurrent new money issuance. The date of
settlement is scheduled to occur on or about December 5, 2017.

USD172.249 million, representing 70.81% of the total aggregate
principal amount (USD243 million) of the existing notes, has been
validly tendered for exchange and will be exchanged for USD176.42
million in new notes. Following completion of the exchange offer,
the remaining outstanding amount of the existing notes will be
USD71 million (RMB472 million).

The net proceeds of the concurrent new money issuance will be
used to refinance the existing notes and for general corporate
purposes.

"The upgrade of Anton's ratings reflects the significant
improvement in its liquidity profile and debt maturity profile
following the completion of its refinancing plan," says Chenyi
Lu, a Moody's Vice President and Senior Credit Officer.

Anton's liquidity position is adequate following the new note
issuance. The company's unrestricted cash balance of RMB336
million as of the end of June 2017, funds from operations of
around RMB250 million over the next 12 months, remaining proceeds
of RMB343 million from the sale of an equity interest in its
Iraqi business, and the net proceeds of the concurrent new money
issuance are sufficient to cover its short-term debt of RMB961
million, capital spending and working capital needs over the next
12 months.

"The ratings upgrade and positive outlook also reflect Moody's
expectation that Anton's financial profile will continue to
improve over the next 12-18 months, as higher earnings will only
be partially offset by a modest debt increase. Specifically,
Moody's expect adjusted debt/EBITDA will trend toward 5.0x-5.5x
over the next two years, which is strong for a B3 rating," adds
Lu, who is also Moody's Lead Analyst for Anton.

Moody's expects Anton's revenue to grow by 20.1% in 2017 and
12.5% in 2018, driven by stable to improving exploration and
production spending in the domestic market and continued growth
traction in its overseas markets, especially in Iraq and
Ethiopia. Anton forms partnerships with Chinese oil majors and
major global oil companies for some of its overseas businesses to
partially mitigate the emerging market risks.

Anton's adjusted EBITDA margin should also improve to about
25.5%-26.0% over the next two years from 16.7% in 2016, driven by
operational efficiencies from higher revenues, increased revenue
contributions from overseas markets with better margins, and cost
and expense control measures.

Moody's also expects the company's adjusted debt/EBITDA to
improve to 5.0x-5.5x over the next two years from 5.8x for the 12
months ended June 2017 and 9.7x at the end of 2016, driven by
strong improvements in EBITDA, partially offset by a modest
increase in debt to support its working capital needs. The ratio
will increase to 7.0x by the end of 2017 due to a debt increase
from the new note issuance and before repayment of the remaining
principal of the existing notes.

Anton's B3 CFR reflects the company's (1) strong market position
in the domestic oilfield services sector in China (A1 stable);
(2) integrated business model; (3) strong technical capabilities
in providing key signature services; and (4) strategic alliance
with and technical support from Schlumberger Ltd (A1 stable), its
second-largest shareholder.

At the same time, Anton's rating is constrained by (1) the
significant operating challenges the company faces amid oil price
volatility, resulting in fluctuating profitability and high but
improving, financial leverage; (2) the company's small scale and
high customer concentration; and (3) its weak operating cash flow
owing to high working capital needs, but partially offset by
increasing efforts spent in working capital cycle management.

The positive rating outlook reflects Moody's expectation that
over the next 12-18 months Anton will continue to improve its
financial leverage on the back of revenue growth and improved
earnings.

The ratings could be upgraded if the company (1) achieves strong
growth in revenue and earnings and maintains a healthy flow of
backlog; (2) reduces adjusted debt/EBITDA below 5.5x on a
sustained basis; and (3) achieves strong improvement in its free
cash flow generation and maintains an adequate liquidity
position.

The ratings outlook could return to stable if (1) Anton's order
book declines materially; (2) its financial leverage weakens,
such that adjusted debt/EBITDA exceeds 6.0x-6.5x on a sustained
basis, resulting from weakening profitability or a debt increase
due to pressure on its working capital; or (3) its liquidity
position weakens.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.

The company is a leading Chinese oilfield services provider, and
focuses on China's fast-growing natural gas sector. It offers
integrated oil/gas field services solutions covering various
phases of field development, including oil production operation
services, well completion technologies, and drilling
technologies, globally.


BIOSTAR PHARMACEUTICALS: Regains Nasdaq Listing Compliance
----------------------------------------------------------
Biostar Pharmaceuticals, Inc. said that on Nov. 30, 2017, it
received a letter from the NASDAQ Listing Qualifications Staff
notifying the Company that it regained compliance with NASDAQ's
Listing Rule 5250(c)(1) for continued listing on NASDAQ Capital
Market and the Staff considers the matter closed.

On Aug. 22, 2017, the Company received a Staff notification
letter advising the Company that, since it had not filed its
Quarterly Report on Form 10-Q for the fiscal year ended June 30,
2017, the Company was not in compliance with NASDAQ Listing Rule
5250(c)(1).

Following the notification letter, the Company submitted a plan
of compliance and, upon the Staff's review of the plan, was
provided an exception until Nov. 30, 2017 to implement its plan
to regain listing compliance.  On Nov. 15, 2017, the Company
filed the subject Quarterly Report for the fiscal quarter ended
June 30, 2017.

                 About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China,
develops, manufactures, and markets pharmaceutical and health
supplement products for a variety of diseases and conditions. For
more information please visit:
http://www.biostarpharmaceuticals.com.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015.  As of Sept. 30, 2017, the
Company had $41.42 million in total assets, $5.27 million in
total liabilities, all current, and $36.14 million in total
stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016.  Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission.  In addition, the Company already violated its
financial covenants included in its short-term bank loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


KWG PROPERTY: Bond Tap Issue No Impact on BB- Rating, Fitch Says
----------------------------------------------------------------
Fitch Ratings says KWG Property Holding Limited's (BB-/Stable)
issuance of an additional USD150 million of its 6.00% senior
notes due September 2022 will not affect the existing 'BB-'
rating on the bond, which was initially issued on 15 March 2017.

The company also issued an additional USD100 million of its
5.875% senior notes due 2024, which, in Fitch's view, will not
affect the existing 'BB-' rating on the bond, which was issued on
November 7, 2017.

The additional and existing notes will carry the same terms and
conditions, and they are rated at the same level as KWG's senior
unsecured rating because they constitute the direct and senior
unsecured obligations of the company.

China-based KWG's ratings are supported by its established
homebuilding operations in Guangzhou, strong brand recognition in
higher-tier cities across China, consistently high margin, strong
liquidity and healthy maturity profile. KWG's ratings are
constrained by the small scale of its development and investment
property business, as well as the higher leverage after its land
purchases in 2016.

KWG's land bank is diversified across China's Greater Bay Area -
which includes Guangzhou, Foshan and Hong Kong - as well as
eastern and northern China. KWG's January-July 2017 pre-sales
rose 29% yoy to CNY16.9 billion after a 10% yoy increase in 2016
to CNY22.3 billion. Guangzhou, Beijing and Shanghai accounted for
45% of KWG's pre-sales in both 2016 and 1H17.

KWG's EBITDA margin has remained at 30%-35% through different
business cycles, and is one of the highest among Chinese
homebuilders. The company has made protecting the margin one of
its key business objectives. Fitch expects leverage to stabilise
at 30%-40% for the next two years as KWG's leverage is correlated
with its contracted sales growth rate and its land-bank
replenishment strategy.


URUMQI GAOXIN: Fitch Publishes BB+ Long-Term IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has published Urumqi Gaoxin Investment and
Development Group Co., Ltd.'s (UGID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB+'. The Outlook
is Stable.

UGID's ratings are credit-linked to, but not equalised, with
Fitch's internal assessment of the district government of the
Urumqi High-tech Industrial Development Zone (New City) in China.
The link is reflected in the government's full ownership of UGID
and oversight of its financials, and the strong policy role the
company plays in New City's development. These factors mean there
is a high likelihood UGID would get extraordinary support from
regional authorities, if needed.

At the same time, Fitch has assigned UGID's proposed senior
unsecured US dollar notes an expected rating of 'BB+(EXP)'. The
proposed offshore notes will be issued by UGID directly and will
constitute unsubordinated and unsecured obligations, ranking pari
passu with all other present and future obligations of UGID.

The final ratings on the proposed US dollar notes are contingent
upon the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

New City's Strong Creditworthiness: New City is a district level
local regional government in Urumqi, the capital of Xinjiang
Uyghur Autonomous Region in northwest China. The administration
of New City also covers the high-tech zone. The district
contributed on average one-third of the gross regional product of
Urumqi municipality and about 10% of the provincial government's
economy. New City is one of the most important economic engines
in Urumqi and takes the lead in reshaping the economic structure
of the less-developed western region of China.

Legal Status Mid-Range: UGID is 100% directly owned and
supervised by the Urumqi High-tech Industrial Development Zone
State-owned Assets Supervision and Administration Commission (New
City SASAC). Its mid-range legal status reflects the company's
registration under Chinese company law, which does not allow for
the automatic transfer of liabilities to its parent in case of
dissolution.

Strong Strategic Importance: UGID is the New City government's
most important financing platform for providing public services
to the district and the enterprises that operate in the high-tech
zone. Around 80% of its operating revenue in 2016 was sourced
from the New City government, according to UGID. UGID develops
the zone's infrastructure and provides financial services to the
enterprises in the zone, namely micro-loan and guarantee
services. Its long-term strategy is highly compatible with the
strategy of the high-tech zone and the New City government. UGID
is essential to the success of the local economy.

Government Support Mid-Range: UGID has received capital
injections and stable operating subsidies from the New City
government. Subsidies were more than 30% of operating revenue in
2012 and 2013 but subsequently dropped to around 10% in 2016 due
to its flourishing operating revenue driven by government
infrastructure projects. Capital injection amounted to around 33%
of UGID's total assets as at end-2016, including a debt swap.
Part of UGID's debt was taken over by the government as direct
debt. However, Fitch expects its capital market borrowing to rise
amid tighter regulations over local government debt.

Strong Government Control: UGID is wholly owned and directly
controlled by the government. Company directors and senior
management are mainly appointed or nominated by the municipal
government and its major decisions need the government's
approval. Its financing plans and debt require government
approval as well.

Vulnerable to Regulations, Regional Finances: UGID is tasked with
implementing the government's plan to develop the high-tech zone
and its business is heavily affected by the New City government's
annual spending budget, particularly on urban infrastructure and
fixed-asset investments. The country's regulations on the
administration of local regional governments' financing vehicles
may also have a material impact on UGID's business development
and financing sources.

Rapid Growth in Total Debt: UGID has a weaker standalone
financial profile, with debt/EBITDA (Fitch's calculation) of 5x-
9x for the past two years and net debt/EBITDA (Fitch's
calculation) of around 4.87x-4.97x during 2015-2016. Interest
coverage has stayed above 3x during the past three years. Total
debt (Fitch's calculation) increased by 50% in 1H17 to 4.45x of
the total debt at end-2014, with long-term debt growing by 85% in
the first six months of 2017.

The debt growth coincided with the fixed-asset investment growth
in New City - 46.7% in 1H17, signaling the high correlation of
UGID's growth with its parent's investment plan due to the
company's strategic importance. New City is aiming to achieve 77%
annual growth in fixed-asset investment in 2017 and Fitch expects
UGID's total debt growth to continue if the local government
proceeds with its aggressive plan to expand fixed-asset
investments.

RATING SENSITIVITIES

Any rating action on UGID's IDRs would result in similar action
on the ratings of the proposed US dollar notes.

A stronger or more explicit support commitment from the New City
government may trigger a positive rating action on UGID. An
upgrade of Fitch's internal credit view on the New City
government may lead to positive rating action on UGID.

Significant weakening of UGID's strategic importance to New City,
dilution of its shareholding, a decreasing share of revenue from
the government, and/or significantly reduced government support,
may result in a downgrade; likewise, a downgrade could also stem
from weaker fiscal performance or increased indebtedness at the
parent, leading to a deterioration in Fitch's internal assessment
of New City's creditworthiness.



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


IMPERIAL PACIFIC: Fitch Withdraws CCC Long-Term IDR
---------------------------------------------------
Fitch Ratings has withdrawn Imperial Pacific International
Holdings Limited's Long-Term Issuer Default Rating of 'CCC' for
commercial reasons.

RATING SENSITIVITIES

Ratings sensitivities are no longer relevant given today's
withdrawal.



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


AIRCO-FIN TUBES: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Airco-Fin Tubes
India Private limited (AFTIPL) for obtaining information through
letters and emails dated September 14, 2017 and November 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .4        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

   Long Term Loan         1.1        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 Airco-Fin Tubes India Private
limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Airco-Fin Tubes India Private
limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/CRISIL A4'.

Incorporated in 2005, AFTIPL is involved in manufacturing of
finned tubes having application in heat exchangers in heavy
engineering industrial units. The company is a joint venture
between the Netherlands based Airco Fin Beheer BV and the Indian
promoters Mr. E.V. Prasad and Mr. Shyam Prasad.


BLACKSTONE LOGISTICS: CRISIL Reaffirms D Rating on INR8.99MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facility of Blackstone Logistics Private Limited (BLPL) at
'CRISIL D'. The downgrade reflects delays by the company in
servicing its term debt because of weak liquidity on account of
its stretched working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              8.99       CRISIL D (Reaffirmed)

BLPL's scale of operations is small, and financial risk profile
is below average driven by a small networth and weak capital
structure. However, the company benefits from its promoters'
extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the competitive warehousing
industry: With revenue of INR2.6 cr for fiscal 2017 and just one
warehouse (unlike peers who have multiple properties across
geographies), scale remains modest and is expected to be at a
similar level over the medium term.

* Below-average financial risk profile because of small networth
and leveraged capital structure: Networth was small at INR2 cr
and gearing high at 6.35 times as on March 31, 2017. However,
this was mitigated by unsecured loans of INR5 cr from promoters.
Despite expected improvement due to term loan repayment, gearing
will remain high over the medium term.

Strengths

* Long-term lease agreement with Maharashtra State Warehousing
Corporation (MSWC): CWC is a government entity and hence chances
of it defaulting on lease payments are negligible. The lease
rentals provide assured revenue stream for the company, support
liquidity and thereby its debt-servicing capacity. RLPL's long-
term contract and its reputed lessee are expected to continue to
support business risk profile over the medium term.

* Extensive entrepreneurial experience of promoters and their
funding support: Mr. Patel manufactures cigarette and gutkha
while Mr. Bhatewada is in the logistics, transportation, and
warehouse handling business. Mr. Deshmukh is in the hospitality
and real estate industries. Such varied business experience is
expected to help BLPL over the medium term.

BLPL, incorporated in November 2010, has a warehouse at Khamgaon
in Buldhana, Maharashtra, with capacity of 35,000 tonne. The
warehouse has been leased to Maharashtra State Warehousing
Corporation (MSWC) for 10 years. BLPL is promoted by Mr. Snehal
Patel, Mr. Sagar Bhatewara, and Mr. Hrishikesh Deshmukh.

Profit after tax (PAT) and net sales are at INR0.17 crore and
INR2.6 crore, respectively, for fiscal 2017; PAT was INR0.5 crore
on net sales of INR2.6 crore for the previous fiscal.


CANCER AND ALLIED: CRISIL Assigns B+ Rating to INR100MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facility of Cancer And Allied Ailments
Research Foundation (CAAR). The rating reflects the society's
exposure to risks related to nascent stage of operations at its
hospital. The weakness is partially offset by its members'
extensive experience in the healthcare business.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        100       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to nascent stage of operations: The
society commenced operations of its hospital, MVR Cancer Centre &
Research Institute, in January 2017, and is yet to stabilise
operations.

Strengths:

* Extensive experience of the members in the healthcare business,
and support of the sponsor: The members have been in the
healthcare business for over a decade, and have a strong
understanding of the industry. The society is sponsored by a
cooperative bank which can provide need-based funding till
operations are stabilised.

Outlook: Stable

CRISIL believes CAAR will continue to benefit from its members'
extensive experience in the healthcare industry, and financial
support from its sponsor. The outlook may be revised to
'Positive' if stabilisation of operations and healthy occupancy
lead to higher-than-expected revenue and profitability. The
outlook may be revised to 'Negative' if occupancy is lower than
expected; or if the financial risk profile, particularly
liquidity, weakens due to larger-than-expected debt-funded
capital expenditure; or if cash accrual is low.

CAAR was registered in 2011 to provide high-quality medical
amenities to patients suffering from cancer. The hospital is in
Kozhikode (Kerala). The chairman of the society is Mr. C N
Vijayakrishnan.


ENERGIZED SOLUTIONS: CRISIL Cuts Rating on INR13.8MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Energized Solutions India Private Limited (ESIPL) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              1       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term       0.2     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan               13.8     CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The rating downgrade reflects a delay in servicing term-debt due
to cash flow mismatches.

The ratings also factor in the small scale of operations, amidst
intense competition in the lighting industry, and average
financial risk profile. These weaknesses are partially offset by
low demand risk, because of power purchase agreements (PPAs) and
low counterparty risk and improving operational efficiencies
backed by stabilization of operations.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt: The company contracted term debt
of around INR13.8 crore in May 2016. However, over the past few
months, there has been a delay in payment of interest and
principal amount. Installments due in August and September were
cleared in October 2017, and the installment payable in October
2017 is still outstanding.

* Average financial risk profile: Financial risk profile
constrained by high gearing of 13.97 times as on March 31, 2017,
and weak debt protection metrics, with interest coverage ratio at
2.25 times and net cash accrual to total debt ratio of 0.11 time
for fiscal 2017.

* Limited track record, and hence, small scale of operations in
the intensely competitive lighting industry: ESIPL commenced
commercial operations in 2012, and operates on a smaller scale
(as reflected in revenue of INR9.34 crore in fiscal 2017), due to
its limited track record and exposure to intense competition. The
company has to offer services of acceptable quality at
competitive prices to ensure healthy capacity utilisation. Any
unfavourable factors such as weakening of demand could pose a
threat to its operating performance, thereby affecting cash flow.

Strength

* Low demand risk because of PPAs and low counterparty risk: PPAs
with two major clients, Walmart India Pvt Ltd and Asahi India
Glass Ltd, for 1.2 megawatt (MW) and 1.8 MW, respectively,
provide revenue visibility over the medium term.

* Improving operational efficiencies backed by stabilization of
operations: The company's operations have also stabilised in
fiscal 2017, with improvement in operating margins from 14.9% in
fiscal 2016 to 32.9% in fiscal 2017.

ESIPL was set up in 2010, by Mr. Druv Dhanda and Mr. Arth
Agarwal. The company initially provided lighting solution
services, and subsequently, ventured into supply of light
emitting diode (LED) lights for companies, following the B2B
model. Manufacturing facility for LEDs, at Khushkhera, Alwar
(Rajasthan), recently commenced operations. The company has also
installed roof top solar power plants.


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

-- INR400 mil. Proposed term loan migrated to non-cooperating
    category with Provisional IND BB-(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in June 2005, GP is a Bhopal-based registered partnership
firm engaged in the real estate business. It is promoted by Mr
Arvind Agrawal and Mr Ayush Agrawal.


HEALTHPLUS RESEARCH: CRISIL Assigns 'B' Rating to INR40MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Healthplus Research And Medicentre LLP (HRML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           40       CRISIL B/Stable

The ratings reflect HRML's exposure to risks related to project
implementation and exposure to intense competition and
geographical concentration in its revenue profile. These
weaknesses are partially offset by the industry experience of the
partners and funding support provided by them.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to project risks related to ongoing hospital project
and stabilisation of operations: HRML has plans to start OPD by
January 2018 and operations of hospital are expected to start by
April 2018. Timely completion and stabilisation of the same shall
remain a key rating sensitivity factor over the medium term.

* Geographical concentration in revenue profile: HRML's
operations are limited to Lucknow (Uttar Pradesh) with patients
primarily from around the same region. The geographical
concentration of the hospital's customer base renders it
vulnerable to the dynamics of a single market.

* Exposed to competition from the hospitals already operating in
same vicinity: The hospital remains vulnerable to local
competition due to presence of other government and private
hospitals in the region.

Strengths:

* Experience of the partners: Dr. Anubha Yadav, partner, is a
doctor by profession and is expected to bring her technical
expertise into the running of the hospital. Mr. Aditya Yadav is a
businessman with long standing industry experience. Their
combined experience is expected to benefit the firm over the
medium term.

* Funding support from partners: The project cost of
approximately INR99.97 crores is being funded by a term loan of
INR40 crores and the rest through partners' fund infusion.
Moreover, the partners are expected to infuse further funds into
the firm in case of any cost overrun or in case of shortfall in
internal liquidity for meeting repayment obligations.

Outlook: Stable

CRISIL believes that HRML will continue to benefit from its
partner's experience over the medium term. The outlook may be
revised to 'Positive' in the event of timely project execution
within the budgeted costs and higher-than-expected occupancy and
profitability, resulting in sizeable cash accruals and thus a
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if HRML generates any time or cost overruns
or occupancy or profitability is lower than expectations,
adversely affecting the firm's financial risk profile, and hence,
its debt-servicing ability.

HRML was incorporated in 2015 as a partnership firm. It is
promoted by a Dr. Anubha Yadav, Mr. Aditya Yadav & UP Healthcare
Private Limited. HRML is undertaking a project to set up a 114
bedded mother & care speciality hospital in Lucknow- Tender Plam
Hospital.


HILLWOOD FURNITURE: CRISIL Cuts Rating on INR35MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Hillwood Furniture Pvt Ltd (HFPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4')
   Cash Credit             3.0       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')
   Letter of Credit       35         CRISIL D (Downgraded from
                                      'CRISIL A4')

The ratings reflect instances of delay by HFPL in servicing its
debt obligations; the delays have been on account of weak
liquidity. The weak liquidity is primarily due to large working
capital requirement.

The ratings also reflect HFPL's below-average financial risk
profile because of high gearing and modest net worth. However,
the company benefits from the promoter's extensive experience in
the timber trading business.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: HFPL's financial risk
profile is below-average, marked by estimated modest net worth
and high gearing of INR 6.6 crores and 6.58 times respectively in
fiscal 2016. Also, debt protection metrics is expected to remain
weak as reflecting in its estimated interest coverage and net
cash accruals to total debt at 1.22 times and 0.02 times
respectively for fiscal 2016.

Strength

* Extensive experience of the promoter and established position
in timber trading business: The promoter has experience of over
25 years in the plywood and timber industry. The promoter has
extensive experience in procurement of raw materials (timber),
and his established contacts enable the group to procure high-
quality raw materials at competitive prices; the group imports
its entire timber requirement from Singapore and Myanmar.

HFPL based in Kerala, were incorporated in 2001-02 and process
timber logs. HFPL also manufactures building materials such as
window, door, and kitchen frames. HFPL primarily deals in
teakwood, while HIEPL deals mostly in hardwood.


HK ENNTERPRISES: CRISIL Assigns B Rating to INR20MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank loan facility of HK Ennterprises-Delhi (HKE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B/Stable

The ratings reflect HKE's small scale of business due to start up
phase of operations and geographical concentration along with
exposure to cyclicality in infra segment. The rating also
reflects the below average financial risk profile as reflected in
moderate capital structure and weak debt protection metrics.
These ratings weaknesses are partially offset by the extensive
experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations due to start up phase of operations:
With estimates sales of around INR 7 Crore in fiscal 2017, scale
of operations remains small in a highly fragmented building and
construction materials trading business.

* Geographical concentration in revenue: The firm mainly operates
in Delhi and its neighbouring cities which leads to geographical
concentration. Also since it only deals in govt projects the
cyclicality of tender would affect the business risk profile.

* Below average financial risk profile: Financial risk profile is
below average as reflected in moderate capital structure and weak
debt protection metrics.

Strengths

* Extensive experience of the proprietor: The firm has been in
this industry for over a decade, resulting in a healthy
relationship with its customers and suppliers.

Outlook: Stable

CRISIL believes that HKE will continue to benefit from the
extensive experience of its proprietor. The outlook may be
revised to 'Positive' if significant ramp up in its revenues, and
operating margin, and improvement in capital structure
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if slowdown in revenue, weakening of
profitability, or capital withdrawal adversely affect the capital
structure.

Set up as a partnership firm in 2017 by Mr.Ramesh Kumar and Mr.
Ravindra Alhawat, HKE is engaged into supply of construction and
building materials primarily in and around Delhi.


KUMAR JEWELLERS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Kumar Jewellers (KJ).

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

   Proposed Long Term
   Bank Loan Facility       5        CRISIL B+/Stable

The rating reflects a modest scale of operations in an intensely
competitive industry, exposure to volatility in gold prices, and
a weak financial risk profile. These weaknesses are partially
offset by the extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in an intensely competitive
industry:
Revenue was a modest INR9.02 crore in fiscal 2017. Owing to a
modest scale of operations and exposure to intense competition in
the gold jewellery retailing industry, bargaining power with
customers and suppliers is limited, leading to pressure on the
operating margin.

* Exposure to volatility in gold prices: The price of gold, which
is currently around INR2820 per gram, has declined by almost 14%,
from INR3266 per gram in November 2016. Moreover, the firm does
not follow a fixed inventory policy as its purchases are based on
demand and prevalent market prices. The operating margin will
continue to be susceptible to volatility in gold prices and to
pricing pressures owing to intense competition.

* Weak financial risk profile: The networth was INR36 million as
on March 31, 2017, due to low accretion to reserves given the
modest scale of operations. The networth is likely to remain at a
similar level over the medium term. The gearing was high at 1.85
times as on March 31, 2017, and is likely to remain at a similar
level, despite the absence of any significant debt-funded capital
expenditure (capex) plans, due to the extensive dependence on
external borrowing for meeting working capital requirement. The
debt protection metrics were subdued: the interest coverage ratio
was 1.76 times and net cash accrual to adjusted debt ratio 0.07
time in fiscal 2017

Strength:

* Extensive industry experience of the promoters: The main
promoter has an experience of three decades in the industry; this
has helped him to identify trends in jewellery designs, build a
strong customer base, and win the trust of consumers, which is an
important factor influencing purchases This is expected to lead
to healthy growth in revenue in fiscal 2018.

Outlook: Stable

CRISIL believes KJ will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in the scale of
operations while steady operating profitability is maintained,
leading to higher cash accrual. The outlook may be revised to
'Negative' if liquidity deteriorates due to significant debt-
funded capex, a stretched working capital cycle, or a decline in
revenue or profitability leading to lower-than-expected cash
accrual.

Based in Nellore, Tamil Nadu, KJ retails gold jewellery. The firm
was established by Mr. Sukumar D Vas a proprietary concern in
1992 and reconstituted as a partnership firm in February 2016
when his brothers also joined the business.


MERAKI CV 2016: Ind-Ra Raises A2 PTCs Rating to BB+(SO)
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Meraki CV IFMR
Capital 2016 (an ABS transaction) as follows:

-- INR89.95 Series A1 pass-through certificates (PTCs), issued
    on December 28, 2016 at 12.5% coupon rate with final maturity
    date on June 17, 2020, upgraded with IND A(SO)/Stable rating;
    and

-- INR26.78 mil. Series A2 PTCs, issued on December 28, 2016 at
    16.5% coupon rate with final maturity date on June 17, 2020,
    upgraded with IND BB+(SO)/Stable rating.

The new and used commercial vehicle (49.4%), multi-utility
vehicle (28.5%), four wheeler (19.3%) and tractor (2.9%) loan
pool has been originated by Kogta Financial India Limited (KFL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The rating action reflects the adequate levels of credit
enhancement (CE) which can support higher default stresses
commensurate with the upgraded rating level, overall performance
of the loans in the pool since the 10 months of issuance, and the
servicing, collection and recovery capabilities of KFL. The
agency is of the opinion that the issuer's origination and
servicing capabilities are of an acceptable standard. Origination
of loans is primarily through an empanelled list of direct
selling agents. KFL follows a relationship-based model and has
tie-ups with these direct selling agents for more than 10 years.
It has an in-house field investigation team and collection team.
The company has centralised operations wherein all the approvals
are done at the state branch level. All loan applicants go under
a strong due diligence process to assess the creditworthiness of
the prospective customer. Collection of loans is mostly processed
through cheques and electronic clearance service while cash is a
less preferred option. KFL repossesses vehicles only as a last
resort. The state collection head analyses the capacity and the
intention of the borrower to pay and takes the decision of
repossession.

Lower Delinquencies in Pool: The rating upgrade is primarily
driven by a continuous satisfactory performance of the loan pool,
as depicted by significantly low peak 90 days past due (90+dpd)
of 1.98% observed in the last 10 months since transaction
closing, compared to an initial base case 90+ dpd estimate of 8%-
10% for the assigned pool. As of September 2017 collection month,
90+dpd delinquency was 1.93% of the original pool principal
outstanding (POS) and 3.55% of the current POS (including overdue
principal). The average current collection efficiency observed in
the pool for the last 10 months' loan performance since issuance
was about 90% while the cumulative collection efficiency reached
a high level of 93.1% as of September 2017. Additionally, the
pool amortisation of 45.5% till September 2017 provides
significant cushion for the unamortised PTCs to absorb
considerably higher default stresses at the upgraded rating
level.

Availability of External Credit Support: According to the payout
report dated 17 October 2017, the available CE was INR13.39
million and the current pool POS including principal overdue was
INR146.1 million. There has been no use of the CE until date, as
the excess interest spread and overcollateralisation in the
transaction have been sufficient to absorb the shortfalls. The
current CE for PTCs increased to 9.17% of the current POS
including overdues at end-September 2017 from 5.0% at issuance.
The CE is in the form of fixed deposit with RBL Bank in the name
of the originator with a lien marked in favour of the trustee.
The transaction is further supported by the level of
overcollateralisation available to Series A1 PTCs and Series A2
PTCs at 35.9% and 16.8%, respectively, of the current POS, as of
September 2017.

Key Pool Characteristics: At end-September 2017, the 894-loan
pool had a weighted average seasoning of 19.3 months and the pool
has been amortised by 45.45%, indicating a significant repayment
track record of underlying borrowers. Loans delinquent by over 90
dpd were 1.93% of the original POS and 3.55% of the current POS
as of the collection month of September 2017. The agency has also
seen a cumulative prepayment of 11.0% in the transaction in the
last 10 months.

Key Assumptions: At the time of the initial rating, Ind-Ra
derived a base case gross default rate (90+dpd) in the range of
8%-10%. The agency had analysed the characteristics of the pool
and established its base case assumptions through the four key
performance variables, namely default rate, recovery rate,
recovery timeline and prepayment rate, which collectively affect
the credit risk in a transaction. In the last 10 months since the
transaction closing, the peak 90+dpd observed was 1.98%, which is
well within the initial assumption. The current available CE can
absorb stressed defaults in the range of 40%-45% of future POS.

As per the agency's assessment, the current available CE provides
significant cushion to the Series A1 PTCs commensurate with the
stress level of 'IND A(SO)' rating, and therefore has led to the
upgrade of Series A1 PTCs. Additionally, the peak default rate
(90+dpd) observed in the pool for the 10 months till the payout
date of 17 October 2017 is significantly lower than the base case
default estimate at the initial closing; hence, the current CE is
highly likely to withstand any further default-related stresses
on the future POS at the 'IND BB+(SO)' rating level as well. This
has resulted in the positive rating action of Series A2 PTCs as
well.

RATING SENSITIVITIES

Ind-Ra conducted rating sensitivity tests for purchaser payouts.
If the assumptions of both base case default rate and base
recovery rate were simultaneously worsened by 20%, the model-
implied rating sensitivity suggests that the PTCs' rating will
not be impacted.

COMPANY PROFILE

Incorporated in 1996, KFL is western India-based non-banking
financial company with an operating track record of over 19
years. It primarily provides commercial vehicle, car, two-
wheeler, and small and medium enterprise loans. The company is
based out of Jaipur and operates in Rajasthan, Gujarat and
Maharashtra. KFL has 72 disbursement points across India and
employs 265 employees.

As of March 2017, KFL had INR2,385 million worth assets under
management (up 48.9% yoy). In FY17, its profit after tax was
INR50 million (FY16: INR31 million). Net non-performing assets
increased to 2.02% as of March 2017 from 1.62% a year ago.


N. PRAKASH: CRISIL Assigns B+ Rating to INR4.15MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of N. Prakash.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      .85       CRISIL B+/Stable

   Long Term Loan         4.15       CRISIL B+/Stable

   Overdraft              1.00       CRISIL B+/Stable

The rating reflects healthy occupancy of the mens' hostel run by
the firm, healthy profitability, and extensive experience of the
promoter. These strengths are partly offset by the small scale of
operations, amidst intense competition and geographical
concentration in revenue.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: High cost involved in expansion, and
low networth of around INR3.36 crores as on March 31, 2017, may
continue to keep the scale of operations small, in the medium
term.

* Geographical concentration and intense competition: The firm
derives its entire revenue from Bengaluru and bulk of the tenants
are from the IT sector. Any economic downturn in the sector, and
intense competition in the paying guest (PG) segment, could
adversely affect the business risk profile in the medium term.

Strengths

* Healthy occupancy and profitability: Occupancy was around 90%,
given the affordable terms, and should remain healthy in the
medium term, backed by sufficient demand for PG accommodation in
Bengaluru, and the firm's established market position. Supported
by its healthy occupancy, operating profitability was healthy at
around 48% for fiscal 2017.

* Extensive experience of the promoters: The decade-long
experience of the promoter in the hospitality industry, and his
strong understanding of business dynamics, should support the
business risk profile in the medium term.

Outlook: Stable

CRISIL believes N. Prakash will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if healthy occupancy and larger-than-expected cash
accrual leads to improvement in liquidity. The outlook may be
revised to 'Negative' if substantially low occupancy or delay in
commencement of its upcoming new PG project lead to weak
liquidity.

Established in 2008, the firm operates a PG hostel for men in
Bengaluru, with around 151 rooms.


NIDHI ENGICON: CRISIL Assigns B+ Rating to INR4MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Nidhi Engicon India Private Limited (NEIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      .02       CRISIL B+/Stable

   Cash Credit            4.00       CRISIL B+/Stable

   Long Term Loan          .98       CRISIL B+/Stable

The ratings reflect NEIPL's exposure to risks related to initial
stage of operations and to intense competition in the automobile
dealership business. The ratings also factor in below-average
financial risk profile. These weaknesses are partially offset by
the experience of promoters and benefits derived from the
dealership for Hyundai Motor India (HMI).

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to initial stage of operations, and
to intense competition:  NEIPL started its operations from
September 2016. It not only faces competition from other dealers
but also from other brands of vehicles. The company may remain
exposed to risks associated with initial stages of operations.

* Below-average financial risk profile: Networth has been modest
at INR1.19 crore as on March 31, 2017, while total outside
liabilities to tangible networth was high at 6.32 times. Interest
coverage ratio was also weak at 1.62 times due to significant
interest outgo. Net cash accruals to total debt is at 0.04 as on
March 31, 2017 and is expected to remain around 0.07-0.11 time
over the medium term.

Strengths:

* Experience of promoters: Benefits derived from the promoters'
experience of around a decade in the dealership business and
healthy relations with suppliers and customers should continue to
support the business.

* Benefits derived from dealership for HMI: NEIPL has received
the dealership for selling passenger cars in Sasaram, Bihar. The
company would be getting various benefits from the principal in
the form of incentives on sales, reimbursement of sale promotion
activities under print media and hoardings, and price benefits
for appreciation in price of inventory. Benefits from the
dealership of HMI may continue to support the business.

Outlook: Stable

CRISIL believes NEIPL will benefit from the association with HMI
and from the promoters' experience. The outlook may be revised to
'Positive' if substantial increase in revenue and cash accrual
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if low cash accrual, large working
capital requirement, or debt-funded capital expenditure weakens
liquidity.

NEIPL was incorporated on May 2008 by Mr. Sunil Kumar Singh and
his wife, Mrs. Nirmala Devi. The company was initially into
architectural, engineering and other technical activities. In
2016, NEIPL shifted its focus from construction activities to
automotive dealership of HMI. Mr Anish Kumar (son of Mr Sunil
Kumar Singh) was introduced as the director of the company who
jointly runs the business with his father. The company is based
in Sambika Nagar, Bihar.


RABIA LOGISTICS: CRISIL Reaffirms D Rating on INR7.89MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facility of Rabia Logistics Private Limited (RLPL) at
'CRISIL D'. The downgrade reflects delays by RLPL in servicing
its term debt because of weak liquidity on account of stretched
working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          7.89      CRISIL D (Reaffirmed)

RLPL's scale of operations is small, and financial risk profile
is below average driven by a modest net worth and weak capital
structure. However, the company benefits from its promoters'
extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amid intense competition: Scale of
operations has been small with revenue of around INR2.1 for
fiscal 2017. RLPL receives rental income of INR17.5 cr per month
from CWC, which bears price escalation clause under which rentals
are adjusted with (wholesale inflation*1.33 times) percentage
points every year. Over the medium term, scale of operations is
expected to remain small due to limited capacity.

* Below-average financial risk profile because of small net worth
and below-average capital structure: Capital structure is below-
average as reflected in small networth of around INR2 cr and high
gearing of 6.26 times as on March 31, 2017. Promoter contribution
in the form of unsecured loans stood at INR4.91 cr. Gearing is
expected to improve with repayment of term loans, but remain high
over the medium term.

Strengths

* Long-term lease agreement with Central Warehousing Corporation
(CWC): CWC is a government entity and hence chances of it
defaulting on lease payments are negligible. The lease rentals
provide assured revenue stream for the company, support liquidity
and thereby its debt-servicing capacity. RLPL's long-term
contract and its reputed lessee are expected to continue to
support business risk profile over the medium term.

* Extensive experience and funding support of promoters: The
promoters together have extensive experience in various segments
such as cigarette and gutkha manufacturing ;logistics,
transportation and warehouse handling business and hospitality
and real estate .Benefits from the extensive experience of
promoters is likely to continue over the medium term.

RLPL, incorporated in November 2010, has a warehousing facility
at Ghoni in Washim, Maharashtra, with capacity of 30,000 tonne.
The warehouse has been leased to Central Warehousing Corporation
(CWC) for 10 years. RLPL is promoted by Mr Snehal Patel, Mr Sagar
Bhatewara, and Mr Hrishikesh Deshmukh.


RAJASHRI FOODS: CRISIL Reaffirms B+ Rating on INR17.87MM LT Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the bank facilities of Rajashri Foods Private Limited (RFPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit/
   Overdraft facility     .6        CRISIL B+/Stable (Reaffirmed)

   Foreign Currency
   Term Loan              .5        CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       17.87       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.03       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect RFPL's modest scale of
operations, and below-average financial risk profile. These
weaknesses are partially offset by the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with
revenue of INR11.6 crore in fiscal 2017, amid intense competition
limits pricing power with suppliers and customers, thereby
constraining profitability. Scale may improve over the medium
term after the new manufacturing facility being set up at Hiriyur
becoming operational.

* Below-average financial risk profile:Networth was modest at
INR4.8 crore as on March 31, 2017, while gearing was high at 4.47
times. Interest coverage and net cash accrual to total debt
ratios were weak at 11.5 times and 0.04 time, respectively, in
fiscal 2017.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over 20 years, their understanding of the local
market dynamics, and healthy relations with suppliers and
customers should continue to support the business.

Outlook: Stable

CRISIL believes RFPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in scale of
operations and profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue and operating margin, stretched working capital cycle,
or delay in project implementation weakens financial risk
profile.

RFPL, incorporated in 1990, manufactures animal feeds and
veterinary supplements catering to cattle, poultry and aqua
culture. It has a manufacturing facility at Bengaluru and is
setting up another one at Hiriyur. Mr. M R Arvind and his
brother, Mr. M R Rajiv, are the promoters.


RAVI VINYLS: CRISIL Assigns B+ Rating to INR12MM Loan
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
bank facilities of Ravi Vinyls (India) Limited (RVIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer's Credit           12       CRISIL B+/Stable

The ratings reflect an average financial risk profile, a small
scale of operations in the fragmented polyvinyl chloride (PVC)
resin trading industry, and vulnerability of the operating margin
to fluctuation in PVC price. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters and their financial support.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: The networth is expected to be
small at around INR2.2 crore, and TOL/ANW high at more than 12
times over medium term. Debt protection metrics are expected to
be average, the interest coverage ratio is expected at below 1.5
times and the net cash accrual to total debt ratio at below 0.5
times over medium term.

* Small scale of operations in a fragmented industry: The PVC
trading sector is highly fragmented, with numerous small-scale,
unorganised players catering to local demands. RVIL is a small
player in the industry with sales expected at around INR80-100
crore over medium term.

* Vulnerability of operating margin to volatility in raw material
price: The price of the PVC resin remains volatile and the
company does not enter into any price agreements with its
suppliers or customers. Hence, the operating profit margin is
exposed to fluctuations in PVC prices.

Strength

* Industry experience of the promoters and their funding support:
The promoters have been trading in PVC resin since 2007 through
their firm, Ravi Industries. They have expanded this business
across India by catering to many small and medium pipe
manufacturers. They have also supported operations through
unsecured loans.

Outlook: Stable

CRISIL believes that the RVIL will maintain its business risk
profile benefitted with the long term experience of its promoter
in the industry. The outlook may be revised to 'Positive' if
PPPL's scale of operations increases significantly along with
improvement in financial risk profile. The outlook may be revised
to 'Negative' if financial risk profile deteriorates due to
increase in working capital or large debt funded capital
expenditure.

RVIL was incorporated in 2017 and is in the trading of Poly Vinyl
Chloride (PVC) Resin. The company being promoted by Mr. Jagrup
Chowrasia and his sons and is located in Mumbai, Maharashtra.


RELIANCE COMMUNICATIONS: Fitch Withdraws RD Long-Term IDR
---------------------------------------------------------
Fitch Ratings has withdrawn India-based Reliance Communications
Limited's (Rcom) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) of 'Restricted Default' (RD) and the rating
on Rcom's USD300 million 6.5% senior secured notes due 2020 of
'C' with Recovery Rating of 'RR4'.

KEY RATING DRIVERS

Fitch has chosen to withdraw the ratings on Rcom for commercial
reasons. Accordingly, Fitch will no longer provide ratings or
analytical coverage for Rcom.

On 30 October 2017, Rcom announced a plan to restructure its
INR458 billion (USD7 billion) of debt. It plans to convert debt
of INR70 billion into equity, sell spectrum, tower and fibre
assets for INR170 billion, and sell real estate of INR100
billion. The company is currently in a standstill agreement with
its bank lenders until end-December 2018. Rcom defaulted on a
coupon due on its USD300 million secured notes on 6 November
2017.

DERIVATION SUMMARY

Not applicable

KEY ASSUMPTIONS

Not applicable

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings have been
withdrawn.


SAI POINT: CRISIL Assigns 'B' Rating to INR12MM Overdraft
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Sai Point Bikes And Cars (SPBC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                 12       CRISIL B/Stable

The rating reflects weak financial risk profile marked by
leveraged capital structure and weak debt protection metrics,
small scale of operations along with intense competition in the
industry and high exposure to the group companies. These
weaknesses are partially offset by the benefits that SPBC derives
from its promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Weak Financial Risk Profile: SPBC has a weak financial risk
profile, marked by leveraged capital structure and weak debt
protection metrics. Gearing stood at 1.73 times as on March 31,
2017. Debt protection metrics marked by interest coverage and net
cash accruals to total debt (NCATD) ratios was 1.35 times and
0.02 times respectively for fiscal 2017. CRISIL believes
financial risk profile is expected to remain weak over the medium
term on account of high reliance on bank lines and unsecured
loans from group companies. Ability of the firm to substantially
increase its revenue along with healthy accretion to reserves
while ensuring lower reliance debt will be the key rating
sensitivity. The financial flexibility of the firm to raise funds
for the growth needs is moderated by constitution of the entity
as a proprietorship firm.

* Small scale of operations along with susceptibility to intense
industry competition: SPBC generates revenue by selling the pre-
owned luxury cars after its overhauling. The turnover of the firm
remained small at INR10.5 crore in fiscal 2017. Revenue of the
firm is dependent on the inclination of the customers to purchase
second hand cars. Furthermore, the firm faces intense competition
from several other players especially the unorganized players.
The intense industry competition could constrain the pricing and
operating margin.

* Significant exposure to the group companies: The firm has
significant exposure in its group companies, Sai Point Finance
Corporation Limited (SPFCL), NBFC arm of the group and Sai Point
Cars Private Limited (SPCPL; rated CRISIL B/Stable/CRISIL A4)
with major exposure in SPFCL. SPFCL is engaged in the business of
financing two wheelers and cars. The total exposure in the group
companies as on March 31, 2017 formed about 95% of the asset size
of the firm. The investments in the group companies has been
majorly funded out of the working capital borrowings. Any
deterioration in the business profile of SPFCL will impact the
credit profile of SPBC.

Strengths

* Promoters' extensive experience in automobile dealership
industry: The firm is a part of Sai Point Group. Mr. Dilip Patil,
proprietor of the firm, has been in the automobile dealership
industry for about a decade through group companies namely, Sai
Point Automobiles Private Limited (SPAPL; rated CRISIL D) and
SPCPL. Incorporated in 2002, SPAPL is an authorized dealer of two
wheelers and spare parts of Honda Motorcyle and Scooter India
Private Limited (HMSI). While SPCPL, set up in 2008 is an
authorized dealer of Maruti Suzuki India Ltd (MSIL) in Salcette
(Goa). Though SPBC has limited track record of operations, CRISIL
believes that SPBC will continue to benefit from its promoter's
extensive industry experience over the medium term.

Outlook: Stable

CRISIL believes that SPBC will continue to benefit over the
medium term from its promoter's extensive industry experience.
CRISIL further believes the financial risk profile will remain
weak marked by high gearing and weak debt protection metrics.

Upward Scenario:

* Significant increase in scale of operations and profitability
and thereby leading to better than expected cash accruals.

* Significant improvement in the financial risk profile and debt
protection metrics.

Downward Scenario:

* Deterioration in liquidity due to decline in profitability or
inadequate support from its group concerns.

* Higher than expected debt leading to deterioration in the
capital structure or debt protection metrics.

Established in 2015 by Mr. Dilip Patil, Sai Point Bikes & Cars, a
proprietorship firm, is engaged in the business of selling pre-
owned luxury cars like Audi, Mercedes Benz, Jaguar, Range Rover
and BMW. The firm buys the pre-owned cars and sells it after
overhauling. The firm has a showroom at Andheri (West) and in
Pune.


SHALBY HOSPITALS: Faces Insolvency Process From Creditor
--------------------------------------------------------
The Economic Times reports that Ahmedabad-based hospital chain
Shalby Hospitals, whose initial public offering is open for
subscription, is facing a bankruptcy petition from an operational
creditor for a tiny sum.

One Dr. Pranav Shah, an operational creditor, has initiated
bankruptcy proceedings against it at the National Company Law
Tribunal which will hear the case on December 11. The petition is
yet to be admitted, the report says.

The company did not respond to an e-mail seeking comment, ET
notes.

In its offer document filed with the stock exchanges, Shalby
disclosed that that Dr Shah had filed a petition under the IBC
before the NCLT Ahmedabad bench, according to the report.

Dr. Shah, claims that Shalby owes him medical consultancy fees of
about INR41 lakh. Responding to an ET's email query, Shah
confirmed the petition.

The company is raising INR508 crore via initial public offer, the
report notes.


SIDDHANATH SUGAR: CRISIL Cuts Rating on INR75MM Pledge Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Siddhanath Sugar Mills Limited (SSML) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Pledge Loan             75        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Rupee Term Loan         10        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan               45        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Working Capital
   Demand Loan             40        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects weak financial risk of the company
due to consecutive cash losses in past three years ended fiscal
2017 resulting deterioration in networth. This has resulted in
leverage capital structure with below average debt protection
metrics. Though financial risk profile is likely to improve in
current year, it will remain weak with estimated gearing more
than 13 times. Further, large working capital requirement were
funded through short term bank debt resulting stretched
liquidity. The accruals over the medium term are expected to be
tightly matched with high debt obligation.

The rating continues to reflect company's weak financial risk
profile and large working capital requirement. The rating also
factors in susceptibility to cyclicality in, and regulatory
framework of, the sugar industry. These weaknesses are partially
offset by the extensive experience of SSML's key promoters and
moderate operating efficiency backed by semi-integrated
operations.

Analytical Approach

The preference shares of INR50.75 crores are treated as quasi
equity as it has residual tenor of 20 years and subordinated to
the bank debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The networth of the
company has deteriorated to INR4.8 crore as on March 31, 2017 due
to continuous cash losses for past three years. Large bank debt
availed to fund working capital requirement and term loans
contracted for capex will keep the gearing high over the medium
term.

* Large working capital requirement: SSML's large working capital
requirement constrains its liquidity; its estimated gross current
assets will be over 163 days as on March 31, 2018 because of
large inventory holding; these requirements are funded through
high reliance on short term bank debt.

* Susceptibility to cyclicality in, and regulatory framework of,
the sugar industry: The sugar manufacturing industry is highly
regulated and is also exposed to risks related to seasonality in
sugarcane production. These factors can impact the scale of
operations and margins.

Strengths

* Extensive experience of promoter: The promoters have been in
the sugar industry for more than two decades. The company will
continue to benefit over the medium term from its promoters'
extensive industry experience.

* Moderate operating efficiency backed by integrated operations:
The company has semi-integrated operation with capacities of 6000
tone sugar crushed per day and 26 megawatt of co-gen plant. This
helps to face downturns in the industry as revenue is more
stable, unlike for other non-integrated players.

Outlook: Stable

CRISIL believes SSML will continue to benefit over the medium
term from the promoter's experience and its semi-integrated
nature of operations. The outlook may be revised to 'Positive' if
significant and sustainable increase in revenues and cash accrual
and improvement in working capital cycle strengthens its
liquidity and capital structure. Conversely, the outlook may be
revised to 'Negative' if low cash accrual or any debt-funded
capital expenditure or stretched working capital cycle weakens
financial risk profile, especially liquidity.

SSML was incorporated in 2000 by Mr Dilip Mane and is engaged in
manufacturing sugar. The company has its plant at Tirhe
(District: Solapur, State: Maharashtra) with installed capacity
of 6000 tones crushing per day (TCD). Also, it has a 26-megawatt
(MW) Co-generation power plant.


SINGLA CABLES: CRISIL Assigns B+ Rating to INR14MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facility of Singla Cables (SC). The rating
reflects modest financial risk profile, working capital intensity
in operations, and susceptibility to raw material price
volatility and tender-based orders. These rating weakness are
offset by the partners' extensive experience in the cable
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL B+/Stable

Analytical Approach

Unsecured loans received from the partners have been treated as
neither debt nor equity as these are interest-free in nature.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations: Operations are likely
to remain working capital intensive, necessitating intake of
additional debt. Gross current assets were around 162 days as of
March 2017, on account of high receivables.

* Modest financial risk profile: The financial profile remains
modest due to leveraged capital structure'gearing was 2.84 time
as on March 31, 2017.

* Susceptibility of margins: Profitability remains susceptible to
fluctuations in the prices of raw material and the tender-driven
nature of operations.

Strengths

* Partner's extensive experience: Key partner, Mr KG Singla has
close to 10 years' experience in the cable manufacturing
business. His experience and healthy business relations with
customers and suppliers will continue to support the business.

Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its partner's extensive industry experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive 'if improvement in working capital
management and cash flows, or sizeable equity infusion
strengthens financial profile. Conversely, the outlook may be
revised to 'Negative' in case of a stretch in its receivables
leading to cash flow mismatches, or if any large capital
expenditure weakens credit metrics.

SC, a partnership concern set up by Mr Krishen Gopal Singla and
his family in 2002, manufactures polythene-insulated jelly filled
cables, telephone drop wire, signalling cable, jumper wire and
HDPE telecom ducts. Mr Singla and his sons, Mr Varun Singla and
Mr Tarun Singla, are the partners. The manufacturing facility is
at SIDCO Industrial Complex, Bari Brahmana, Jammu.


SR FOILS: CRISIL Reaffirms D Rating on INR155MM Cash Loan
---------------------------------------------------------
CRISIL has been consistently following up with SR Foils and
Tissue Limited (SRFTL) for obtaining information through
telephonic communication dated November 3rd, 2017, among others.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             155       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        120       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                76       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 future
performance or strategic intent of SRFTL. 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 SR
Foils and Tissue Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
'CRISIL B rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D. The rating reflects delays by the company in servicing its
debt.

Incorporated in 1993, SRFTL (formerly SR Foils Ltd) manufactures
aluminium foils (under the Homefoil brand), cling film rolls
(Clean Wrap), and tissue paper products (Mistique). The company
has two manufacturing units, one in Bhiwadi and another in
Sotanala, both in Rajasthan.


SRI SAI SRINIVASA: CRISIL Assigns 'B' Rating to INR3.8MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its rating on the long term bank facilities
of Sri Sai Srinivasa Agro Tech Industries (SSSAI) at 'CRISIL
B/Stable.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.2       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      3.8       CRISIL B/Stable

CRISIL's rating on the long-term bank facilities of SSSAI
continues to reflect the firm's below-average financial risk
profile marked by its low net worth, moderate gearing and weak
debt protection metrics, modest scale of operations and
susceptibility of its profitability to changes in paddy prices
and government regulations. These weaknesses are partially offset
by extensive experience of its promoters in the rice milling
industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile is
below average marked by weak debt protection metrics and low net
worth and moderate gearing. Net worth was low at INR1.68 crore
against total debt outstanding of INR2.26 crore resulting in
gearing of around 1.35 times as on March 31 2017. Debt protection
metrics are weak as reflected in interest coverage ratio and net
cash accruals to adjusted debt of around 1.75 times and 5% for
the Fiscal 2017.

* Modest scale of operations: SSSAI's scale of operations is
modest, as indicated by its estimated revenues of around INR
15.94 Crore for 2017-18. The firm has witnessed modest growth in
revenues over the years. The firm has an installed milling
capacity of 4 tonnes per hour (tph), which is modest given the
presence of players with capacities of 50 to 70 tph in Telangana.
While large players have better efficiencies and pricing power
because of their scale of operations, small players are exposed
to intense competition.

* Susceptibility of its profitability margins to changes in
government regulations and paddy prices: Cost of paddy accounts
for about 85 to 90 per cent of the cost of producing rice.
Availability of paddy being an agriculture product is seasonal,
and is dependent on the monsoons/irrigation. This exposes the
company to the risk of limited availability of paddy in case of
unfavourable climatic conditions. The price of paddy has also
been volatile in the past. The rice milling business is marked by
intense competition, which restricts the ability of the players
from fully passing on the increase in paddy prices to customers
or retaining any benefit of lower paddy price.

Strength

* Experience of promoters in rice milling industry: SSSAI's
managing partner, Mr. Shashi kiran and another main partner and
his brother Mr. Uday Kiran has been in the rice milling business
since past 10 years. After running various rice mills with other
partners, they set up SSSAI with his family members as partners
in 2009. The firm has established strong relationships with FCI
and farmers. The promoters are high have developed strong
relationships with the lending community. CRISIL believes that
SSSAI will maintain its business risk profile over the medium
term, backed by its highly experienced promoters.

Outlook: Stable

CRISIL believes SSSAI will continue to benefit over the medium
term from the promoters' extensive experience in the business.
The outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability, while the
capital structure remains stable. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens owing
to decline in profitability, stretch in working capital cycle, or
any large debt-funded capital expenditure

Incorporated in 2009, SSSAI mills and processes paddy into rice.
The manufacturing plant is in Renikunta, Telangana. Mr. Shashi
kiran and Mr. Uday Kiran and their families are the promoters.

SSSAI reported a profit after tax of INR0.06 crore on revenue of
INR15.18 crore in fiscal 2017, against INR0.08 crore on revenue
of INR12.79 crore in fiscal 2016.


SUNSHINE VEGETABLES: Ind-Ra Affirms BB- Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunshine
Vegetables Private Limited's (SVPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR59.10 mil. (reduced from INR70 mil.) Term loan due on
    October 2022 affirmed with IND BB-/Stable rating;

-- INR15 mil. Fund-based working capital limit affirmed with IND
    BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SVPL's continued small scale of
operations and weak metrics. In FY17, top line grew to INR117.75
million (FY16: INR108.67 million) on the back of increased
product demand as well as storage capacity as the company set-up
its own cold storage. In addition, better realisation owing to
improved shelf life and produce quality led to the growth in
revenue. Interest coverage (operating EBITDA/gross interest
expense) deteriorated to 3.14x in FY17 (FY16: 6.07x) owing to a
significant increase in interest expense resulting from an
increase in debt in 4QFY16. However, net leverage (total adjusted
net debt/operating EBITDA) improved to 3.39x in FY17 (FY16:
3.78x) due to an increase in operating profit to INR23.02 million
(INR16.63 million).

The ratings are also constrained by elongation of net working
capital cycle to 23 days in FY17 (FY16: negative 23 days) due to
an increase in inventory holding period to 114 days (98 days).

However, the ratings are supported by a significant improvement
in SVPL's EBITDA margins to 19.55% in FY17 (FY16: 15.30% in FY16)
due to improved post-harvest management.

RATING SENSITIVITIES

Negative: A substantial decline in the operating profit leading
to deterioration in the overall credit metrics could be negative
for the ratings.

Positive: A substantial improvement in the top line while
maintaining operating profitability leading to an improvement in
the credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, SVPL is engaged in carrot farming. The
company provide job work to local farmers. A major portion of the
produce is stored in leased cold storage for sale in the later
months and the rest is immediately sold in the local market and
to retailers.


T. P. CONSTRUCTIONS: CRISIL Assigns C Rating to INR0.49MM Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL C/CRISIL A4' for the
bank facilities of T. P. Constructions (TPC). The rating reflects
expected pressure on TPC's credit risk profile on account of
stretch in receivables following larger orders to be executed in
fiscal 2018.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Short Term
   Bank Loan Facility        5         CRISIL A4

   Proposed Long Term
   Bank Loan Facility        0.49      CRISIL C

   Overdraft                 3.05      CRISIL A4

   Bank Guarantee            0.86      CRISIL A4

   Long Term Loan            0.36      CRISIL C

The rating also reflects the firm's modest scale and working
capital intensive nature of operations in the intensely
competitive civil construction industry. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm operates at a modest
scale, as reflected in operating income of INR14.4 crore in
fiscal 2017 and net worth of INR2.6 crore as on March 31 2017.
The modest scale restricts the firm's ability to bid for larger
projects.

* Working capital intensive nature of operations: The firm's
operations are highly working capital intensive as indicated by
high GCA days of 154 as on March 31 2017. This is on account of
large receivables and other current assets such as earnest money
deposit (EMD), retention money etc.

Strength

* Extensive experience of proprietor: Benefits from the
proprietor's extensive experience of around 17 years and healthy
relations with customers and suppliers should continue to support
the business.

TP Construction is a proprietorship firm based out of Thrissur
(Kerala) and is involved in construction of commercial and
residential buildings, infrastructure works etc. The day to day
operations of the firm are managed by the proprietor Mr. TP
Varghese.


TAPTI AGRO: CRISIL Assigns 'B' Rating to INR13.5MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tapti Agro Industries (TAI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.0       CRISIL B/Stable
   Term Loan              13.5       CRISIL B/Stable

The rating reflects the firm's below-average financial risk
profile marked by small net worth and high gearing, its modest
scale of operations with limited capacities, and exposure to
risks related to cyclicality in the sugar industry and regulatory
framework governing the industry. These rating strengths are
partially offset by extensive experience of TAI's promoters in
the sugar industry and their funding support

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
below-average marked by modest networth, high gearing and average
debt protection metrics due to nascent stage of operations and
high dependence on external borrowings to fund its project.
Gearing stood at 9.79 times as on 31st March 2017.Liquidity is
also stretched with tightly matched net cash accruals vis a vis
term loan repayments.

* Modest scale of operations: Scale of operations is expected to
be modest as operations have commercialized recently and limited
capacity of 1200 tones crushed per day. The company has achieved
turnover of INR8 crore in last fiscal and is expected to achieve
total sales of over INR30 crore in current fiscal. Ability to
crush higher sugar cane remains critical and will be monitored.

* Exposure to cyclicality in sugar industry: TAI like other sugar
mills faces risks of cyclicality in sugar industry. The duration
of the crushing season and the availability of sugarcane are
largely dependent on the monsoon. Also the shifting of crop
choice by the farmers during low cane prices can also impact the
operations of companies like TAI. Unavailability of sugarcane
during the season can severely impact the company, its revenues
and its financial risk profile

Strengths

* Extensive experience of the promoters and fund support: The
promoters have set-up the firm for manufacturing Khan sari in
January 2017 and have established relations with cane suppliers
in short span of time. Furthermore, the promoters also have
experience in agro commodities segment and operating cold
storage. The promoters' fund support in the form of unsecured
loans and their committed stance to support the operations
provide cushion to the business.

Outlook: Stable

CRISIL believes that TAI will benefit over the medium term from
its promoters' extensive experience in the sugar industry. The
outlook may be revised to 'Positive' if firm ramps up its sales
and reports higher cash accruals during the initial phase.

Conversely, the outlook may be revised to 'Negative' if lower
than anticipated ramp up in sales and profitability or stretch in
working capital management leads to deterioration in financial
risk profile and liquidity.

Incorporated in Jan, 2017, TAI is promoted by Mr. Rahul Sao and
Mr. Dharamveer Juneja. The company operates a 1200 tonnes crushed
per day (TCD) khandsari sugar plant in Betul district, Madhya
Pradesh.


TARAPUR TRANSFORMERS: CRISIL Reaffirms D Rating on INR14.25M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Tarapur Transformers Ltd (Tarapur) at 'CRISIL D/CRISIL D'. The
ratings continue to reflect delays by Tarapur in servicing its
term debt. The ratings are based only on publicly available
information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          13        CRISIL D (Reaffirmed)

   Cash Credit             12        CRISIL D (Reaffirmed)

   Letter of Credit         5        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      14.25     CRISIL D (Reaffirmed)

   Rupee Term Loan          5        CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing of term debt: Insufficient cash accrual and
weak liquidity led to a delay in term debt repayment. The bankers
have confirmed the same, and the company has been classified as a
non-performing asset.

* Exposure to weak counterparties-state electricity boards
Tarapur derives bulk of its revenue from state electricity
utilities. However, the weak financial position of most utilities
leads to a stretch in receivables. Hence, CRISIL believes Tarapur
will remain exposed to counterparty risk, as credit risk profiles
of state electricity utilities may not improve meaningfully over
the medium term.

Strength

* Extensive experience of the promoters: The three decade-long
experience of the promoters, in the power and distribution
transformers industry, will continue to support the business risk
profile.

Tarapur, incorporated in 1988, repairs and manufactures power and
distribution transformers. The company was a loss-making entity
when Bilpower Ltd (rated 'CRISIL D/CRISIL D/Issuer Not
Cooperating') acquired 70% of its equity shares in 2006, after
which it turned profitable. Tarapur made its initial public
offering in April 2010, following which, Bilpower Ltd's equity
stake reduced to 41.46%. Bilpower Ltd continues to have a
controlling stake in Tarapur. The unit in Boisar (Maharashtra)
undertakes repairs, while the second unit at Wada (Maharashtra),
which commenced operations in 2008-09, manufactures transformers.
The company has developed facilities (at an outlay of INR43
crore) to manufacture transformers, ranging from 1 kilovolt
ampere (kVA) to 5000 kVA.


TARUN OILS: Ind-Ra Lowers Issuer Rating to B, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Tarun Oils
Private Limited's (TOPL) Long-Term Issuer Rating to 'IND B' from
'IND B+'. The Outlook is Stable. The instrument-wise rating
action is:

-- INR81.5 mil. Fund-based working capital limit downgraded with
    IND B/Stable rating.

KEY RATING DRIVERS

The downgrade reflects the deterioration in TOPL's credit profile
due to year-on-year deterioration of its scale of operations.
During FY17, the revenue dipped to INR226 million (FY16: INR285
million), EBITDA margin was stable at 3.5% (3.6%). net financial
leverage increased to 9.4x (7.2x) and gross interest coverage
remained weak at 1.3x (1.2x). The revenue fell because of lower
production volume due to the low availability of quality mustard
crop. The leverage increased because of a fall in operating
EBITDA. The slight improvement in coverage was due to a decrease
in finance cost owing to lower utilisation of short-term debt
throughout the year.

Moreover, TOPL's net cash cycle elongated to 152 days in FY17
from 127 days in FY16 due to an increase in inventory holding and
receivable days. Liquidity position of the company is moderate.
Its use of the working capital limits was 73.29% for the 12
months ended October 2017.

The ratings however are supported by the company's founders'
experience of over three decades in the edible oil industry.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the scale of operations along with
maintenance of the present operating profit.

Negative: A negative rating action could result from further
deterioration in the scale of operations leading to deterioration
in the credit metrics.

COMPANY PROFILE

TOPL was incorporated in 2003 by Mr. Rajendra Mittal. It
manufactures mustard oils and mustard cake at its 17,820mtpa
facility located in Morena, Madhya Pradesh. The company mainly
caters to the markets in Uttar Pradesh, Madhya Pradesh and Delhi.


TRIGUNA AGRITECH: CRISIL Assigns B Rating to INR15MM LT Loan
------------------------------------------------------------
CRISIL has assigned its rating on the long-term bank facilities
of Triguna Agritech Private Limited (TAPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B/Stable

The ratings reflect high project implementation and funding risk,
weak financial risk profile, early stage of operations,
geographical concentration in revenue, and susceptibility to
regulatory changes and erratic rainfall. These rating weakness
are partially offset by the extensive experience of the promoters
in the fertiliser industry.

Key Rating Drivers & Detailed Description

Weakness

* High project implementation and funding risk: The funding risk
is high as the bank debt for the project is yet to be sanctioned.
Any delay in sanctioning of loans or infusion of capital by the
promoters may majorly impact the execution of the project.

* Weak financial risk profile: Networth is modest around 0.38
time in fiscal 2017. Due to small scale of operations and modest
accrual, the debt protection metrics are weak.

* Early stage and geographic concentration in operations: Scale
of operations remains significantly small, with revenue of around
INR0.65 crore in fiscal 2017. Revenue has, however, grown in
fiscal 2018 (it was INR1.5 crore in the first half of fiscal
2018). Geographic concentration risks also persist as operations
are limited to districts in and around Bihar.

* Susceptibility to regulatory changes and erratic rainfall: The
fertiliser industry is of strategic importance to, and hence, is
highly controlled by, GoI, which controls pricing, new
capacities, and, partially, distribution of fertilisers. The
Department of Fertilisers fixes the maximum retail price for
fertilisers, because of which fertiliser manufacturing companies
are unable to pass on increased raw material costs to customers.
Furthermore, profitability and growth of fertiliser companies
depend on agriculture, which depends on monsoon.

Strengths

* Extensive experience of the promoters in the fertiliser
industry: The promoter, Mr. Kumar Krishna Prakash, has around
three decades' experience in the business and is actively
involved in core decision making of the company. He was involved
with M/s Himalaya AgroChemicals Pvt Ltd for more than three
decades, which is also in a similar business.

Outlook: Stable

CRISIL believes TAPL will benefit from the extensive experience
of the promoter over the medium term. The outlook may be revised
to 'Positive' if TAPL significantly scales up operations and
improves its profitability, leading to healthy accretion to
reserves and subsequent improvement in networth and gearing.
Conversely, the outlook may be revised to 'Negative' if decline
in scale of operations and profitability, increase in working
capital requirements, adverse regulatory changes, any large capex
programme, or delay in implementation of project considerably
weakens credit metrics.

TAPL, incorporated on April 11, 2013, is involved in agricultural
and animal husbandry. It trades in bio pesticides and bio plant
regulators. A bio fertiliser plant is to be set up over the
medium term. Ms Nisha Prakash, Mr. Kumar Krishna Prakash and Mr.
Awadhesh Prasad Singh are the promoters.


USM HEALTHCARE: CRISIL Assigns B+ Rating to INR8.92MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term facilities of USM Healthcare (USMH).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            .08       CRISIL B+/Stable
   Long Term Loan        8.92       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations, in its
initial years of operations and modest financial risk profile.
These weaknesses are partially offset by the extensive experience
of its partners in the healthcare sector.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: Scale of operations remained modest
despite improved occupancy levels doubling revenues to INR13.44
crore in fiscal 2017 from INR6.54 crore in fiscal 2016.
Geographical concentration and initial stages of business of the
super-specialty hospital is expected to constrain scale of
operations over the medium term.

* Modest financial risk profile: On account of initial years of
operations, financial risk profile is constrained due to small
networth of INR2.97 crore and high gearing of 2.65 times as on
March 31, 2017.

Strengths:

* Extensive experience of the partners: Benefits from the
partners' decade-long experience in the industry should support
business. The benefits include attracting more patients from all
over Bhopal and neighboring districts.

Outlook: Stable

CRISIL believes USMH will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and cash accrual,
driven by high occupancy levels, strengthens liquidity. The
outlook may be revised to 'Negative' if decrease in occupancy or
profitability and stretch in working capital cycle weakens
financial risk profile, particularly liquidity.

USM Healthcare is a partnership firm running a super specialty
hospital in Bhopal under the name 'Siddhanta Red Cross Super-
specialty Hospital'? since July 2015. USM Healthcare has signed a
memorandum of understanding with Red Cross Society (Madhya
Pradesh) to run a superspecialty hospital in a building modified
by the Society as required. Hospital requirement of equipment,
manpower and operations were the responsibility of USM
Healthcare.


* Delinquencies in Comm. Vehicle and Home Loans to Stay Stable
--------------------------------------------------------------
Moody's Investors Service says that India's structured finance
market will show a varied performance in 2018, with some stress
evident in asset-backed securities (ABS) deals backed by loans
against property to small and medium-sized enterprises (SMEs)
following the introduction of a goods and services tax (GST) in
July 2017. However, auto ABS backed by commercial vehicles loans
will remain stable on the back of healthy economic growth.

"Moody's expect delinquency rates for commercial vehicle loans
backing outstanding auto ABS will remain stable at around 5.4%
for loans on new vehicles and 6.8% for loans on used vehicles in
2018, supported by healthy economic growth," says Dipanshu
Rustagi, a Moody's Assistant Vice President and Analyst.

"In the residential mortgage-backed securities (RMBS) sector,
Moody's expect delinquencies to remain around low levels of 1% in
2018, with stable interest rates and home prices supporting
performance," says Rustagi.

"Meanwhile, delinquency rates in ABS deals backed by loans
against property to SMEs will increase in 2018, because of the
tougher operating environment for SMEs," says Rustagi. "The
introduction of a GST in July 2017 and the government's
demonetization policy have placed stress on the SME sector".

Moody's conclusions are contained in its just-released report,
"Structured finance -- China, India and Korea: 2018 Outlook -
Delinquencies will remain low in China and Korea, but performance
will vary by sector in India".

Moody's expects India's real GDP to grow by 7.5% over the fiscal
years ending 31 March 2019 and 31 March 2020, from the forecast
6.7% growth over the year ending 31 March 2018 and growth of 7.1%
over the year ended 31 March 2017.

Indian auto ABS backed by commercial vehicle loans issued in 2018
will, like outstanding transactions, have positive credit
characteristics that -- along with healthy economic growth --
will support the performance of these deals.

In particular, loan portfolios backing new deals will have
sufficient geographic and borrower diversification, while the
underlying loans will have fully-amortizing repayment terms and
loan to value (LTV) ratios of around 65%-70% for used vehicle
loans and 80%-85% for new vehicle loans.

Auto ABS backed by commercial vehicle loans account for around
45% of the total volume of outstanding ABS in India, and Moody's
expects such deals will continue to account for a significant
proportion of issuance in 2018.

With RMBS, home loan delinquencies will remain low, supported by
steady interest rates and home prices.

In addition, the majority of mortgage borrowers in India are
salaried employees with steady earnings and mainly use these
loans to buy properties for self-occupation, which signifies that
such borrowers have a good credit profile.

The Reserve Bank of India (RBI) has cut the repo rate -- a key
determinant of mortgage interest rates -- by 25 basis points over
the past year, and a total of 200 basis points over the past
three years. Indian mortgages typically have floating interest
rates and therefore benefit from lower interest rates. Moody's
expect mortgage interest rates to remain stable at current levels
throughout 2018.

In addition, house prices in India have increased steadily,
though the year-on-year growth rate has moderated in the last six
to eight quarters compared to the higher growth rate in 2015 and
2016.

Finally, the credit quality of new Indian ABS backed by LAP to
SMEs will benefit from more stringent underwriting standards
applied by lenders over the past year. The more stringent
underwriting standards for LAP reflect a more cautious approach
by lenders in view of rising delinquencies and the subdued
operating environment for SMEs.



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


TOSHIBA CORP: Completes JPY600 Billion Share Sale
-------------------------------------------------
The Japan Times reports that Toshiba Corp. achieved a major
financial goal on Dec. 5 as it completed a JPY600 billion ($5.3
billion) third-party allocation of new shares to 60 overseas
investment funds, removing its risk of delisting from the Tokyo
Stock Exchange.

Following the deal, Toshiba will avoid falling into negative net
worth for a second consecutive year - a scenario that would
trigger an automatic delisting - even if it fails to finalize the
sale of its chip business by next March, the report says.

According to The Japan Times, the 60 funds include Effissimo
Capital Management, established by a former employee of activist
investor Yoshiaki Murakami's fund, and Third Point LLC.
Effissimo, which was already Toshiba's biggest shareholder with a
9.89 percent stake, saw its tranche further increase to 11.34
percent with the new share issuance.

The Japan Times says Toshiba will use the acquired funds to pay
off massive liabilities stemming from its now-bankrupt U.S.
subsidiary Westinghouse Electric Co. and sell off related debts.

Following the transactions, Toshiba is expecting its shareholders
equity to improve by at least JPY240 billion and to eliminate its
negative net worth, anticipated to have stood at some JPY750
billion at the end of March, the report states.

In September, Toshiba agreed on the JPY2 trillion sale of chip
unit Toshiba Memory Corp. to a Japan-U.S.-South Korea consortium
led by private equity firm Bain Capital, The Japan Times recalls.

Last month, however, the Japanese company's board members
approved a contingency plan to raise JPY600 billion in new share
sales, in case the deal is not completed by the end of March, due
to legal challenges posed by U.S. joint venture partner Western
Digital Corp., according to The Japan Times.

The Japan Times adds that Western Digital has taken Toshiba to
court in a bid to block the sale of Toshiba Memory, claiming that
selling the chip unit without its consent breaches their joint
venture contract.

Toshiba and Western Digital have entered final talks to reach a
settlement over the sale and are set to present the key details
at the companies' board meetings soon, the report adds citing
industry sources.

                        About Toshiba Corp

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2017, S&P Global Ratings said that it has affirmed its
'CCC-' long-term corporate credit and 'C' short-term corporate
credit and commercial paper program ratings on Japan-based
capital goods and diversified electronics company Toshiba Corp.
S&P also removed the ratings from CreditWatch. The outlook is
negative.

S&P said, "At the same time, we raised the senior unsecured
rating one notch to 'CCC-' from 'CC' following completion of our
review of the rating. The review follows our publication of our
revised issue rating criteria, "Reflecting Subordination Risk In
Corporate Issue Ratings" on Sept. 21, 2017, after which we placed
the rating "under criteria observation" (UCO). With our criteria
review complete, we are removing the UCO designation from the
rating. We also removed the senior unsecured rating from
CreditWatch with negative implications following our affirmation
of the long-term corporate credit rating and resolution of the
CreditWatch."



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


NEW ZEALAND ASSOC: Fitch Alters Outlook to Neg., Affirms B ST IDR
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on New Zealand Association
of Credit Unions (trading as Co-op Money NZ) to Negative from
Stable and affirmed its Long- and Short-Term Issuer Default
Ratings (IDR) at 'BB+' and 'B', respectively.

The Negative Outlook is predicated on the risk that the
association's franchise, business generation and profitability
may weaken amid a smaller active membership base and higher
operating costs. The affirmation of the IDRs reflects Fitch's
view that the entity is likely to maintain stable performance
over the next few years.

KEY RATING DRIVERS

Co-op Money NZ's rating is driven by its modest franchise and
small customer base, which has shrunk over the previous year due
to the withdrawal of business from two members, one of which was
the largest. The association also has a less diverse and more
specialised business model than industry peers.

Co-op Money NZ's ratings also capture the size and strength of
its members. The combined market share of the association's
members is low relative to the financial system. The association
is primarily a trade organisation and service provider to its
members. Its core offerings include sector support, central
banking and payment-clearing services. The association also
provides services to institutions outside of its member base at
market pricing. This segment is likely to be the main source of
Co-op Money NZ's growth, due to the gradually declining number of
credit unions in New Zealand.

Profitability in the financial year ending June 2017 (FY17) was
affected by the withdrawal of the association's largest member
and the subsequent court proceedings on whether the association
is allowed to sell services to associated members or third
parties. The case was completed in November 2017 and was found in
Co-op Money NZ's favour, but it was a costly distraction and
highlighted the sensitivities of the association and potential
need to separate non-member activities.

Fitch expects profitability to remain flat over the next few
years, despite potential revenue growth from external business,
due to high level of ongoing investment, legal and restructuring
costs.

The provision of central banking and investment services
accounted for the majority of Co-op Money NZ's balance-sheet
assets as at FYE17. The association's services are provided for
members' benefit and are not operated for profit maximisation.
The small number of members and customers means deposit
concentration is high. Co-op Money NZ's liquid-asset holdings are
concentrated, mainly to the country's major banks, although the
short duration of the holdings and liquidity policies in place
mitigate some of the concentration risk.

Co-op Money NZ's capitalisation is adequate for its size and
operations. The association does not hold any debt, but this is
reflective of its business model as a member-owned service
provider. Fitch believes the association's capital is more
susceptible to shocks than industry peers due to its higher
concentration risk, small absolute capital base and limited
access to new capital.

RATING SENSITIVITIES

Co-op Money NZ's ratings could be downgraded if membership
disunity continues and resulted in a decline in the association's
relevance for a sustained period. Failure to meet strategic goals
amid slower-than-anticipated growth of its non-member businesses
could also lead to a downgrade.

The Outlook would be revised to Stable if the association were
able to demonstrate an ability to maintain its performance and
restore momentum in its external business growth.

The ratings are also sensitive to changes in New Zealand's non-
bank financial institutions sector.


OCEAN FISHERIES: Seafood Wholesaler Goes Into Liquidation
---------------------------------------------------------
Paul Mitchell at Stuff.co.nz reports that a long-running Manawatu
seafood wholesaler has been pulled under by high overheads after
four decades in business.

Ocean Fisheries, based in Palmerston North, has supplied fish and
seafood to high-profile Manawatu restaurants and hotels for 40
years.

But the owners, Cecil and Maureen Williams, who took over in
2012, have had to go into liquidation after falling more than
NZ$200,000 in debt, Stuff relates.

According to Stuff, the first liquidation report from Hamish
Pryde and Brent Dickins, of accountancy firm Coombe Smith, found
that despite attempts to improve the business, there was not
enough money coming in to cover the company's costs.

Stuff says the liquidators' first step was to sell off NZ$15,000
worth of stock and close down its Lombard St processing plant and
retail store, while they sought to sell the company.

It was not clear how many staff would be affected as the
liquidators refused to speak on the matter and neither Cecil and
Maureen Williams could not be reached for comment, Stuff relays.

Stuff notes that Ocean Fisheries was at least NZ$210,000 in debt
when it went into liquidation, including NZ$190,000 owed to
suppliers and NZ$20,000 in unsecured loans.

On top of that, Ocean Fisheries owed an undisclosed amount to
five secured creditors, including Talleys Group, Bidfood
Palmerston North and Canon Finance, Stuff adds.

The liquidators had not yet confirmed that figure at the time of
the report, Mr. Pryde said, Stuff relays.

Stuff says the stock sale and outstanding customer invoices
covered the staff's holiday pay and what was owed to Inland
Revenue, with a small amount left over.

But the company was still at least NZ$180,515 in the red.

The sale of the Lombard St plant and its equipment will go
towards paying off the secured creditors and as much of the
remaining debt as possible, the report notes.

Stuff says ABC Business broker Kim Struthers said there had been
some interest from buyers, but no deals had been landed yet.

Messrs. Pryde and Dickins expected the liquidation to take up to
six months to complete, adds Stuff.



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


KOREA LAND: Moody's Hikes Baseline Credit Assessment to ba3
-----------------------------------------------------------
Moody's Investors Service has affirmed Korea Land and Housing
Corporation's (KLHC) Aa2 issuer and senior unsecured ratings, and
the (P)Aa2 rating on its senior unsecured MTN program.

The ratings outlook is stable.

At the same time, Moody's has raised KLHC's baseline credit
assessment (BCA) to ba3 from b1.

RATINGS RATIONALE

"The Aa2 ratings reflect Moody's assessment of a high likelihood
of timely and extraordinary support from the Korean government
(Aa2 stable) in times of need, given KLHC's important policy
roles and the high reputational and contagion risks that may
arise if it were to default," says Wan Hee Yoo, a Moody's Vice
President and Senior Credit Officer.

KLHC holds important mandated roles as the primary execution arm
for the Korean government's land and housing policies. The
company also maintains close ties with the government, as it is
effectively fully owned and closely supervised by the government.

Furthermore, the Korean government has a long track record of
adopting measures to prevent a GRI default, with transparent and
predictable policies.

Moody's assumption of support is further underpinned by the
government's ability to provide support to KLHC, given its ample
financial reserves and as reflected by Korea's Aa2 sovereign
rating.

"The change in KLHC's BCA to ba3 from b1 reflects the company's
continued debt reductions and improving profitability. Moody's
expect its financial profile to continue improving over the next
1-2 years," adds Yoo.

KLHC's earnings showed a significant improvement in 2016 and 1H
2017 owing to a favorable change in pricing mechanism for its
residential land sales as well as continued healthy conditions in
the domestic property market. The company's reported operating
income grew to KRW1.7 trillion in 1H 2017 from KRW1.1 trillion in
1H 2016, and Moody's expects it will sustain this strong level of
earnings over the next 1-2 years.

In addition, KLHC's reported debt fell to KRW79 trillion at the
end of June 2017 from KRW83 trillion at the end of 2016 and KRW90
trillion at the end of 2015. Consequently, total interest
expenses - including capitalized interest expenses - fell to
about KRW3.0 trillion for the 12 months to June 30, 2017 from
KRW3.7 trillion in 2015, and adjusted debt/capitalization
improved to 66% from 71% during the same period.

Despite a moderate increase in capital spending over the next 1-2
years, Moody's expects that KLHC's reported debt will decline
further to about KRW75 trillion and adjusted debt/capitalization
will fall to around 62% over this period given its continued
healthy cash flow.

While this level of financial leverage remains elevated, this
weakness is mitigated by its strong and continued access to the
debt markets.

The stable ratings outlook is in line with the stable outlook on
Korea's sovereign rating, and reflects Moody's expectation that
the company's strategic importance to and strong support from the
government -- if and when needed -- will remain intact.

An upgrade of Korea's sovereign rating could trigger an upgrade
of KLHC's ratings.

Similarly, a downgrade of Korea's sovereign rating would result
in a downgrade of KLHC's ratings.

The methodologies used in these ratings were Homebuilding And
Property Development Industry published in April 2015, and
Government-Related Issuers published in August 2017.

Korea Land and Housing Corporation is a 100% state-owned entity.
It is charged with implementing land and housing-related policies
in Korea. Its key business areas are to: (1) construct and supply
affordable housing; (2) develop and supply residential land, and
to develop towns and cities; (3) develop and supply industrial
complexes; and (4) manage a land bank.


KUMHO TIRE: Shares Skid on Report of Possible Court Receivership
----------------------------------------------------------------
Reuters reports that shares in Kumho Tire shares plunged by close
to the daily trading limit of 30 percent on Dec. 7 after a South
Korean newspaper reported the company could be facing a court-led
debt restructuring program.

Reuters relates that the Sekye Ilbo newspaper, citing an official
familiar with the matter, said that the Korea Development Bank
(KDB), one of Kumho Tire's creditors, may seek a prepackaged
restructuring plan, which would allow Kumho to enter into
receivership administered by a court.

Kumho Tire said nothing in the matter had been decided, noting a
due diligence examination was underway on the company, which
entered a voluntary restructuring agreement with creditors in
September, Reuters relays.

KDB said it aims to complete the due diligence by the end of this
year, the report adds.

In September, KDB and other creditors terminated their
$872 million deal to sell a stake in Kumho Tire to China's
Qingdao Doublestar Co after Qingdao Doublestar demanded a
reduction in the price of the stake, citing a deterioration in
the tyremaker's profits, Reuters recalls. An over-ambitious
acquisition strategy run by Kumho Tire's former parent company
before the global financial crisis left the conglomerate saddled
with debt, leading to Kumho Tire being put under a creditor-led
debt restructuring in late 2009.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars.  In addition,
the company provides batteries for automobiles.  The company is
part of the Kumho Asiana Group.


* Korea's Credit Card ABS Delinquencies to Remain Low in 2018
-------------------------------------------------------------
Moody's Investors Service says that Korea's low unemployment and
low interest rate environment will help keep delinquencies low on
credit card asset backed securities (ABS) in 2018.

"Moody's also expect the quality of the credit card receivables
backing new Korean credit card ABS issued in 2018 will be good
overall, given that such deals will include eligibility criteria
to prevent poorer quality receivables being included in
securitized pools, similar to the situation with outstanding
Korean credit card ABS," says Joe Wong, a Moody's Vice President
and Senior Analyst.

Korean credit card ABS typically have eligibility criteria that
require credit card accounts to meet minimum credit score
requirements and contain non-delinquent balances.

Moody's conclusions are contained in its just-released report,
"Structured finance -- China, India and Korea: 2018 Outlook -
Delinquencies will remain low in China and Korea, but performance
will vary by sector in India".

Moody's expect deals issued in 2018 will also limit the
proportion of cash advance and revolving payment receivables.
Credit card cash advance receivables are typically riskier than
card purchase receivables, because credit card users typically
use cash advances when they are short of money.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***