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

                      A S I A   P A C I F I C

         Wednesday, December 20, 2017, Vol. 20, No. 252

                            Headlines


A U S T R A L I A

160 COMMERICAL: First Creditors' Meeting Set for Dec. 29
DURACK HOSPITALITY: First Creditors' Meeting Set for Dec. 29
ESGDJA PTY: First Creditors' Meeting Slated for Dec. 29
MORRIS STREET: First Creditors' Meeting Set for Dec. 29
NORTH WHARF: First Creditors' Meeting Set for Dec. 29

PUBLICAN GROUP: First Creditors' Meeting Set for Dec. 29
WORLD RB: First Creditors' Meeting Scheduled for Dec. 29


B A N G L A D E S H

BANGLADESH: Banking System Stable Amid Tighter Liquidity


C H I N A

CHINA LOGISTICS: New Notes No Impact on Fitch's B Bonds Rating
OCEANWIDE HOLDINGS: New Notes No Impact on Fitch B Bonds Rating
SHANDONG LONGLIVE: Loan Default Tied to Asset-Management Product


H O N G  K O N G

NOBLE GROUP: Faces Dec. 20 Deadline Amid Restructuring Talks
PEARL HOLDING III: S&P Assigns 'B' CCR, Outlook Stable


I N D I A

AJAY COTSPIN: CRISIL Hikes Rating on INR53MM LT Loan to B+
ANAND TEKNOW: Ind-Ra Lowers Issuer Rating to D, Outlook Negative
ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR15cr LT Loan
ASSAM TIMBER: ICRA Reaffirms B+ Rating on INR3.50cr Loan
BPA BUILDERS: ICRA Withdraws B+ Rating on INR3cr Loan

BPL LIMITED: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
BVA AUTO: CRISIL Assigns B+ Rating to INR6.5MM Long Term Loan
CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR6MM Loan
ECOREX BUILDTECH: ICRA Assigns C+ Rating to INR15cr Loan
HYDROBATH RAMCO: ICRA Moves D Rating to Not Cooperating Category

IBC LTD: CRISIL Raises Rating on INR14.5MM LT Loan to B-
JEYA ENGINEERING: CRISIL Raises Rating on INR4.5MM Loan to B+
KUMARAGIRI ELECTRONICS: ICRA Ups Rating on INR6.64cr Loan to B-
LOTUS OVERSEAS: ICRA Assigns B+ Rating to INR7cr Cash Loan
N. RAVICHANDRAN: CRISIL Assigns B+ Rating to INR5MM Cash Loan

NARBADA DAIRY: CRISIL Raises Rating on INR7.94MM Loan to B
PM GRANITE: ICRA Moves C+ Rating to Not Cooperating Category
PREM INFRACITY: CRISIL Moves D Rating From Issuer Not Cooperating
R.S. AJIT: ICRA Reaffirms B+ Rating on INR9cr Fund Based Loan
RAMNIK POWER: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable

RELIABLE EXPORTS: ICRA Moves B Rating to Not Cooperating Category
JAYCO SYNTHETICS: ICRA Removes Rating From Not Cooperating
SAHIBZADA TIMBER: Ind-Ra Withdraws BB- Long-Term Issuer Rating
SHAIJAL T M: CRISIL Assigns B+ Rating to INR3.5MM Loan to B+
SHRI VASANTHRAJ: ICRA Reaffirms D Rating on INR3.90cr Loan

SKM INFRAVENTURE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
STELLAR MARINE: ICRA Withdraws B Rating on INR1.50cr Cash Loan
SUBASRI TEXTILE: CRISIL Assigns B+ Rating to INR3.50MM Loan
SUNLIFE INFRATECH: CRISIL Reaffirms B+ Rating on INR10MM Loan
SUNSHINE EDIBLE: ICRA Reaffirms B+ Rating on INR20cr Loan

UNITED ELECTRICALS: CRISIL Reaffirms B+ Rating on INR6MM Loan
V.P.S TEXTILES: ICRA Reaffirms D Rating on INR4.68cr Loan
VADILAL ENTERPRISES: CRISIL Moves Rating to FB+ Not Cooperating
VASAVI INFRASTRUCTURE: CRISIL Assigns B Rating to INR6MM LT Loan
VAX CONSULTANTS: CRISIL Assigns B+ Rating to INR2.5MM Sec. Loan


I N D O N E S I A

BUMI RESOURCES: Moody's Hikes CFR to B3 Amid Restructuring


M A L A Y S I A

1MALAYSIA DEVELOPMENT: MAS Bans Two More People From Finance


P H I L I P P I N E S

PHILIPPINE AIRLINES: SEC Approves Bid for Equity Restructuring


S R I  L A N K A

SRI LANKA: High Debt Levels Show Credit Challenges, Moody's Says


V I E T N A M

BANK FOR INVESTMENT: Moody's Affirms B1 LC Bank Deposit Rating
VIETNAM MARITIME: Moody's Affirms B3 Bank Deposit & Issuer Rating


                            - - - - -


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


160 COMMERICAL: First Creditors' Meeting Set for Dec. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of 160
Commerical Pty Ltd will be held at the Conference Room, Level 4,
16 St Georges Terrace, in Perth, WA, on Dec. 29, 2017, at
12:30 p.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of 160 Commerical on Dec. 15,
2017.


DURACK HOSPITALITY: First Creditors' Meeting Set for Dec. 29
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Durack
Hospitality Pty Ltd will be held at the Conference Room, Level 4,
16 St Georges Terrace, in Perth, WA, on Dec. 29, 2017, at
1:00 p.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of Durack Hospitality on
Dec. 15, 2017.


ESGDJA PTY: First Creditors' Meeting Slated for Dec. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ESGDJA Pty
Ltd will be held at the Conference Room, Level 4, 16 St Georges
Terrace, in Perth, WA, on Dec. 29, 2017, at 1:30 p.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of ESGDJA Pty on Dec. 15, 2017.


MORRIS STREET: First Creditors' Meeting Set for Dec. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Morris
Street Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 14, 440 Collins Street, in Melbourne
on Dec. 29, 2017, at 1:15 p.m.

Richard Albarran, David Ross and Carl Huxtable of Hall Chadwick
were appointed as administrators of Morris Street on Dec. 15,
2017.


NORTH WHARF: First Creditors' Meeting Set for Dec. 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of North
Wharf Hotel Pty Ltd will be held at the offices of Hall Chadwick
Chartered Accountants, Level 14, 440 Collins Street, in Melbourne
on Dec. 29, 2017, at 1:30 p.m.

Richard Albarran, David Ross and Carl Huxtable of Hall Chadwick
were appointed as administrators of North Wharf on Dec. 15, 2017.


PUBLICAN GROUP: First Creditors' Meeting Set for Dec. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Publican Group Pty Ltd will be held at the Conference Room, Level
4, 16 St Georges Terrace, in Perth, WA, on Dec. 29, 2017, at
12:00 p.m.

Richard Albarran, Cameron Shaw and Carl Huxtable of Hall Chadwick
were appointed as administrators of The Publican Group on
Dec. 15, 2017.


WORLD RB: First Creditors' Meeting Scheduled for Dec. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of World RB
Pty Ltd will be held at the offices of Hall Chadwick Chartered
Accountants, Level 14, 440 Collins Street, in Melbourne on
Dec. 29, 2017, at 2:00 p.m.

Richard Albarran, David Ross and Carl Huxtable of Hall Chadwick
were appointed as administrators of World RB on Dec. 15, 2017.



===================
B A N G L A D E S H
===================


BANGLADESH: Banking System Stable Amid Tighter Liquidity
--------------------------------------------------------
Moody's Investors Service says that its outlook for banks in
Bangladesh (Ba3 stable) is stable over the next 12-18 months
because of the healthy operating environment, and despite legacy
asset quality issues and tighter liquidity conditions.

On the operating environment for banks, Moody's says that
Bangladesh's economic growth is high and stable, underpinned by
robust private investment and consumption growth. Private
investment growth averaged 16% between 2014 and 2016. Private
consumption growth was also healthy, averaging 11% over the same
period, driven by rising income levels.

Moody's also points out that the banks' credit growth registered
a healthy 16% in the 12 months to 30 March 2017.

"This pace of loan growth is in line with Bangladesh's underlying
economic growth, and translates to a loan growth multiplier (loan
growth/nominal GDP growth) of 1.1x," says Srikanth Vadlamani, a
Moody's Vice President and Senior Credit Officer. "We expect that
the banks will achieve loan growth in the mid-teens in 2018."

Term loans made to industries are a key driver of overall loan
growth, in line with the robust underlying investment cycle.
Loans to the construction and infrastructure sectors, in
particular, have been strong, and Moody's expects this situation
to continue.

Retail loan growth has also been picking up, although from a low
base. Moody's says that retail loan growth should strengthen, as
more banks start focusing on this segment.

"Asset quality will remain a credit weakness for the banks, in
particular for state-owned banks, over the next 12-18 months,
primarily driven by corporate loan delinquencies," says Komaresan
Subramanian, a Moody's Associate Analyst. "And, while liquidity
conditions are comfortable, a rising loan to deposit trend poses
a risk to the private sector banks' liquidity profiles."

Moody's conclusions are contained in its just-released report on
banks in Bangladesh, titled "Banking System Outlook- Bangladesh",
and is authored by Vadlamani and Subramanian.

On asset quality, Moody's says that the banks, in particular
state-owned banks, will demonstrate weak asset quality over the
next 12-18 months. The gross nonperforming loan (NPL) ratio for
Bangladesh's banking system was weak at 10.1% at June 30, 2017, a
slight deterioration from the prior year.

NPLs for private sector banks remain elevated at around 5.5%-6.0%
of gross loans. And, state-owned banks continue to suffer from
acute asset quality issues, with a gross NPL ratio of 26.8% at
the end of June 2017. Moody's also explains that the
concentration of loans to conglomerates remains high, and
represents a key structural risk to the banks' credit profiles.

As for capitalization, Moody's says that the banks' capital
levels should deteriorate mildly, due to faster loan growth and
reduced profitability. And, while the private sector banks
demonstrate adequate capitalization, state-owned banks' capital
levels remain very weak, with a capital adequacy ratio of 7.0% at
June 30, 2017.

On funding and liquidity, Moody's says that the banks are
increasingly reliant on market funds, with loan to deposit ratios
rising for private sector banks, because loan growth has
consistently outpaced deposit growth over the past three years.

With profitability and efficiency, Moody's says that credit costs
pose a drag on profitability. In particular, the returns on
average assets for private sector banks will stabilize at low
levels, reflecting elevated credit costs, which climbed to 30%-
35% of pre-provision income following tightened rescheduling
rules in 2012.

Moody's expects that credit costs will stay elevated over the
next 12-18 months, as some rescheduled loans become
nonperforming; thereby necessitating a corresponding amount of
provisioning.

Net interest margin and core profitability will remain stable for
private sector banks, with stronger loan demand to support loan
yields and net interest income.



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


CHINA LOGISTICS: New Notes No Impact on Fitch's B Bonds Rating
--------------------------------------------------------------
Fitch Ratings says China-based warehouse owner China Logistics
Property Holdings Co., Ltd's (CNLP; B/Stable) issuance of an
additional USD100 million of its existing USD200 million 8%
senior notes due 2020 will not affect the existing 'B' rating on
the bonds. The tap issuance and existing bonds are rated at the
same level as CNLP's senior unsecured rating as they represent
direct, unconditional, unsecured and unsubordinated obligations
of the company.

CNLP's ratings are supported by strong industry demand for high-
standard warehouses, the company's national geographic coverage,
and its extensive network. CNLP also has the advantage of being
one of the largest logistic-property owners in China's Yangtze
River Delta region, a major economic hub. However, its ratings
are constrained by its small scale, low interest coverage of
below 1.0x, and continuing funding demand for capex. CNLP's
reliance on debt for its expansion indicates its limited
financial flexibility, and is therefore a further constraint on
its rating.

Fitch sees CNLP's business profile within the 'B+'/'BB-' category
as it enjoys a strong network, with more than 2 million square
metres (sqm) of completed logistic properties as of end-1H17.

However, recurring EBITDA interest coverage had weakened to 0.32x
by end-1H17 from 0.57x at end-2016 due to a narrowing in gross
profit margin to 63.7% in 1H17 from 67.2% in 2016. CNLP was faced
with multiple tenancies expiring without extension in the first
half of 2017, which caused revenue and margins to be lower than
Fitch's previous expectations.

CNLP has already found new tenants for the vacant properties. Its
newly stabilised properties since early 2016 - defined as having
been in operation for 12 months or with occupancy above 90% -
have also achieved satisfactory occupancy levels, restoring
CNLP's overall occupancy rate to 89.4% as of end-November 2017
from 84.7% as of end-June 2017. This will mean that CNLP's 2017
EBITDA will fall short of Fitch's forecast, but 2018 EBITDA can
still match Fitch expectations - provided tenant retention or
replacement remains as stable as expected. Fitch would consider
taking negative rating action if CNLP's tenant retention remains
unstable, and which results in its recurring EBITDA interest
coverage failing to improve significantly.


OCEANWIDE HOLDINGS: New Notes No Impact on Fitch B Bonds Rating
---------------------------------------------------------------
Fitch Ratings says Oceanwide Holdings Co. Ltd.'s (B/Negative)
proposed USD100 million tap issue of its existing USD300 million
8.5% senior notes due 2019 will not affect the 'B' rating on the
bond.

The proposed and existing notes will carry the same terms and
conditions, and they are rated at the same level as Oceanwide's
senior unsecured rating because they constitute its direct and
senior unsecured obligations of the company. The proceeds from
the proposed notes will be used to refinance debt.

Oceanwide's ratings are supported by its high-quality land bank
which is sufficient for more than 10 years of development. The
rating is constrained by the rapid increase in leverage, which is
likely to remain high for the next 18-24 months as the company
ramps up development expenditure to support sales growth and
continues to invest in its finance business. Ocewanwide's ratings
are constrained by its leverage, which is high compared with 'B'
category peers due to its active investments in financial
institutions, low-churn business model and larger exposure to
commercial development properties that have a longer cash
collection cycle.

Oceanwide's leverage, as measured by net debt/adjusted inventory
and after deconsolidating debt from the financial business,
reached 92% in 2016 (2015: 86%), which is higher than that of 'B'
rated peers. Fitch expects this ratio to remain above 80% owing
to Oceanwide's property-development business model, which
requires more time to generate sales due to the lengthy primary-
land development phase. Oceanwide's consolidated net debt jumped
to CNY74 billion at end-2016, from CNY39 billion in 2014,
following higher development expenditure, the rapid expansion of
its finance business, additional investment in financial assets
and overseas acquisitions.

The majority of Oceanwide's large land bank was acquired many
years ago and many of Oceanwide's projects in Beijing and
Shanghai are in prime locations. The low land cost and the high
quality of Oceanwide's land bank, will be the key drivers of
solid EBITDA margin and growth for the next two to three years.

Fitch expects Oceanwide's contracted sales to increase by 15%-20%
annually in 2018, driven by project launches in Wuhan and sales
from new projects in Beijing and Shanghai. This will drive the
company's contracted sales to over CNY20 billion and allow it to
generate positive operating cash flow from its property business
to fund its financial-sector expansion.

Oceanwide has been aggressively diversifying its business from
pure property development to financial institutions since 2014.
It has spent more than CNY20 billion on building its finance
business, which includes securities, trusts, insurance and
internet finance. Fitch expect Oceanwide to continue investing
heavily in the finance sector with the aim of securing licences
for a full range of finance businesses, which may continue
pressuring its leverage. Oceanwide is also involved in long-term
equity investments and short-term trading on the secondary
market.


SHANDONG LONGLIVE: Loan Default Tied to Asset-Management Product
----------------------------------------------------------------
Bloomberg News reports that Shandong Longlive Bio-technology Co.
defaulted on a loan tied to an asset-management product, after
China's regulators last month moved to tighten supervision and
break an implicit guarantee that's driven investment into such
vehicles.

Shandong Longlive failed to repay the first CNY138 million
(US$20.9 million) installment on a CNY227 million loan from
Zhonghai Trust Co. on Dec. 7, Bloomberg relates citing a
statement to the Shenzhen Stock Exchange. The majority of the
missed payment was packaged into an asset-management product
issued by Datong Securities Co., Bloomberg says.

According to Bloomberg, Chinese President Xi Jinping and his top
economic deputies have vowed to make controlling financial risks
their foremost priority, a pledge renewed at the Communist
Party's twice-a-decade leadership congress in October.

As part of the effort to clamp down on risk, the People's Bank of
China and other financial regulators said last month that
financial institutions should offer yields based on the net asset
value of the products they issue, instead of offering a
guaranteed principal repayment or rate of return, the report
notes.

In its statement, Shandong Longlive referred to an online media
report which it didn't identify saying the asset-management
product had been sold over the platform run by online lender
Lufax Holding, Bloomberg relays. The report is "basically true,"
the Shandong Longlive statement said.

"The scale of the whole Longlive incident isn't very big," the
report quotes Lyu Pin, a Beijing-based analyst at Citic
Securities, as saying. "The reason why it's gaining so much
attention is that it has to do with Lufax, where most of the
investors are individuals with a low-risk bearing capacity," he
added.

Some 118 investors failed to receive an interest payment on the
asset management product linked to the Shandong Longlive loan,
Caixin magazine reported on Dec. 18, Bloomberg relays. Shandong
Longlive said in its statement that a total of CNY4.41 million in
its bank accounts had been frozen after it missed the loan
payment, adds Bloomberg.

Shandong Longlive Bio-technology Co., Ltd. engages in the
production and trading of functional sugars, as well as Internet
business. The Company's functional sugar products include xylo-
oligosaccharide, xylose, xylitol, arabinose and cellulosic
ethanol, among others.



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


NOBLE GROUP: Faces Dec. 20 Deadline Amid Restructuring Talks
------------------------------------------------------------
Denise Wee at Bloomberg News reports that Noble Group Ltd, the
embattled commodities trader, faces a key deadline on Dec. 20
that could complicate its negotiations with creditors as it
wrestles with a US$3.5-billion debt restructuring.

According to Bloomberg, lenders had agreed to waive certain
rights under terms Noble Group committed to for its US$1.1
billion revolving credit facility until Dec 20. The company is
talking to creditors about a restructuring that includes a debt-
for-equity swap, Bloomberg relates citing people familiar with
the negotiations. The big question is whether lenders will agree
to extend the waiver, the report notes.

As Noble Group fights for survival, global investors will be
watching talks closely. Once Asia's largest commodity trader,
Noble's decline since 2015 has been marked by losses, concern it
won't pay its debt and allegations from long-time foe Iceberg
Research that it inflated the value of some contracts, Bloomberg
says.

"No waiver could mean an acceleration event and push the company
into bankruptcy protection or liquidation," Bloomberg quotes
Brayan Lai, an analyst at credit research firm Bondcritic, as
saying. The revolving credit facility holders are an important
group as the company undertakes restructuring negotiations, he
added.  "I suspect they along with 2018 bondholders will be
pushing for better restructuring terms versus the 2020/2022
bondholders who are further down the pecking order," he said.

Bloomberg notes that Noble said last month that it has started
discussions with various stakeholders with the objective of
treating them all fairly.

Chairman Paul Brough said last week that he expects an extension
of Noble's covenant waiver to be granted, and reiterated that
Noble's priority is to stay out of insolvency. He warned there
will be more pain ahead for the company, Bloomberg recalls.

The report notes that the Singapore-listed firm has been selling
off assets to raise cash, and shareholders last week approved the
sale of its oil unit to Vitol Group.

With restructuring talks having begun, the key issue is the kind
of proposal the company would present, according to DBS Group
Holdings, Bloomberg relays.

"We believe that Noble could get an extension on the waiver
pending restructuring talks or the talks could even proceed
without this waiver if lenders feel they don't have much to gain
by taking action," Bloomberg quotes Neel Gopalakrishnan, senior
credit strategist at DBS, as saying.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR), senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'CC'
from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows
Noble's Nov. 15, 2017 announcement that it has commenced
discussions with stakeholders on its capital structure.


PEARL HOLDING III: S&P Assigns 'B' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Pearl Holding III Ltd., a Hong Kong headquartered
precision-engineered plastic components manufacturer. The outlook
is stable. At the same time, S&P assigned its 'B' long-term issue
rating to the company's US$175 million senior secured notes due
2022.

The rating reflects Pearl's small market share in the highly
competitive, volatile, and fragmented plastic injection molding
and component market, and the company's high customer
concentration risk. Additionally, S&P believes that Pearl's
financial policy will be aggressive because it is owned by
Platinum Equity Partners, a private equity firm.

S&P said, "Pearl's small scale of operations in a fragmented and
competitive market curtails its ability to raise prices, in our
view. While Pearl's contract terms with its clients provide some
protection for significant swings in input prices, the company
will still need to absorb some level of volatility in input
prices.

"We believe the acquisition of Fischer Tech Ltd. will improve
Pearl's revenue profile and reduce volatility of the combined
entity's financial performance. So far, Pearl has focused on
consumer products where the contracts tend to be annual and short
term but with good profit margins. Fischer focuses on automotive
products where revenue visibility is higher but profit margins
are lower. Pearl completed its acquisition of Fischer in November
2017. Pearl will use the proceeds of its US$175 million senior
secured notes to refinance the bridge loan for the acquisition."

Pearl has a track record of good execution as well as cost
discipline, which has contributed to its long client
relationships. The company's relationship with its clients
averages about 10 years. This is especially important in light of
the low switching costs and intense competition. However, as the
majority of Pearl's clients have significant scale, demand
volume, and pricing power, the company's expansion in profit
margin will mainly come from cost savings and better utilization
of existing and new assets. S&P said, "We estimate that Pearl's
pro forma EBITDA margin for 2017 will be 17.0%-17.5%. We expect
the EBITDA margin to decrease to 16.0%-16.5% at the end of 2018
mainly due to restructuring costs following the acquisition. We
expect the EBITDA margin to improve in subsequent years as the
company benefits from its cost-saving initiative."

S&P said, "We expect Pearl's customer and geographical
concentration risk to remain high over the next 12 months. The
company's top five customers contribute more than 50% of its
total revenue, and over 80% of revenue is derived from China. We
believe a key client loss and adverse economic conditions in
China could significantly weaken Pearl's operating performance.

"We estimate Pearl's pro forma adjusted debt-to-EBITDA ratio to
be 4.5x-5.0x at the end of 2017. However, we believe the
company's financial policy will be aggressive owing to its
private equity ownership. Over the next 18 months, we believe
Pearl will focus on integrating and rationalizing its existing
assets and that of Fischer. If the integration is successful and
business performance is on track, we cannot rule out debt-
financed dividends or other actions to reward the private equity
owners. We assess Pearl's financial risk profile as highly
leveraged based on the above factors.

"The stable outlook on Pearl reflects our view that the company
will maintain its market position, leverage ratio, and adequate
liquidity over the next 12 months. Integration with Fischer's
business should help to diversify Pearl's businesses and customer
base. Pearl's relationships with major customers will continue to
drive stable revenue growth over the period, in our view.

"We may lower the rating on Pearl if the company's debt-to-EBITDA
ratio rises above 6.0x and if its liquidity deteriorates to less
than adequate. This could result from a debt-financed special
dividends or a significant decline in demand.

"We see limited potential for an upgrade over the next 12 months,
given Pearl's ownership by a private equity firm and its weak
competitive position.

"We would consider raising the rating if Pearl's adjusted debt-
to-EBITDA ratio decreases to 3.5x or below for a sustained period
and if the company adopts a more conservative financial policy."



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


AJAY COTSPIN: CRISIL Hikes Rating on INR53MM LT Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Ajay Cotspin Industries (ACI) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' and has reaffirmed its short term bank
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.5       CRISIL A4 (Reaffirmed)

   Cash Credit             8.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan         53.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      3.25      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')


The upgrade reflects CRISIL's belief that the overall business
and financial risk profile of the firm will improve. The firm
commenced its operations in April 2017 and is operating at 90-95%
capacity utilization and has booked revenue of around INR69
crores until November 2017 and is expected to book operating
profitability of around 13% in FY 18.

The ratings reflect ACI's start-up phase of operations and
intense competition, susceptibility to volatility in cotton
prices. These weaknesses are partially offset by the partners'
extensive experience in the cotton ginning and agri trading
business and average financial risk profile of the firm.

Key Rating Drivers & Detailed Description

Weakness

* Start-up phase of operations and intense competition: Revenue,
INR70 crore as on November 30, 2017, is expected to grow over the
medium term. However, entry barriers to the industry are low on
account of modest capital and technology intensity and little
differentiation in end product. The intense competition from many
unorganised players should continue to restrict ACI's pricing
power and scale of operations over the near term.

* Susceptibility to volatility in cotton prices: The availability
of cotton, being an agricultural commodity, is highly dependent
on the monsoon. Finished cotton prices are highly volatile and as
such affect the margins of ginners. The ability to manage
volatility in cotton prices will remain a key sensitivity factor.

Strengths

* Extensive experience of the partners: Benefits from the
partners' two decade-long experience in the industry and healthy
relationships with customers and suppliers, should support
business.

* Average financial risk profile: Financial risk profile is
average marked by expected gearing of around 1.6 times as on
March 31, 2018, expected average debt protection metrics and
moderate networth of INR32 crores. The firm is expected to
generate cash accruals sufficient to meet its term debt
obligations.

Outlook: Stable

CRISIL believes ACI will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if there is an increase in scale of operations and
profitability resulting in higher accruals and improved liquidity
profile. The outlook may be revised to 'Negative' if low cash
accruals or stretch in working capital cycle weakens financial
risk profile.

Established in 2015, ACI is promoted by Mehsana-based Mr.
Amrutlal Patel and family. The firm is engaged in manufacturing
of cotton yarn used for knitting and weaving.


ANAND TEKNOW: Ind-Ra Lowers Issuer Rating to D, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anand Teknow
Aids Engineering India Limited's (ATAEIL) Long-Term Issuer Rating
to 'IND D(ISSUER NOT COOPERATING)' from IND 'BB(ISSUER NOT
COOPERATING)'. The Outlook was Negative. The instrument-wise
rating actions are:

-- INR350 mil. Term loan (Long-term) with November 2017 to
    October 2020 maturity date downgraded with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR710 mil. Fund-based limit (Long-term) downgraded with IND
    D(ISSUER NOT COOPERATING) rating;

-- INR970 mil. Non-fund-based limit (Short-term) downgraded with
    IND D(ISSUER NOT COOPERATING) rating;

-- INR80 mil. Proposed non-fund-based limit (Long-term/Short-
    term)# downgraded with Provisional IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR250 mil. Non-convertible debentures (NCDs) (Long-term)*
    rating downgraded; final rating assigned with IND D(ISSUER
    NOT COOPERATING) rating.

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

* Ind-Ra has not received final documentation for the NCDs.

KEY RATING DRIVERS

The downgrade reflects ATAEIL's delay in servicing of NCDs
obligations due to the company's stressed liquidity position. The
payment was due on 12 December 2017, and is yet to be received.

COMPANY PROFILE

Incorporated in 1984, ATAEIL manufactures and trades steel
products. It has three business segments: manufacturing, trading
and services.


ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR15cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B+ on the
INR15.00-crore long-term fund-based limits of Ashoka Foam Private
Limited.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long-term Fund-
  based Limits          15.00      [ICRA]B+ (Stable)/re-affirmed

Rationale

The rating reaffirmation takes into account AFPL's small scale of
operations in FY2017, though its operating margins remains
healthy. The rating reaffirmation also factors in the stretched
liquidity position of the company as shown by high working-
capital limit utilisation on account of high inventory days as on
March 31, 2017. The ratings are further constrained by the fact
that the company is a new player in wood plastic composite (WPC)
foam board product segment. Vulnerability of AFPL's profitability
to raw material price volatility and highly competitive and
fragmented nature of the industry also impact its ratings. The
rating, however, favourably factors in the long experience of the
promoters in the furniture and plastic industry, established
track record of the promoter group across additional business
segments like manufacturing flexible packaging material,
aluminium composite panels, foam, etc. through other Group
companies. The company's wide distribution network is also a
credit positive.

Going forward, an increase in AFPL's scale of operations, ability
to ramp up its operations and generate healthy profitability will
be the key rating sensitivities.

Key rating drivers

Credit strengths

* Long-term relationship with key customers and suppliers: The
company has an established customer base from which it has been
successful in getting continuous orders.

* Positive demand outlook for AFPL's products: The company's
products are used in various industries as these have multiple
applications. There is a steady demand prospect for plastic
furniture owing to its durability, high resistance and strength.

Credit weaknesses

* Small scale of operations; moderate profitability indicators:
The company's scale of operations has remained small and has
witnessed muted revenue growth in FY2017.

* Intense competition due to low entry barriers and complexity:
The company faces stiff competition from its industry peers,
limiting its pricing flexibility and bargaining power with
customers. This puts pressure on its revenues and margins.

* Vulnerability of profitability to adverse fluctuation in raw
material prices: The company's margins are susceptible to raw
material price fluctuation, which in turn affects sales
realisations. Any adverse movement in the price of raw materials
may negatively impact the company's margins as it has limited
ability to pass on the price hike because of stiff competition.
The price fluctuations also

AFPL is a closely-held private limited company started in 2003
and promoted by the members of the Goel family. AFPL is involved
in manufacturing WPC foam board, WPC foam doors, PVC foam board,
PVC foam window and PVC foam doors. AFPL commenced its operation
in November 2015 at its manufacturing facility in Bareilly, Uttar
Pradesh.

In FY2017, the company reported a net profit of INR0.05 crore on
an operating income (OI) of INR13.83 crore, as compared to a net
profit of INR0.01 crore on an OI of INR2.67 crore in the previous
year.


ASSAM TIMBER: ICRA Reaffirms B+ Rating on INR3.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR3.50-crore
cash-credit limit and INR0.50-crore unallocated limit of Assam
Timber Products Private Limited. ICRA has also reaffirmed the
[ICRA]A4 rating of the INR10.00-crore non-fund based bank
facility of ATPPL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit Limit       3.50      [ICRA]B+ (Stable) reaffirmed
  Non-fund Based Limit   10.00      [ICRA]A4 reaffirmed
  Unallocated Limit       0.50      [ICRA]B+(Stable) reaffirmed

Rationale

The reaffirmation of the ratings primarily takes into account
ATPPL's low scale of operations though the company's operating
income increased during FY2017. The ratings continue to be
constrained by the company's dependence on creditor funding that
has resulted in high total outside liabilities relative to net-
worth ratio of the company. The ratings are further impacted by
the highly fragmented industry structure, characterised by
intense competition from a large number of organised and
unorganised players. ICRA also notes the vulnerability of
profitability to adverse fluctuation in timber prices and
currency fluctuations given the company's dependence on imported
raw materials.

The ratings, however, derive comfort from long established track
record of ATPPL's promoters in the domestic plywood industry.
Established brand identity of the company's products (sold under
the Archidply brand) and a wide distribution network help the
company in selling its products all over India. A conservative
capital structure and comfortable debt-protection metrics provide
cushion to the financial position of the company. ICRA, however,
takes note of the net profit and cash accrual of the company from
the business, which remained nominal.

Going forward, the company's revenue growth would be driven by
increase in scale of operations, supported by increase in
realisation. Further, the company's ability to manage input
costs, given the high volatility associated with raw materials
and manage its working-capital requirement will be some of the
key rating sensitivities.

Key rating drivers

Credit strengths

* Established track record of the promoters in the domestic
plywood industry: ATPPL started operations in 1979 and thus has a
long experience in the domestic plywood industry, which helped it
in establishing long-term business relationship with its
customers as well as suppliers.

* Established brand name of Archidply and a wide distribution
network help the company in selling its products all over India:
ATPPL manufactures plywood and block boards which are used in the
real-estate industry as well as decorative furniture. However,
the company leverages the distribution network of its associate
company, Archidply Industries Ltd (APIL), which supports the
revenue generation of the company and enhances its territorial
reach in the country. The products of the company are sold in the
market under the brand of Archidply.

* Conservative capital structure and comfortable debt-protection
metrics; however, net profit and cash accrual from the business
remain nominal: The capital structure of the company improved
during FY2017 due to lower level of debts. However, the net
profits remained nominal due to increase in financial costs
during the year. The coverage indicators of the company remained
moderate, as reflected from interest cover of 2.24 times and
NCA/Debt of 17% as on March 31, 2017.

Credit weaknesses

* Modest scale of operations in a highly competitive industry,
characterised by the presence of numerous organised and
unorganised players: The operating income of the company
increased during FY2017, led by rise in average realisation of
the produce though sales volume declined during the year compared
to FY2016. However, the scale of operations remained modest which
limits the company's economies of scale.

* High dependence on creditor funding resulted in high total
outside liabilities relative to net worth ratio: The company's
dependence on creditor funding primarily for trading activities,
led to higher TOL/TNW ratio of around 2.03 times as on March 31,
2017. In addition, the company has taken business advance from
its primary customer/group company in FY2017 to part fund the
purchase of fixed asset, which further increased the ratio.

* Exposure to the volatility in raw-material prices keeps
profitability under pressure: ATPPL procures timber logs through
suppliers and traders. The production of veneer from logs is
carried out on a rolling-stock basis, as a result of which the
company remains exposed to adverse movements in timber prices
during the period from procurement of timber to receipt of order
from customers, as the final selling prices are governed by the
veneer prices as well as the timber prices prevalent during that
period.

Incorporated in 1979, Assam Timber Products Private Limited
(ATPPL) is an engineered wood products (EWP) manufacturing
company. The company has its manufacturing facility at Tinsukia
in Assam. It manufactures plywood and block boards which are used
in the real-estate industry as well as decorative furniture. The
company leverages the distribution network of its associate
company, Archidply Industries Ltd. (APIL) and sells its products
under the brand, Archidply. The company also trades in wood and
paper-based commodities.

In FY2017, the company reported a net profit of INR0.42 crore on
an operating income of INR34.87 crore compared to a net profit of
INR0.32 crore on an operating income of INR28.65 crore in the
previous year.


BPA BUILDERS: ICRA Withdraws B+ Rating on INR3cr Loan
-----------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR3.00-crore term loan and INR2.00-crore untied facilities
of BPA Builders & Developers (BPA).

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based Limit        3.00        [ICRA]B+ ISSUER NOT
                                      COOPERATING; Withdrawn

  Untied Limit            2.00        [ICRA]B+ ISSUER NOT
                                      COOPERATING; Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as requested by the company.

Incorporated in July 2013, BPA Builders & Developers (BPA) is a
partnership firm engaged in the development of a residential
project, 'Laxmi Heights', in Raigarh, Chhattisgarh. The project
comprises one tower of six storeys having 48 units with a total
saleable area of 68,370 sq.ft. The construction for the project
commenced in July 2014 and it is expected to be completed within
Q2FY2017.


BPL LIMITED: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BPL Limited a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.
Instrument-wise rating actions are:

-- INR100 mil. Fund-based limits assigned with IND BB-/Stable
    rating; and

-- INR280 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect BPL's moderate scale of operations, thin
operating margins and weak credit. Revenue grew to INR944 million
in FY17 (FY16:INR404 million) due to BPL's high brand recall
value and demand through e-commerce platform. The company
achieved revenue of INR657 million in 1HFY18. Ind-Ra expects the
growth momentum to sustain in FY18 as BPL entered into a three-
year exclusive agreement with M/s Cloudtail India Private
Limited, purchasing arm of M/s Amazon for sales of consumer
electronic products.

The EBITDA margins ranged between 0.1% and 5% over FY15-FY17 due
low realisation. Although the company achieved EBITDA margins of
7.1% in 1HFY18, the stability in the margins is yet to be seen.
Interest coverage (operating EBITDA/gross interest expense) was
0.2x in FY17 (FY16: 0.05x) and net leverage was 70.7x in FY17
(FY16: 902.2x). The weakness in the credit metrics was attributed
to the low operating profitability and a rise in debt level due
to high contingent liabilities of INR673.585 million arising from
claims against the company from various government agencies.

The ratings also factor in the company's moderate liquidity
position with 95% average maximum utilisation of the fund-based
limits during the 12 months ended November 2017. Net working
capital cycle increased to 122 days in FY17 (FY16: 66 days) due
to an increase in inventory holding period to 98 days (57 days).

However, the ratings also benefit from the promoters' experience
of more than three decades in the consumer durables industry.

RATING SENSITIVITIES

Positive: Any substantial growth in the revenue and/or EBITDA
margins resulting in an improvement in the credit metrics would
be positive for the ratings.

Negative: Any substantial decline in the revenue and/or EBITDA
margins resulting in deterioration in the credit metrics would be
negative for the ratings.

COMPANY PROFILE

BPL was established in 1963 as a private limited company by Mr.
TPG Nambiar. The company is engaged in the trading of consumer
durables and manufacturing of printed circuit boards with an
installed capacity of 288,000sqm. It is managed by Mr. Ajit
Nambiar.


BVA AUTO: CRISIL Assigns B+ Rating to INR6.5MM Long Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of BVA Auto Pvt Ltd (BVAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits             4.5       CRISIL B+/Stable

   Cash Credit             6.0       CRISIL B+/Stable

   Long Term Loan          6.5       CRISIL B+/Stable

The rating reflects the company's nascent stage of operations
leading to modest scale, and its constrained liquidity. Moreover,
the company is exposed to risks related to low bargaining power
with its principal supplier, and to intense competition in the
automotive dealership business. These weaknesses are partially
offset by the extensive experience of its promoters in the
automobile dealership industry, and benefits derived from
association with Maruti Suzuki India Ltd (MSIL; 'CRISIL
AAA/Stable/CRISIL A1+').

Analytical Approach
Unsecured loans from promoters (Rs 0.62 crore as on March 31,
2017) have been treated as debt as these have reduced in the
past.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: The company started its showroom
operations in August 2017 and its workshop is yet to become
operational. With revenue of INR20 crore so far in fiscal 2018,
and expected revenue of INR55 crore for the fiscal, its scale
will remain modest, thus limiting cost efficiency.

* Constrained liquidity: Cash accruals will be sufficient to meet
working capital requirement due to negligible debt obligation.
Also, with debt obligations increasing, cash accrual will be
sufficient to meet debt obligation. Moreover, promoters' funding
support should keep liquidity comfortable. Repayment of debt is
expected to start in September 2018.

* Low bargaining power with the principal supplier, and exposure
to intense competition: The company's low bargaining power with
MSIL because of the latter's strong market position constrains
its operating profitability. Furthermore, it faces intense
competition from other automobile manufacturers.

Strengths

* Extensive industry experience of the promoters, and established
relationship with the principal supplier: The promoters have
experience of over a decade in the automotive dealership business
and have developed a healthy relationship with MSIL.

* Benefits derived from association with MSIL: The company is an
authorised dealer for the vehicles of MSIL under the Nexa brand,
which is a leader in the passenger vehicle segment. Furthermore,
with the regular launch of new vehicles by MSIL, BVAPL's business
growth is expected to be sound.

Outlook: Stable

CRISIL believes BVAPL will maintain a stable business risk
profile over the medium term backed by the extensive industry
experience of its promoters and its established relationship with
MSIL. The outlook may be revised to 'Positive' if there is a
significant increase in revenue and operating profitability, or
infusion of substantial capital, leading to a better financial
risk profile and risk absorption capacity. The outlook may be
revised to 'Negative' if stretched working capital cycle, decline
in operating margin, or sizeable, debt-funded capital
expenditure, weakens the financial risk profile, particularly
liquidity.

Established in 1989, BVAPL initially manufactured parts and
accessories for motor vehicles and their engines (brakes, gear
boxes, axles, and road wheels). It closed manufacturing
operations, and in August 2017, started authorised dealership of
MSIL's Nexa range. The operations were started in August 2017.


CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Chirakekaren Glass House Private Limited
(CGHPL).

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

   Loan Against Property    4.16    CRISIL B-/Stable (Reaffirmed)

   Long Term Loan           4       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan                3.84    CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's large working
capital requirement and modest scale of operations in the
fragmented glass and plywood trading business. These weaknesses
are partially offset by the extensive industry experience of its
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in fragmented glass and plywood
trading industry: The company's modest scale, reflected in
revenue of INR22 crore in fiscal 2017, in an intensely
competitive industry restricts its growth prospects.

* Large working capital requirement: CGHPL had gross current
assets of 250-350 days over the three fiscals ended March 31,
2017, primarily due to large inventory of 200-300 days.
Receivables were moderate at 60-70 days.

Strength

* Extensive industry experience of the promoters: The promoters
have been engaged in distribution and dealership of glass,
plywood, and hardware fittings for over a decade. Their
experience has helped the company develop healthy relationships
with suppliers and customers.

Outlook: Stable

CRISIL believes CGHPL will continue to benefit from its
promoters' extensive in experience glass and plywood trading
business. The outlook may be revised to 'Positive' if there is a
significant growth in revenue and profitability, resulting in
sizeable cash accrual and better liquidity. The outlook may be
revised to 'Negative' if revenue or profitability is lower than
expected, or if the company undertakes large, debt-funded capital
expenditure, weakening its financial risk profile.

CGHPL was set up as proprietorship, and was reconstituted as a
private company in 2005. It is engaged in dealership and
distribution of glass, plywood, and hardware fittings such as
bathroom fittings, adhesives, and sanitary items. Its daily
operations are managed by Mr. Sunny Anto Chirakekaren and his
brothers Mr. Ceejo Joy Chirakekaren, Mr. Sinto Joy Chirakekaren,
and Mr. Lenish Chirakekaren.


ECOREX BUILDTECH: ICRA Assigns C+ Rating to INR15cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]C+ to the INR15.00-
crore (enhanced from INR8.00 crore) OD against tangible security
of Ecorex Buildtech Private Limited (EBPL). ICRA has also
assigned a long-term rating of [ICRA]C+ and a long/short-term
rating of [ICRA]C+/[ICRA]A4 to the INR3.00-crore untied limits of
EBPL. ICRA has a long-term rating of [ICRA]C+ outstanding for the
INR2.00-crore cash-credit facility of EBPL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits-
  Cash Credit             2.00       [ICRA]C+; Outstanding

  Fund-based Limits-      15.00      [ICRA]C+; Assigned/
  OD Against Tangible                Outstanding
  Security

  Untied Limits            3.00      [ICRA]C+/[ICRA]A4; Assigned

Rationale

The ratings take into account EBPL's small scale of current
operations, and weak financial profile characterised by cash
losses incurred over the past three years and an adverse capital
structure. The ratings are also constrained by severe competition
in the AAC-blocks manufacturing space due to presence of
substitutes as well as other players and limited track record of
the promoters in manufacturing of AAC blocks. The ratings also
factor in the vulnerability of operations to the cyclicality in
the real-estate sector and the low entry barriers amid low
technological requirement of AAC blocks-manufacturing operations.
The ratings, however, derive comfort from the stable demand
outlook for AAC blocks with increasing acceptance of the product
in the domestic market. The ratings also take into account the
location-specific advantages derived by EBPL through its
proximity to major raw material sources, which ensures regular
supply while keeping inward freight costs under control.

Going forward, the company's ability to scale up operations,
while improving its profitability as well as capital structure
and servicing the debt obligations in a timely manner, would be
the key rating sensitivities.

Key rating drivers

Credit strengths

* Positive demand outlook for AAC blocks in the Indian market:
The demand outlook of AAC blocks has remained favourable in view
of increased acceptance of the product in the domestic real
estate and construction sector. The overall capacity utilisation
of the unit witnessed a steady improvement from FY2015 to H1
FY2018, primarily driven by increasing demand of the product,
which resulted in a rise in sales volume.

* Proximity to major raw material sources: The major raw
materials for AAC blocks manufacturing are fly ash, ordinary
portland cement, limestone, gypsum and aluminium powder. Cement
is primarily sourced from reputed cement manufactures established
around the Chhattisgarh region while fly ash is obtained from
thermal power plants which generate it as waste. By virtue of its
location, the company enjoys proximity to its major raw material,
which ensures regular supply and also keep inward freight costs
under control.

Credit weaknesses

* Small scale of current operations and limited experience of the
promoters: The promoters have diverse business interests. This is
the first venture of the group in the segment of construction
materials. EBPL commenced its manufacturing operations from
December, 2014. The capacity utilisation remains low as the
company is in the initial stages of operation, however, the
utilisation continued to show a steady increase and has risen
from 4% in FY2015 to 30% in H1 FY2018.

* Weak financial profile characterised by cash losses incurred
over the past three years and a highly adverse capital structure:
EBPL continued to incur cash losses over the past three
consecutive years due to high operating costs and substantial
interest payments. The capital structure of the company appears
to be highly adverse on account of erosion of the tangible net
worth due to continuous losses suffered since the commencement of
its business.

* Stiff competition due to low-entry barriers, capacity additions
by existing players and presence of substitutes like clay bricks:
EBPL is a new entrant and has to exert considerable efforts to
penetrate an intensely competitive market. The realisation
continues to show a declining trend over the past years.

* Exposed to cyclicality in the real-estate industry: The growth
in the real-estate industry has recently slowed down on account
of the enforcement of various legal norms and government reforms
which may expose EBPL to the risk of demand shortage.

Incorporated in 2012, Ecorex Buildtech Private Limited (EBPL) has
a Autoclaved Aerated Concrete (AAC) blocks manufacturing unit
with an installed capacity of 150,000 cubic metre per annum at
Bhurwadih Khurd village near Raipur, Chhattisgarh. The company
sells AAC blocks under the brand name 'Ecorex'. The manufacturing
operations of the unit started in December 2014.


HYDROBATH RAMCO: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR13.93 crore bank facilities
of Hydrobath Ramco Marketing Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D;
ISSUER NOT COOPERATING."

                          Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  LT-Fund-based Limits     10.43       [ICRA]D; ISSUER NOT
                                       COOPERATING; Rating
                                       moved to the 'Issuer
                                       not Cooperating' category

  LT-Fund-Non based         2.50       [ICRA]D; ISSUER NOT
  Limits                               COOPERATING; Rating
                                       moved to the 'Issuer
                                       not Cooperating' category

  Unallocated               1.00       [ICRA]D; ISSUER NOT
                                       COOPERATING; Rating
                                       moved to the 'Issuer
                                       not Cooperating' category

Rationale

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

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

Credit Strengths

* Experience of the promoters in the trading of sanitary ware,
faucets, tiles and others

Credit Challenges

* Irregularities in debt servicing track record as indicated by
the banker

Hydrobaths Ramco Marketing Private Limited (HRMPL), incorporated
in 2009, is involved in the trading of products like sanitary
ware (bathtubs, shower trays, Jacuzzis, shower panels, shower
enclosure, bathroom furniture, steam baths, spas), faucets, tiles
and others which are largely procured from international
manufacturers from countries like Thailand, Italy and China. The
promoters were initially involved in the manufacturing of
bathtubs through a proprietorship firm (set up in 1992). Later in
1999, another proprietorship firm named Hydrobaths Ramco
Marketing Company (HRMC) was set up and in the year 2000, the
firm started importing products like sanitary ware and faucets.
In 2009, Hydrobaths Ramco Marketing Private Limited, was
incorporated which took over the business of HRMC. HRMPL procures
products from international manufacturers like Guangzhou Metal &
Mineral Imp Exp Limited, SIAM Cement Group, Ceramic Atlas
Concorde Spa Italy and others and sell in domestic market. HRMPL
sells its through distributors, dealers, own retail showroom and
also project sales (sale to institutional clients). The company
has franchisee arrangement with its 3 distributors located in
Mumbai, Bangalore and Kolkata though distributors in cities like
Hyderabad, Chennai, Cochin, Ahmadabad and others operate their
own showrooms. The company has its exclusive showroom (around
35000 sqft) at Gurgaon.


IBC LTD: CRISIL Raises Rating on INR14.5MM LT Loan to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of IBC Ltd
(IBCL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit              9.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Export Packing Credit   30.0      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Letter of Credit         4.0      CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Long Term Loan          14.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely repayment of the debt obligations
supported by fund support from the promoters over the last 3
months ending November 2017. Further the company also maintains 2
months Debt Service Reserve account towards meeting its repayment
obligations supporting the overall liquidity.

The ratings also reflect the company's below-average financial
risk profile, because of large advances extended to group
companies and supplier concentration risk in IBCL's revenue
profile, and cyclicality in end-user industry. These rating
weaknesses are partially offset by the extensive experience of
IBCL's promoter in the barytes business.

Analytical Approach

Unsecured loans from the promoters has been treated as part of
the debt.

Key Rating Drivers & Detailed Description

Weakness

* Below Average Financial risk profile: As on March 2017, IBCL
has extended advances of INR42 Cr to its group companies
constraining the overall financial risk profile. The debt
protection metrics were also modest with estimated interest cover
and NCATD of 1.36 times and 4 per cent in fiscal 2017.

* Exposure to supplier concentration risk and cyclicality in end
user industry: IBCL is completely dependent upon Andhra Pradesh
Mineral Development Corporation (APMDC)for majority of its supply
requirements resulting in its revenues being vulnerable to
vagaries in supply from APMDC. IBCL will continue to be exposed
to risks relating to cyclicality in the end user industry in the
medium term, due to the significant exposure to oil and gas
industry.

Strengths

* Extensive experience of IBCL's promoters: The promoters of IBCL
have been in the barytes business for over 3 decades. The company
also benefits from long standing relationships with the end
customers. CRISIL believes that IBCL will continue to benefit
from the experience and competence of the promoters.

Outlook: Stable

CRISIL believes IBCL will benefit over the medium term from its
promoter's extensive experience in the barytes industry. The
outlook may be revised to 'Positive' in case of significant
improvement in cash accrual while efficiently managing the
working capital requirements. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens on account of low cash accrual, higher-than-
expected working capital requirements, or additional support to
associates.

Incorporated as a partnership firm Indian Barytes and Chemicals
in 1972, the firm was reconstituted as a public limited company,
IBCL, in 1985. The company mines and processes barytes, and sells
it largely to oil well drilling companies; IBCL derives majority
of its revenue from export. Operations are managed by Mr.
Rajamohan Reddy, the managing director and chief executive
officer.


JEYA ENGINEERING: CRISIL Raises Rating on INR4.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Jeya Engineering And Infrastructures Private Limited (JEIPL)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'; the rating on the
short-term bank facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Reaffirmed)

   Cash Credit              4.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan           2.5      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects JEIPL's stable business risk profile,
moderate operating profitability and expected improvement in cash
accruals. Operating income grew by 10% in fiscal 2017 to reach
revenue of INR21.31 crore. Revenue partly derives support from
its operations and maintenance (O&M) business (30-40% of total
revenue), which is recurring in nature. Operating profitability
remained healthy at 10% in fiscal 2017 and has been 9-15% over
the four years through fiscal 2017.

The ratings reflect weak financial risk profile marked by
leveraged capital structure and average debt protection metrics.
This weakness is partly offset by the experience of the promoter
and stable business risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is marked
by leveraged capital structure and average debt protection
metrics. Gearing was high at 2.5 times as on March 31, 2017,
while interest coverage ratio was average at 1.5 times in fiscal
2017.

Strengths

* Experience of promoter: Benefits derived from the promoter's
experience of over a decade and healthy relations with customers
and suppliers should continue to support the business.

* Stable business risk profile: Business risk profile is stable
because of recurring income from the O&M business which
contributes 30-40% to total revenue. JEIPL does O&M for Sterlite
unit in Tuticorin on a three-year contract.

Outlook: Stable

CRISIL believes JEIPL will continue to benefit from the
experience of the promoter. The outlook may be revised to
'Positive' if substantial increase in scale of operations and
profitability along with prudent working capital management
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative' if large, debt-funded capital expenditure,
stretched working capital cycle, or decline in profitability
weakens financial risk profile and liquidity.

JEIPL was incorporated in 2010 by the managing director, Mr.
Antony Britto Anand. The company manufactures food-processing
equipment, and fabricates and erects structures for large
corporates in Tamil Nadu.


KUMARAGIRI ELECTRONICS: ICRA Ups Rating on INR6.64cr Loan to B-
---------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the
INR11.64-crore fund based facility of Kumaragiri Electronics
Limited from [ICRA]B- to [ICRA]D and has simultaneously upgraded
to [ICRA]B-. ICRA has also downgraded the short-term rating
assigned to the INR4-crore non-fund based facilities of KEL from
[ICRA]A4 to [ICRA]D and has simultaneously upgraded to [ICRA]A4.
The outlook on long term rating is stable. ICRA has also removed
the rating from 'Issuer Not Cooperating' category.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund based-Term        6.64         Downgraded to [ICRA]D and
  Loan                                simultaneously upgraded
                                      to [ICRA]B- (sable);
                                      Removed from 'Issuer Not
                                      Cooperating'

  Fund based-Working     5.00         Downgraded to [ICRA]D and
  Capital Facilities                  simultaneously upgraded
                                      to [ICRA]B- (sable);
                                      Removed from 'Issuer Not
                                      Cooperating'

  Non-fund based         4.00         Downgraded to [ICRA]D and
  Facility                            simultaneously upgraded
                                      to [ICRA]A4; Removed from
                                      issuer 'Issuer Not
                                      Cooperating'

Rationale

The rating downgrade follows the irregularity in debt servicing
by KEL during January 2017 to April 2017 due to strained
liquidity position of the company. With subsequent regularisation
of debt servicing, ICRA has simultaneously upgraded the ratings
to [ICRA]B- and [ICRA]A4.

The ratings take into consideration the weak financial position
of the company following consecutive net losses recorded by the
company over the past two years (FY2016 & FY017) resulting in
erosion of net-worth. As such, the debt-protection metrics and
liquidity profile of the company were stretched leading to delays
in debt servicing during the period. Going forward, ICRA expects
the debt-protection indicators to remain adverse in FY2018 given
the significant repayment obligations during the year and improve
over the medium term with a steady reduction in the debt levels.
The ratings continue to be constrained by the modest scale of
operations, and the susceptibility of fluctuations raw material
prices impacting the profitability metrics. The ratings draw
comfort from the extensive experience of the promoters and the
long standing relationship with its customers and suppliers.

Outlook: Stable

ICRA believes Kumaragiri Electronics Limited. Ltd will continue
to benefit from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, and better working capital management,
equity infusion by the promoters and improving the financial risk
profile. The outlook may be revised to 'Negative' if liquidity
profiles continue to remain stretched. The ratings may also be
downgraded, going forward if liquidity profile worsens on account
of lack of improvement in profitability.

Key rating drivers

Credit strengths

* Experience of the promoters in the textile industry for over
three decades: The promoters having experience for more than
three decades in the textile industry and the long standing
customer and supplier relationship provides additional comfort
for the business.

Credit weaknesses

* Consecutive losses resulted in erosion of net-worth: The loss
incurred by the company in FY2016 and FY2017, primarily due to
under-absorption of fixed overheads, has resulted in the erosion
of entire net-worth. Despite the improvement in operating margin
from 5.1% in FY2016 to 12.5% in FY2017, the company incurred loss
at net level due to high interest expense. The capital structure
of the company deteriorated further in FY2017 as the net-worth
declined to INR(3.58) crore as on March 31, 2017.

* Financial profile characterised by the adverse capital
structure and weak coverage indicators: Debt protection metrics
continue to remain stretched with interest coverage ratio at 1.1
times and DSCR at 0.7 in FY2017. The adverse capital structure
and high interest expense were majorly due to debt-funded capex
undertaken in FY2016. Going forward, despite the high repayment
obligation, with improvement in profitability, capital structure
is expected to improve. However, the ability of the company to
sustain the external funding support, which had helped the
liquidity position in the past, remains critical.

* Modest scale of operations and profitability susceptible to
fluctuations in raw material prices: The company operates at a
capacity of 42,700 spindles. The profitability of the company is
susceptible to adverse fluctuations in cotton prices as cotton
forms 55% of total manufacturing cost. Further, the company is
also susceptible to high supplier concentration risk.

Incorporated in 1986, KEL is engaged in the production of cotton
yarn. Previously, the Company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
Company presently has an installed capacity of 42,700 spindles.
KEL is closely held by the promoter and their relatives/friends.
The Company has manufacturing facilities located in Dharmapuri,
Tamil Nadu.


LOTUS OVERSEAS: ICRA Assigns B+ Rating to INR7cr Cash Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR1.15-crore term loan facility and the INR7.00-crore cash
credit facility of Lotus Overseas. The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term
  Loan                    1.15       [ICRA]B+ (Stable); Assigned

  Fund-based-Cash
  Credit                  7.00       [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by the nascent stage of LO's
operations, as it is commenced from October 2017 and the risk
associated with the successful scale-up of operations, as per the
expected parameters. The rating also takes into account the below
average financial risk profile marked by moderate profitability,
high gearing levels and moderate debt coverage indicators. The
rating is further constrained by the highly fragmented nature of
the agro-commodity industry, which results in intense competitive
pressures and vulnerability of profitability to adverse movement
in prices of agro-products.

The assigned ratings, however, favourably factor in the
experience of the promoters in the ago-commodity industry as well
as the proximity of the firm's location to raw material, easing
procurement.

Key rating drivers

Credit strengths

* Experience of promoters in agro-commodity industry: LO was
promoted by Mr. Manish Pipaliya and Mr. Chhagan Pipaliya. The
promoters have experience of more than a decade in the agro-
commodity industry.

* Favorable location of the firm enables easy access to various
agro-products: The firm enjoys easy access to various agro-
commodities like groundnut, sesame and cumin because of its
location in Junagadh (Gujarat), where the presence of various
agricultural markets offers easy availability of superior quality
agro-products.

Credit weaknesses

* Limited track record of operation: Being in a nascent stage,
with the operations commenced from October 2017, the firm remains
exposed to the successful scale-up of operations, as per the
expected parameters.

* Weak financial risk profile: The small net-worth base coupled
with high dependence on working capital borrowings and term loan
availed for the capex is likely to result in high gearing levels
in the medium term (estimated gearing of 2.72 times as on
March 31, 2018). Debt protection metrics are also estimated to
remain below average, because of low profit margins in the
business and relatively high debt, with estimated TD/OPBDITA at
2.92 times for FY2018.

* Intense competition: The firm faces stiff competition from
other established as well as unorganised players in the agro-
commodities business due to the fragmented industry structure and
low entry barriers. However, the promoter's experience in the
industry mitigates the risk to some extent.

* Operations exposed to regulatory restrictions and agro-climatic
condition: Inherent vulnerability to agro-climatic risks as well
as to changes in Government policies, which impact the
availability and prices, which affect the profitability of the
firm.

Established in May 2017, Lotus Overseas (LO) is a partnership
firm promoted and managed by Mr. Manish Pipaliya and Mr. Chhagan
Pipaliya. The firm is involved in the business of processing and
trading of agro-commodities such as groundnut, sesame and cumin.
The firm's commercial operation is commenced in October 2017. Its
manufacturing facility is located at Junagadh in Gujarat. The
promoters have experienced of more than a decade in agro
commodity sector.

Key financial indicators (Audited): Since Lotus Overseas
commenced its operation in October 2017; key financial indicators
of the firm are not available.


N. RAVICHANDRAN: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of N. Ravichandran (NR). The ratings reflect the
modest scale of operations with exposure to intense competition
in the civil construction industry and geographical concentration
in its revenue profile. These weaknesses are partially offset by
the extensive industry experience of the promoters in the civil
construction segment.

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

Key Rating Drivers & Detailed Description

Weaknesses

* Modest Scale of Operations in the intensely competitive civil
construction segment: The firm's scale of operations is modest as
reflected in the revenues of around Rs.43.7 crore for fiscal
2017. The construction and civil works sector is highly
fragmented and marked by presence of large companies such as
Larsen & Toubro (rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+') ,
Vishwas Infrastructure India Ltd, Ramky Infrastructure and many
other small players. CRISIL believes that NR's presence in highly
competitive construction segment shall constrain its business
profile and restrict its growth prospects over the medium term.

* Geographical concentration in revenue profile: NR is exposed to
geographical concentration in its revenue profile with the firm
deriving its entire revenues from Tamil Nadu. This underpins the
firm's flexibility to enter into newer markets. CRISIL believes
that the firm shall exposed to risks related to geographical
concentration in its revenue profile over the medium term.

Strength

* Extensive Experience of Promoters in the civil construction
industry: The firm has been promoted by Mr.Ravichandran who is a
civil engineer with over 15 years of experience in the civil
construction industry. The extensive experience of the promoter
has aided him in establishing a healthy relationship with both
suppliers and customers. CRISIL believes that NR will continue to
benefit from the extensive experience of its promoters over the
medium term.

Outlook: Stable

CRISIL believes that NR will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to "Positive" in case of significant
improvement in its scale of operations or profitability resulting
in a better than expected cash accrual. Conversely, the outlook
may be revised to "Negative" in case of a decline in operating
income or profitability or in case of a higher than expected debt
funded capital expenditure resulting in a weakening of its
financial risk profile; particularly liquidity.

The firm was set up in 2008 by Mr.Ravichandran and is based out
of Kodaiyanalur in Thirunalveli district of Tamil Nadu. The firm
is engaged in the construction of roads and bridges for the
Government of Tamil Nadu.


NARBADA DAIRY: CRISIL Raises Rating on INR7.94MM Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Narbada Dairy Foods and Farms Pvt Ltd (Narbada) to 'CRISIL
B/Stable' from 'CRISIL D'. The rating upgrade reflects timely
servicing of term debt for past 6 months, subsequent to an equity
infusion by the promoters.

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

   Proposed Long Term       6.5      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan                7.94     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating reflects the working capital intensity in operations,
modest scale of operations and exposure to risks related to
implementation of the ongoing project, and subsequent offtake.
These rating weaknesses are partially offset by extensive
experience of the promoters in the dairy industry and their fund
support.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations: Operations are working
capital intensive, as evident from the sizeable gross current
assets of around 188 days as on March 31, 2017, mainly due to
large inventory and it is expected to be high over the medium
term.

* Modest scale of operations: The company has modest scale of
operations as reflected in its revenue of Rs. 5.54 crores for
fiscal 2017. Although, it is expected to improve with milk
processing plant being setup, the ramp up in scale will be
gradual and will remain a key rating sensitivity factor.

* Exposure to risks related to implementation and offtake: The
company is setting up a milk processing unit, which is at a very
nascent stage. The loan is yet to be disbursed, and any delay in
project implementation may adversely impact liquidity. The dairy
industry is highly fragmented with unorganized players having
majority market share. Thus, Narbada will face high competition
from already established players.

Strength

* Experience experience of the promoters in the dairy industry,
and their funding support: Promoters' extensive experience of
around six years, has helped establish market presence through
the brand, 'Adhyant' in areas around Durg, and built healthy
relationships with customers and suppliers. They have also
extended funding support to the company, whenever required.

Outlook: Stable

CRISIL believes Narbada will continue to benefit over the medium
term from the promoters' extensive industry experience in the
dairy industry. The outlook may be revised to 'Positive' if
timely completion of capex and subsequent stabilization leads to
growth in revenue and profitability, and strengthens the
financial risk profile and improves liquidity. The outlook may be
revised to 'Negative' if revenue or profitability is lower-than-
expected, or if a stretch in the working capital cycle, weakens
financial risk profile, particularly liquidity.

Narbada was set up in September 2012, by Mr. Shashanka Pandey and
his brother, Mr. Sujeet Pandey. The company operates a fully
mechanised dairy farm at Potiya (Durg district, (Chhattisgarh)
and sells unprocessed milk. The company is incurring a capex to
setup a processing milk plant which is expected to be operational
from April 2018.


PM GRANITE: ICRA Moves C+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the ratings for the INR1.72 crore term loan
facility, INR0.75 crore cash credit facility, INR5.0 crore export
packing credit facility and the INR2.93 crore proposed limits of
PM Granite Export Private Limited (PMGEPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]C+/
[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term-Fund         1.72        [ICRA] C+ ISSUER NOT
  based-Term loan                    COOPERATING; Rating
                                     moved to the 'Issuer
                                     Not Cooperating' category

  Long Term-Fund         0.75        [ICRA] C+ ISSUER NOT
  based-Cash Credit                  COOPERATING; Rating
                                     moved to the 'Issuer
                                     Not Cooperating' category

  Short Term-Fund        5.00        [ICRA]A4 ISSUER NOT
  based- Export                      COOPERATING; Rating
  Packing Credit                     moved to the 'Issuer
                                     Not Cooperating' category

  Long Term/Short        2.93        [ICRA]C+/A4 ISSUER NOT
  Term-Proposed limits               COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

PM Granites Export Private Limited (PMGEPL) is engaged in
processing of granite stone blocks and export of granite blocks,
slabs, tiles and other related products. PMGEPL was originally
set up in 2001 as PM Rocks Private Limited by Mr. M Babanna.
Subsequently, the firm was renamed as PM Granites Export private
Limited in 2004. The company largely exports granite slabs &
tiles. In addition, PMGEPL also has an operational windmill of a
capacity of 1.25MW.

PMGEPL has 79,784 metric ton (MT) per annum installed
manufacturing capacity at its manufacturing facility located at
Hosur, Tamil Nadu. The company is currently being managed by Mr.
M Babanna who has over one decade of experience in the granite
industry.


PREM INFRACITY: CRISIL Moves D Rating From Issuer Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the long-term bank facility of Prem Infracity Private Limited
(PIPL) to 'CRISIL D; Issuer not cooperating'. However, management
has subsequently started sharing information necessary for
carrying out comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on the company's long-term
facility from 'CRISIL D/Issuer Not Cooperating' to 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           28       CRISIL D (Migrated from
                                     'CRISIL D' Issuer Not
                                     Cooperating)

The rating reflects geographic concentration in revenue and
susceptibility to risk and cyclicality inherent in India's real
estate sector. These rating weaknesses are partially offset by
the experience of the promoters in real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Geographic concentration in revenue: PIPL's executes projects
in and around Agra and which makes its revenue profile
susceptible to slowdown in tenders or changes in the state
government's policies.

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

Strength

* Experience of the promoters in real estate industry: PIPL's
promoter has been in the real estate industry for over a decade
and has undertaken several projects in the past.

PIPL was set up in 2010 by Mr. Kamal Keswani, Mr. Jitendra
Keswani, Mr. Upendra Chhabra, and Mr. Ashish Mangal. The company
develops residential real estate in and around Agra. The
promoters have experience of over 13 years in the real estate
sector.


R.S. AJIT: ICRA Reaffirms B+ Rating on INR9cr Fund Based Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR9.00-crore fund-based bank limits of R.S. Ajit Singh & Co.
(Automotives) Private Limited (RSAPL). The outlook on the long
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       9.00      [ICRA]B+ (Stable); Reaffirmed

Rationale

ICRA's rating reaffirmation takes into account a marginal decline
of ~2% YoY in revenues during FY2017, owing to decline in sales
volumes on the back of subdued commercial vehicle sales on
account of demonetisation, weak replacement-led demand and lower
than expected pre-buying during implementation of BS-IV emission
norms. The sales volumes remain tepid in H1 FY2018 due to pre-
buying in the fourth quarter in FY2017 and uncertainty related to
GST implementation. Furthermore, the contraction was also
contributed by limited availability of BS-IV compliant vehicles
because of uncertainty related to implementation of new emission
norms. However, the sales have started to pick up aided by pent-
up demand post GST and higher budgetary allocation towards
infrastructure and rural sectors. Nevertheless, the operating
profit of the company improved by ~8%, which has resulted in
improved operating profit margin. However, due to high
competitive intensity in the auto dealership business, the
profitability margins of the company remain thin.

The rating continues to take into account the cyclicality
inherent in the commercial vehicle (CV) industry and the
company's high working capital requirements, leading to stretched
liquidity.

The rating is further constrained by RSAPL's modest debt coverage
indicators and highly leveraged capital structure, as reflected
in gearing of 6.9 times as on March 31, 2017. However, ICRA
favourably takes into consideration the company's established
track record of operations and the benefits the company derives
by virtue of being an authorised dealer of Volvo Eicher
Commercial Vehicles Limited (VECV), one of the top five OEMs in
the commercial vehicle segment in India. Going forward, the
company's ability to improve its financial risk profile and
manage its liquidity will be the key rating sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the automobile
dealership business: Promoted by Mr. Khurana, RSAPL is the
authorised dealer for VECL since 1986 for trading of medium and
heavy commercial vehicles, light commercial vehicles and buses
manufactured by VECV. In addition, the company owns one spares
and sales shop and has two service centres. The promoter has been
involved in this business for more than five decades.

* Established presence as authorized dealer of VECV: RSAPL has
been the authorised dealer for VECV, one of the leading
commercial vehicle manufacturers in India, since 1986.

Credit weaknesses

* High gearing and modest debt-coverage indicators: RSAPL's debt-
coverage indicators remain modest as reflected in interest
coverage ratio of 1.24 times, Total Debt/OPBDITA of 5.78 times
and NCA/Total Debt of 2.5% in FY2017. Owing to high working
capital borrowings, the gearing remains high at 6.93 times in
FY2017.

* Thin profit margins as inherent in the vehicle dealership
business: Typically, in a dealership business, the profit margins
are thin as trading of vehicles dominate the revenue mix, as
reflected by operating profit margin of 2.86% and net profit
margin of 0.32%.

* Working capital intensive nature of operations: The dealership
business, not being capital intensive in nature, has most of the
borrowings related to funding of working capital and as such, a
major part of the debt usually consists of working capital loan,
with more than 94% of the total debt comprising of working
capital debt.

* High competitive intensity from dealers of other OEMs: The
company faces competition from automobile dealers of other OEMs
in the region, resulting in increased pressure to pass on price
discounts to customers; nevertheless, market leadership of VECL
and its strong service network mitigate such risk to some extent.

RSAPL is an authorised dealer of vehicles manufactured by VE
Commercial Vehicles Ltd. (VECV), in the Delhi region. The company
deals in medium and heavy commercial vehicles, light commercial
vehicles, and buses manufactured by VECV. Its head office is
located in the Wazirpur Industrial Area, Delhi. In addition, the
company owns one spares and sales shop in Sanjay Gandhi Transport
Nagar, Delhi and has two service centres located at Alipur and
Kapashera in Delhi-NCR, which are on rented premises.
In FY2017, the company reported profit after tax (PAT) of INR0.56
crore on an operating income (OI) of INR176.34 crore compared
with a PAT of INR0.57 crore on an OI of INR179.28 crore in the
previous year.


RAMNIK POWER: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramnik Power and
Alloys Private Limited (RPAPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR30 mil. Fund-based limit assigned with IND B+/Stable
    rating;

-- INR16.78 mil. Term loan due on February 2019 assigned with
    IND B+/Stable rating; and

-- INR10 mil. Non-fund-based limits assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect RPAPL's small scale of operations. Revenue
increased to INR309 million in FY17 from INR38 million in FY16,
driven by a rise in the sales volume.

The ratings also reflect a moderate liquidity, indicated by an
average utilisation of its fund-based limits of 91% for the 12
months ended October 2017.

The ratings, however, are supported by moderate credit metrics.
In FY17, interest coverage (operating EBITDAR/gross interest
expense) was 4.3x (FY16: negative 1.2x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 7.4x
(negative 8.6x). EBITDA margin was comfortable at 15.7% in FY17
(FY16: negative 46.8%). The improvement in EBITDA margin was
driven by a rise in the average realisation of its product silico
manganese.

RATING SENSITIVITIES

Negative: Any substantial deterioration in credit metrics will be
negative for the ratings.

Positive: Any substantial improvement in revenue, along with the
maintenance of a comfortable EBITDA margin, will be positive for
the ratings.

COMPANY PROFILE

RPAPL, which is promoted by Vyomesh R Trivedi, manufactures
silico manganese and ferro manganese at its 10,000 metric ton per
annum facility in Madhya Pradesh. Also, it has a captive 6MW
power plant.


RELIABLE EXPORTS: ICRA Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Reliable Exports (India) Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term         575.0     [ICRA]B (Stable) ISSUER NOT
  Loan                              COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Mr. Raphael Sequeira was engaged in the export of readymade
garments since 1984 through his proprietorship concern, Reliable
Exports. In 2001, the Reliable Group diversified into the real
estate business with the excess funds from garments business. In
FY2016, Reliable Exports changed its constitution from a
proprietorship concern to a private limited entity Reliable
Exports (India) Private Limited. Currently, the company is held
and managed by the Sequeira family. REPL has developed a 0.79
million sq ft commercial property -- Reliable Tech Park -- at
Airoli (Navi Mumbai). REPL is building a 1.9 million sq ft
leasable area building called Reliable Empire Tower behind
Reliable Tech Park.


JAYCO SYNTHETICS: ICRA Removes Rating From Not Cooperating
----------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B(Stable) from the
'ISSUER NOT COOPERATING' category as Jayco Synthetics has now
submitted its 'No Default Statement' ("NDS"), which validates
that the company is regular in meeting its debt servicing
obligations. The company's rating was moved to the 'ISSUER NOT
COOPERATING' category in November 2017.

The current rating derives comfort from the successful project
commissioning which has aided the transition of the firm from
core trading/processing entity to a manufacturing unit and the
consequent improvement in the operating scale witnessed in
FY2016. The ratings also continue to favourably factor in the
experience of promoters/partners in the textile industry and
presence of group companies in the same line of business
providing operational comfort.


SAHIBZADA TIMBER: Ind-Ra Withdraws BB- Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sahibzada
Timber & Ply Private Limited's (STPPL) Long-Term Issuer Rating of
'IND BB-'. The Outlook was Stable. The instrument-wise rating
action:

-- INR200 mil. Fund-based working capital limit withdrawn with
    WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the bank
loan has been paid in full.

COMPANY PROFILE

Founded in 1992 as a proprietorship concern, STPPL was registered
as a private limited company on 30 June 2012. The company is
based in Mohali, Punjab and managed by Narinder Singh Sandhu and
his son Jaspratap Singh Sandhu. STPPL processes and trades timber
and ply.


SHAIJAL T M: CRISIL Assigns B+ Rating to INR3.5MM Loan to B+
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shaijal T M (STM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       3        CRISIL B+/Stable

   Bank Guarantee           1.5      CRISIL A4

   Cash Credit              3.5      CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations amid
intense competition, geographical concentration in revenue, and
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of its proprietor in
the civil construction segment and comfortable debt protection
metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to risk of tender-based
business: Modest scale of operations, reflected in revenue of
INR6 crores in fiscal 2017, restricts the ability to bid for
large projects. Further, revenue is susceptible to the quantum of
tenders floated and the firm's success in winning them as it
faces intense competition from various players.

* Working capital-intensive operations: Inventory is sizeable and
receivables stretched. However, this is mitigated by bill
discounting based on promissory notes from government
departments.

* Geographic concentration: Most of the projects are undertaken
in Kerala.

Strengths

* Extensive experience of the proprietor: Benefits from the
proprietor's decade-long experience in the industry and
established relationship with government departments should
support business.

* Comfortable debt protection metrics: Net cash accrual to total
debt and interest coverage ratios were 0.31 time and 3 times,
respectively, for fiscal 2017. Metrics are expected to remain
steady over the medium term on account of moderate profitability.

Outlook: Stable

CRISIL believes STM will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if significant improvement in scale of
operations and profitability results in a better financial risk
profile. The outlook may be revised to 'Negative' if any sizeable
debt-funded capital expenditure, failure to execute projects on
time, or aggressive bidding puts pressure on margins.

Set up in 2005 as a proprietorship firm in Wayanad, Kerala, by
Mr. Shaijal TM, STM primarily undertakes civil construction
projects for state Public Works Department, Kerala State Housing
Board, and Forest Department, Kerala. The firm also constructs
roads, though this accounts for only 5% of total revenue.


SHRI VASANTHRAJ: ICRA Reaffirms D Rating on INR3.90cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term and short-term rating at
[ICRA]D for the INR4.10 crore1 (previously INR5.02 crore) fund-
based facilities and the INR3.90-crore (previously INR2.98 crore)
unallocated limits of Shri Vasanthraj Textiles Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  3.00       [ICRA]D Reaffirmed

  Fund-based-Term
  Loan                    1.10       [ICRA]D Reaffirmed

  Long-term and
  Short-term-
  Unallocated limits      3.90       [ICRA]D Reaffirmed

Rationale

The ratings reaffirmation take into account the continued delay
in debt servicing by SVTPL on account of liquidity pressures
arising from high working capital intensity and weak coverage
indicators due to leverage capital structure. The small scale of
operations and presence in a highly commoditized market with
intense competition inhibits the pricing flexibility of the
company. Though ICRA takes note of the experience of the
promoters in the textile industry, the ability to improve the
scale of operations and liquidity position remains the key rating
driver.

Key rating drivers

Credit weaknesses

* Small scale of operations: Vasanthraj is a small-sized player
in the textile industry engaged in manufacturing cotton yarn with
a capacity of 14,400 spindles. With 14,400 spindle capacity
running 60's count, the company can manufacture around 2900 kg of
cotton yarn per day working out to an installed capacity of 10.0
lak kg of cotton yarn. The capacity utilization improved to 60%
in FY2017 from 45% in FY2016 as there was a shut down in FY2016
for nearly three months owing to unfavorable market situations.
With small scale of operations, the company has limited
bargaining power with its customers, to pass on any increase in
costs, and also with its suppliers, to avail any discounts for
cotton purchases, thereby limiting the overall pricing
flexibility.

* Stretched liquidity position leading to delays in debt
servicing: The financial profile of the company weakened on
account of thin operating margins owing to small scale of
operations. Owing to stretched liquidity position, the company
continued to delay in debt servicing.

Shri Vasanthraj Textiles Private Limited (Vasanthraj) was
incorporated in 1992. The Company manufactures cotton yarn of the
fine count range of 60's. The Company's spinning mill is located
in R. Vadipatti in Tamil Nadu and has a spindle capacity of
14,400 spindles as of FY2017. It is a closely-held company and is
promoted by Mr.C.Veluswamy who is also the promoter of V.P.S
Textiles (India) Private Limited (rated at [ICRA]D) manufacturing
cotton yarn and Sreenivasa Balaji Papers Private Limited
manufacturing paper and paper products.

In FY2017, as per provisional numbers, the company made a net
profit of INR0.01 crore on an operating income of INR11.1 crore,
as compared to a net loss of INR0.13 crore on an operating income
of INR8.91 crore in FY2016.


SKM INFRAVENTURE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SKM Infraventure
Private Limited (SKMIVPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based limit assigned with IND BB/Stable
    rating;

-- INR10.0 mil. Non-fund-based limit assigned IND A4+ rating;
    and

-- INR80.0 mil. Proposed fund-based limit* assigned with
    Provisional IND BB/Stable rating.

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

KEY RATING DRIVERS

SKMIVPL's ratings reflect its moderate scale of operations and
weak operating margins due to small order sizes. In FY17, revenue
was INR1,040.8 million (FY16: INR400.6 million), EBITDA margins
were 4.6% (4.9%). As of September 2017, the company had an
outstanding order book of just around INR1,434.64 million (1.37x
of FY17 revenue), which will be executed in FY18 and FY19.

Revenue improved in FY17 on account of increased orders from new
and existing customers. EBITDA margins declined because of an
increase in raw material cost.

The ratings also reflect SKMIVPL's tight liquidity position with
its average maximum utilisation of the fund-based working capital
limit being 97.35% during the 12 months ended November 2017.

However, the ratings are supported by the company's comfortable
credit metrics due to low debt levels and its promoter's
experience of two decades in the construction business. Gross
interest coverage (operating EBITDA/net interest expenses) was
5.9x in FY17 (FY16: 5.3x) and net financial leverage (total Ind-
Ra adjusted net debt/operating EBITDA) was 1.3x (2.3x). The
metrics improved in FY17 because of an improvement in absolute
EBITDA.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
and operating margins along with maintenance of the credit
metrics could lead to a positive rating action.

Negative: Deterioration in the profitability leading to
deterioration in the liquidity profile will lead to a negative
rating action.

COMPANY PROFILE

SKMIVPL was incorporated in 2014 by Mr. Satyendra Kumar Mishra at
Keonjhar, Odisha. The company is primarily involved in civil
engineering works.


STELLAR MARINE: ICRA Withdraws B Rating on INR1.50cr Cash Loan
--------------------------------------------------------------
ICRA has withdrawn long-term rating of [ICRA]B assigned to the
INR1.50 crore cash credit limit, which is a sublimit of short-
term fund based facilities of Stellar Marine Foods. ICRA has also
withdrawn the short-term rating of [ICRA]A4 assigned to the
INR7.10 crore fund-based facilities and to the INR0.20 crore non-
fund based facility, which is a sub-limit of fund based
facilities of SMF.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            (1.50)      [ICRA]B; Withdrawn

  PC/PCFC cum FBP/
  FBD/FCBP/FCBD           7.10       [ICRA]A4; Withdrawn

  Non-fund based
  Limits Bank
  Guarantee              (0.20)      [ICRA]A4; Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company and the
bank.

Promoted by Mr. Jayant Mirani in 2009, M/s Stellar Marine Foods
is a proprietorship concern which processes and exports various
types of fishes, cephalopods and crustacean shrimps. SMF is a
part of the Stellar Group of Companies which has a presence in
diversified business segments, including processing and exporting
marine foods and agro based products. The firm is dependent on
other seafood processors for seafood processing and cold storage
activity.


SUBASRI TEXTILE: CRISIL Assigns B+ Rating to INR3.50MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
loan facilities of Subasri Textile (ST). These rating reflect the
firm's modest scale of operations and customer and geographic
concentration in revenue profile. These weaknesses are partially
offset by the promoter's extensive experience in the readymade
garments (RMG) industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.85      CRISIL B+/Stable
   Export Packing Credit   3.50      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm has a modest scale of
operations with revenues at around 21.18 crore in fiscal 2017.
Going forward, CRISIL believes that revenues will continue to
grow at a modest rate.

* Customer and geographic concentration in revenue profile:  The
firm derives about 90 percent of its revenues from Primark Stores
Limited (Primark), a European based clothing company. This
customer and geographic concentration in revenue profile deems
ST's revenues susceptible to Primark's order requirements and the
economic state of affairs in European Union.

Strength

* Extensive experience of the proprietor in readymade garments
industry: The proprietor, Mr.Viswanathan has an experience of
over 25 years in the RMG industry. CRISIL believes that the
proprietor's extensive experience will continue to benefit ST
over the medium term.

Outlook: Stable

CRISIL believes that ST will maintain a stable business risk
profile owing to its proprietor's extensive experience in the RMG
industry. The outlook may be revised to 'Positive' if the firm
improves its scale of operations and diversifies its customer
base, leading to an improvement in financial and business
profiles. Conversely, the outlook may be revised to 'Negative',
if the firm undertakes a higher than expected debt funded capital
expenditure, causing a deterioration in financial profile.

ST is a proprietorship firm that was established in 2007 by Mr.
Viswanathan in Tirupur, Tamil Nadu. It is involved in the
manufacture and export of RMG.


SUNLIFE INFRATECH: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Sunlife Infratech (Sunlife).

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

The rating continue to reflect Sunlife's exposure to risks
relating to cyclicality inherent in the Indian real estate
industry, and to saleability and funding on the ongoing project.
These weaknesses are partially offset by the experience of the
promoter and his funding support.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to cyclicality in industry: The real estate sector in
India is exposed to sharp movement in prices and is also affected
by multiple property laws and government regulations.
Profitability is expected to remain constrained by increase in
supply and attractive prices offered by builders. Any change in
regulatory norms (such as floor space index) will also affect
overall market.

* Risks related to saleability of project: The firm received
booking of around 56% of the flats till date and has received
moderate customer advances of around 33%. Saleability of the
balance units and timely receipt of advances is a rating
sensitivity factor.

Strengths

* Experience of promoter and their funding support: Benefits
derived from the promoter's experience of two decades and his
funding support should continue to support the business. The
promoter completed 15 projects and developed over 0.07 crore
square feet of saleable area. His need-based funding support
mitigates the risk of low advances from bookings.

Outlook: Stable

CRISIL believes Sunlife will benefit over the medium term from
the promoter's experience. The outlook may be revised to
'Positive' if healthy sale of units and timely receipt of
customer advances result in adequate cash inflow. Conversely, the
outlook may be revised to 'Negative' if time and cost overruns,
lower-than expected sales, or delays in receipt of customer
advances lead to low cash inflow, and weak liquidity.

Sunlife was set up in 2014 by Mr. Yogesh Khandelwal. The firm is
a part of the Khandelwal group, which develops residential real
estate, in Gwalior. Its ongoing project, Sun Valley, has 716
residential units.


SUNSHINE EDIBLE: ICRA Reaffirms B+ Rating on INR20cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR25.00-crore (enhanced from INR10-crore) fund-based facilities
of Sunshine Edible Oils. The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                 20.00      [ICRA] B+ (Stable);reaffirmed

  Fund-based-Term
  Loans                   5.00      [ICRA] B+ (Stable);reaffirmed

Rationale

The rating reaffirmation takes into account the limited track
record of operation of the firm, adverse capital structure as
reflected in high gearing ratio, weak coverage indicators, and
stretched liquidity position evidenced by the almost full
utilisation of working capital limits. Further, ICRA notes the
cash losses suffered by the company in FY2017. The rating also
factors in the low profitability in the oil processing business
and the fragmented nature of the industry leading to intense
competition. The exposure of profitability margins to adverse
price fluctuation of raw materials and the debt repayments in the
near-to-medium term owing to the debt-funded capital expenditure
have also been taken into consideration. However, the rating
draws comfort from the extensive experience of the promoters in
the oil trading business and proximity of the plant to the
mustard seed belt in Rajasthan. Moreover, ICRA notes the timely
completion of the project and satisfactory level of plant
capacity utilisation because of the bulk orders available.

Going forward, the ability of the firm to maintain the level of
capacity utilisation and improve contribution margin will be the
key rating sensitivities.

Key rating drivers

Credit strengths

* Favourable demand prospects for mustard oil: The industry is
well placed, given the favourable demand prospects for mustard
oil. The branded edible oil segment is expected to show higher
growth in line with the increasing affluence and preference of
consumers for quality products.

* Extensive experience of promoters: The promoters have
significant experience in trading mustard oil and other
commodities.

* Favourable plant location: The plant is located favourably
because of its proximity to the mustard producing belt in
Rajasthan.

Credit weaknesses

* Low margins and weak coverage indicators: The firm's margins
were low in FY2017, which resulted in cash losses and weak debt-
coverage indicators.

* Vulnerability of profitability to any adverse fluctuation in
input costs: The key raw material for the firm is mustard seed.
Given that the demand for the industry is seasonal in nature, the
firm remains exposed to supply disruptions and has limited
ability to pass on the price increases.

* Adverse capital structure: The firm has significant debt in the
form of working capital loans and term loans with a relatively
small net worth, which has led to an adverse capital structure.
However, the promoters have infused unsecured loans to support
the liquidity.

* Highly fragmented industry characterized by intense
competition: With the presence of a large number of established
as well as unorganised players, the firm faces stiff competition
from cheaper varieties of imported edible oils. Along with this,
the vulnerability of demand and profitability to movements in
global edible oil prices and changes in duty structure can impact
the competitiveness of various oils.

Constituted in December 2014, SEO is a partnership firm involved
in the extraction of mustard oil from its plant based out of
Kishangarh with a capacity of 57,600 quintals per annum. The firm
is promoted by the Jain and Mittal families of Kishangarh. The
plant commenced its commercial production in May 2016.


UNITED ELECTRICALS: CRISIL Reaffirms B+ Rating on INR6MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
United Electricals and Transformers (UET) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)

   Cash Credit             6        CRISIL B+/Stable (Reaffirmed)

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

The ratings continue to reflect the highly fragmented and
competitive nature of the transformer manufacturing industry and
working capital intensive nature of operations. The rating
weaknesses are partially offset by the extensive industry
experience of the partners along with their funding support.

Analytical Approach

CRISIL has treated INR3.34 crore of unsecured loans, outstanding
as on March 31, 2017, from the partners of UET as neither debt
nor equity as these funds are subordinated to bank debt and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Highly fragmented and competitive nature of transformer
manufacturing industry: The domestic transformer industry is
highly fragmented and competitive in the lower voltage segments,
with over 200 manufacturers over India. This limits pricing
flexibility and bargaining power of small players like UET with
suppliers and customers, thus straining their working capital
requirement.

* Working capital intensive nature of operations: High inventory,
arising from the need to stock copper, aluminium, and transformer
oil would keep operations working capital intensive. Moreover,
the long manufacturing process necessitates a large work-in-
progress inventory. Additionally, sales made to Paschimanchal
Vidyut Vitran Nigam Ltd. (PVNL) and Uttarakhand Power Cororation
Limited (UPCL) involve credit period of about 120 days. Further,
payments from PVNL are often delayed resulting in stretched
receivables for UET. As a result, debtors stood at 298 days as on
March 31, 2017.

Strengths

* Extensive industry experience of the partners: The partners'
have experience of over three decades in the transformer
industry. Prior to 2002, the partners were engaged in repairing
of transformers post, which they started manufacturing
transformers as well. This has helped UET build longstanding
relations with suppliers and customers.

* Funding support from partners: The firm has unsecured loans
from partners to the tune of INR3.34 crore as on March 31, 2017.
Partners are expected to continue to support the liquidity of the
firm over the medium term, if needed.

Outlook: Stable

CRISIL believes that UET will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' in case of a significant increase in scale
of operations with sustained profitability, leading to
substantial cash accrual, along with efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected offtake or profitability, leading to
weakening of the financial risk profile.

UET, set up in 1984, is owned and managed by the Mittal family,
based in Haridwar, Uttarakhand. The firm manufactures power and
distribution transformers at its unit at Roorkee in Haridwar.


V.P.S TEXTILES: ICRA Reaffirms D Rating on INR4.68cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term and short-term rating at
[ICRA]D (for the INR3.32-crore (previously INR3.54 crore) fund-
based facilities and the INR4.68-crore (previously INR4.46 crore)
unallocated limits of V.P.S Textiles (India) Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  3.00       [ICRA]D Reaffirmed

  Fund-based-Term
  Loan                    0.32       [ICRA]D Reaffirmed

  Long-term and
  Short-term-
  Unallocated limits      4.68       [ICRA]D Reaffirmed

Rationale

The ratings reaffirmation take into account the continued delay
in debt servicing by VPS on account of liquidity pressures
arising from stretched working capital position and weak coverage
indicators due to leverage capital structure. The small scale of
operations and presence in a highly commoditized market with
intense competition inhibits the pricing flexibility of the
company. Though ICRA takes note of the experience of the
promoters in the textile industry, the ability to improve the
scale of operations and liquidity position remains the key rating
driver.

Key rating drivers

Credit weaknesses

* Small scale of operations: VPS is a small-sized player in the
textile industry engaged in manufacturing cotton yarn with a
capacity of 11,636 spindles. With 11,636 spindle capacity running
60's count, the company can manufacture around 2300 kg of cotton
yarn per day working out to an installed capacity of 8.0 lak kg
of cotton yarn. The capacity utilization improved to 65% in
FY2017 from 45% in FY2016 as there was a shut down in FY2016 for
nearly three months owing to unfavorable market situations. With
small scale of operations, the company has limited bargaining
power with its customers, to pass on any increase in costs, and
also with its suppliers, to avail any discounts for cotton
purchases, thereby limiting the overall pricing flexibility.

* Stretched liquidity position leading to delays in debt
servicing: Though the company received unsecured loans from
related parties in FY2017, the debt-service coverage indicators
remained adverse due to thin operating margins and stretched
working capital cycle, and the company continued to delay in
servicing its debt. Further, the company has advanced INR4.41
crore to its group company - Sreenivasa Balaji Papers Private
Limited, which is currently under distress sales. This has
further stretched the liquidity position and the working capital
limits remain fully utilized over the last twelve months.

V.P.S. Textiles (India) Private Limited (VPS) was incorporated in
2006. The Company manufactures cotton yarn of the fine count
range of 60's. The Company's spinning mill is located in R.
Vadipatti in Tamil Nadu and has a spindle capacity of 11,636
spindles as of FY2017. It is a closely-held company and is
promoted by Mr.C.Veluswamy who is also the promoter of Shri
Vasanthraj Textiles Private Limited (rated at [ICRA]D)
manufacturing cotton yarn and Sreenivasa Balaji Papers Private
Limited manufacturing paper and paper products.

In FY2017, as per provisional numbers, the company made a net
profit of INR0.01 crore on an operating income of INR9.76 crore,
compared with a net profit of INR0.01 crore on an operating
income of INR6.84 crore in FY2016.


VADILAL ENTERPRISES: CRISIL Moves Rating to FB+ Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Vadilal
Enterprises Limited (VEL) for obtaining information through
letter and email dated Sept. 25, 2017 and Oct. 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Fixed Deposits           6        FB+/Stable (Issuer Not
                                     Cooperating; Migrated from
                                     'FA-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of VEL; part of the Vadilal
group. Furthermore, the company has not paid the fee for
conducting rating surveillance as agreed to in the rating
agreement. 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 the Vadilal group is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information' corresponding to 'CRISIL
BB' rating category or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on the
fixed deposits of VEL to 'FB+/Stable; Issuer not cooperating'.

Analytical Approach

CRISIL continues to combine the business and financial risk
profiles of Vadilal Industries Ltd (VIL) and VEL, together
referred to as the Vadilal group, due to strong operational and
financial linkages. VEL acts as the marketing and sales arm of
the group. In the long term, the promoters intend to merge the
two companies. However, this may take time due to procedural
issues (as both the companies are listed).

VEL, incorporated in 1985, serves as the marketing and sales arm
for VIL's ice cream and processed food products in India.

VIL, incorporated in 1982 in Gujarat, primarily manufactures ice
cream under the Vadilal brand. This business was started by Mr.
Vadilal Gandhi in 1907. The company diversified into the
processed food segment in 1991.


VASAVI INFRASTRUCTURE: CRISIL Assigns B Rating to INR6MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vasavi Infrastructure Projects Limited (VIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           6        CRISIL B/Stable

The rating reflects exposure to inherent risks and geographical
concentration in revenue. These weaknesses are partially offset
by the extensive experience of its promoters in the real estate
industry.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to risks inherent in the real estate industry:
The construction segment has long gestation period for projects.
Any time or cost overrun or delay in obtaining necessary
approvals could also affect realisations and profitability.
Moreover, demand for residential projects is affected by the
level of interest rates and overall economic activity. Lower-
than-expected customer interest in ongoing projects or delay in
implementation could constrain credit risk profile.

* High geographical concentration in revenue: Projects are
located in Kolkata, which exposes the company to any change in
the region's real estate market.

Strengths

* Extensive experience of promoters: The company's promoters have
been in the real estate business since 1960 and have developed
various commercial projects in Kolkata. They have developed a
landmark commercial project in Kolkata with saleable area of 5
lakh square foot. Longstanding presence has enabled the promoters
to establish strong liaisons for getting required approvals and
marketing projects.

Outlook: Stable

CRISIL believes VIPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' in case of substantial cash flow from
operations, resulting from speedy execution of projects and
improved receipt of customer advances. The outlook may be revised
to 'Negative' if significantly low cash flow from operations
because of a subdued response to projects, low customer advances,
or delay in project completion further weakens financial risk
profile, particularly liquidity.

Established in 1992 by Kolkata-based Poddar family, VIPL develops
residential projects in Kolkata. Operations are managed by Mr.
Manish Poddar.


VAX CONSULTANTS: CRISIL Assigns B+ Rating to INR2.5MM Sec. Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Vax Consultants Private Limited (VCPL).
The ratings reflect the modest scale of operations in the
extensively competitive consulting industry and its working
capital intensive nature of operations. These weaknesses are
partially offset by the extensive experience of the promoters in
the construction segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4

   Secured Overdraft
   Facility                 2.5     CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations with exposure to intense
competition: VCPL's scale of operations is modest with revenues
of around Rs.16.1 crore for fiscal 2017. The firm operates in the
highly competitive engineering and infrastructure consulting
business where the entry barriers are low due to the low
investment involved. In addition to this, the firm's scale of
operations is also susceptible to domestic economic cycles as
these sectors are directly related to economic cycles. The firm
deals with public sector and government institutions which
exposes them to intense competition where the bargaining power is
low. CRISIL believes that VCPL's scale of operations will remain
modest over the medium term.

* Working Capital Intensive Operations: VCPL's operations are
working capital intensive as reflected in its high gross current
assets of around 228 days as on March 31, 2017. This is primarily
on account of high receivables of around 195 days as on March 31,
2017. The receivables are usually stretched due to delay in
allocation of funds for these projects by various departments of
the State Governments. The operations are expected to remain
working capital intensive over the medium term.

Strength

* Extensive Industry Experience of the promoters: VCPL has been
promoted by Mr. Vishwanad who has a post graduate in engineering
and an experience of around 4 decades in the construction
industry. The extensive experience of the promoter have aided the
company to establish healthy relationship with its suppliers and
customers. The firm is expected to benefit from the extensive
experience of its promoters over the medium term.

Outlook: Stable

VCPL shall continue to benefit over the medium term from the
extensive experience of its promoters. The outlook can be revised
to "Positive" in case of significant improvement in operating
income and profitability, resulting in better than expected
operating performance along with an improvement in its working
capital management. Conversely, the outlook may be revised to
"Negative" in case of decline in operating income or
profitability or in case of an elongation in the working capital
cycle, resulting in a better than expected financial risk
profile, particularly liquidity.

VCPL was incorporated in 1987 as a partnership firm and later
converted into a private limited company in 1996. The company is
engaged in providing consultancy services for engineering and
structural designs for various projects of the Government of
Tamil Nadu and other other State Governments.



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


BUMI RESOURCES: Moody's Hikes CFR to B3 Amid Restructuring
----------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating (CFR) of Bumi Resources Tbk (P.T.) (Bumi) to B3 from Ca.

At the same time, Moody's has assigned a B3 rating to the $487.7
million Series A and a Caa1 rating to the $522.4 million Series B
senior secured notes due December 2022 issued by Eterna Capital
Pte. Ltd., a wholly-owned subsidiary, and guaranteed by Bumi.

The outlook on all ratings is stable.

RATINGS RATIONALE

On December 12, Bumi announced that it had completed its
Indonesian court-approved debt restructuring exercise, with its
lenders to exchange existing debt for new debt and securities.

Following its restructuring, Bumi has exchanged around $4.2
billion of outstanding debt into new notes and bank loans ($1.6
billion) maturing in December 2022, contingent value rights ($100
million), mandatory convertible bonds ($631 million) maturing in
December 2024, and additional equity ($2.0 billion).

"The upgrade of Bumi's rating to B3 reflects its emergence from
bankruptcy with a lower debt balance and the absence of material
debt maturities until December 2022," says Maisam Hasnain, a
Moody's Analyst.

The debt restructuring will also improve Bumi's liquidity profile
and reduce its cash interest burden as only around $600 million
of total debt post restructuring has a cash interest payment
requirement, with an adjustable coupon depending on coal prices.


Of the total 7.5% coupon on this debt, the cash coupon is
currently 6.5% based on current coal prices. This translates to
around $40 million of annual cash interest payments. Bumi will
also pay the residual 1% coupon if it has sufficient cash
available.

Bumi's remaining debt shows payment-in-kind (PIK) interest which
is accrued and added to the principal amount of debt should Bumi
have insufficient cash to make periodic interest payments on
these instruments.

Bumi's B3 CFR is also supported by its position, through its
majority-owned subsidiaries PT Kaltim Prima Coal (KPC) and PT
Arutmin, as Indonesia's largest thermal coal producer, with
steady production levels despite market cyclicality, and the
overhang from a lengthy restructuring process.

Bumi targets to produce 86 million tonnes (MT) of coal in 2017,
in line with production of 87MT in 2016. The company also plans
to increase production in 2018, driven by 8MT of higher grade
coal which has restarted at Arutmin's Satui mine.

"Given Moody's medium term price considerations for thermal coal,
Moody's anticipate Bumi should be able to repay $300-$500 million
of principal under its Series A notes and Tranche A facilities
(currently around $600 million) by end-2019," adds Hasnain, also
Moody's lead analyst for Bumi.

Under the terms of the restructuring, Bumi's lenders have
appointed KPMG Services Pte. Ltd. as an independent monitoring
accountant. Its role includes overseeing Bumi's adherence to the
terms under its cash account management agreement (CAMA) with
lenders, which mandates the deployment of cash dividends received
by Bumi from Arutmin and KPC.

The appointment of a monitoring accountant and the waterfall
mechanism under the CAMA will provide protection to lenders in
ensuring greater transparency in cash movements and prioritizing
payments towards debt servicing.

"Bumi's B3 rating is premised on Moody's expectation of a strict
adherence to the mechanisms under its cash waterfall, and any
indication of cash leakages would result in negative ratings
pressure," adds Hasnain.

The compounding effect of PIK interest payments to debt levels
would result in a considerable increase in leverage in the event
that cash flows proved insufficient for servicing all interest
payments. In addition, Bumi would also face material refinancing
risk in December 2022 when its debt matures.

There also remains a high degree of event risk, given the expiry
of Arutmin's coal contract of work (CCoW) in November 2020.
Negotiations for the extension of the CCoW can only start two
years before its expiry and, while it is Moody's current view
that an extension on similar terms will be forthcoming, Moody's
remain cognizant of the regulatory risk and the impact on Bumi's
credit profile and ratings should that renewal not materialize in
a timely fashion.

Bumi's Series B senior secured notes are rated one notch lower
than Bumi's CFR and its Series A senior secured notes to reflect
its relative subordination as per the terms of the cash waterfall
whereby interest on Series B notes will only be paid once the
principal on Series A is fully repaid.

The ratings outlook is stable, reflecting Moody's expectation
that Bumi will maintain very prudent financial policies as it
executes its business strategy, with a focus on ramping up
production volumes and a commitment to reducing absolute debt
levels over the next 12-18 months.

Upward rating pressure is limited following Bumi's recent
emergence from debt restructuring. However, upward momentum on
the ratings could develop over time if Bumi exhibits a sustained
improvement in its financial profile with an established track
record of adherence to the principals under its cash waterfall,
including timely debt repayments as expected.

Downward ratings pressure could emerge if (1) Bumi's ability to
generate cash to repay debt in line with expectations is weakened
by a sustained decline in coal prices; (2) it fails to extend the
Arutmin CCoW on substantially similar terms; or (3) a deviation
occurs from stated prudent financial policies, including
adherence to the terms of its CAMA.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Bumi Resources Tbk (P.T.) (Bumi), through its majority-owned
subsidiaries, is Indonesia's largest thermal coal producer. The
company produced 63 million tons (MT) of coal for the nine months
ended September 2017, with its principal assets include a 51%
stake in PT Kaltim Prima Coal (KPC) and a 70% stake in PT
Arutmin.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: MAS Bans Two More People From Finance
------------------------------------------------------------
Bloomberg News reports that Singapore banned two more financial
professionals over breaches related to 1Malaysia Development
Bhd., taking to eight the number of prohibitions handed down by
the city in connection with the troubled state investment fund.

The Monetary Authority of Singapore issued a lifetime prohibition
order on former private banker Yeo Jiawei and placed a three-year
ban on Kevin Scully, the former chief executive officer of NRA
Capital Pte, it said Dec. 19, Bloomberg relates.

According to Bloomberg, Singapore is taking steps to safeguard
its reputation in the aftermath of the largest money laundering
probe in its history. Bloomberg says the city shut the local
units of two Swiss banks, seized hundreds of millions in assets
and convicted several people over offenses connected to 1MDB,
which has consistently denied wrongdoing.

MAS said Mr. Yeo, who worked at the local unit of Swiss private
bank BSI SA, was convicted by the Singapore courts on charges
including money laundering and witness tampering, Bloomberg
relays.

Bloomberg relates that the MAS said Mr. Scully failed to ensure
that NRA Capital used enough care, judgment and objectivity when
it performed a valuation of PetroSaudi Oil Services Ltd. The
Saudi oil explorer had formed a joint venture with 1MDB.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


PHILIPPINE AIRLINES: SEC Approves Bid for Equity Restructuring
--------------------------------------------------------------
BusinessWorld Online reports that the Securities and Exchange
Commission (SEC) has approved flag carrier Philippine Airlines,
Inc.'s (PAL) request to undergo equity restructuring, which would
pave the way for the entry of a strategic investor.

In a disclosure to the stock exchange on Dec. 18, parent company
PAL Holdings, Inc. said the SEC granted a certificate of approval
of equity restructuring to its subsidiary PAL last Dec. 13,
BusinessWorld relates.

"Following the grant of the aforementioned request, PAL's
additional paid-in capital of PHP13.64 billion will be used to
fully wipe off its deficit of PHP13.57 billion as of Dec. 31,
2016," the company said.

According to BusinessWorld, the equity restructuring is aimed at
erasing PAL's deficit ahead of its plan to take in a new
strategic investor.

In September, PAL received the SEC's go signal to lower its
authorized capital stock to PHP13 billion from the current
PHP20 billion, the report recalls. This involved a drop in the
par value of each share to 13 centavos from 20 centavos.

BusinessWorld relates that PAL earlier said the decrease in
authorized shares is part of the flag carrier's quasi-
reorganization, which will eliminate the deficit it accumulated
due to the company's losses before its three-year period of
profitability.

"The move to decrease authorized capital stock will allow the
flag carrier to declare dividends and attract more investors,"
the company, as cited by BusinessWorld, said.

Earlier this year, PAL President and Chief Operating Officer
Jaime J. Bautista bared talks with a strategic investor that is
looking to acquire "less than 40%" of the airline, BusinessWorld
relays.

The strategic investor is expected to help PAL better manage its
fleet and reach five-star full-service carrier status by 2020.
PAL currently has a three-star rating, BusinessWorld adds.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  First taking off in
1941, the carrier has grown into a fleet of about 40 aircraft
(including five Boeing 747-400s) flying to more than 20 domestic
points and about 30 foreign destinations.



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


SRI LANKA: High Debt Levels Show Credit Challenges, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Sri Lanka's (B1 negative)
high general government debt levels, very low debt affordability,
and fragile external payments position continue to present the
sovereign with material credit challenges.

In particular, persistently high government liquidity and
external vulnerability risks will maintain pressure on the
sovereign's credit profile, as large external payments come due
in 2019-2022.

Looking ahead, continued advancement of reforms that support
fiscal consolidation and reduce external vulnerabilities under
Sri Lanka's current IMF program will be critical to mitigating
macroeconomic risks and strengthening the sovereign's credit
profile.

Moody's analysis is contained in its just-released report titled
"Government of Sri Lanka: FAQ on fiscal reforms, and exposure to
liquidity and external vulnerability risks".

The report provides Moody's view on the following three
questions:

1) Have recent fiscal reforms improved Sri Lanka's sovereign
credit profile?

2) What is your assessment of government liquidity and external
vulnerability risks?

3) Will Sri Lanka's GDP growth contain credit risks?

On the issue of whether fiscal reforms in Sri Lanka have improved
the sovereign's credit profile, Moody's says that material near-
term improvements in the country's fiscal strength are unlikely.
Moody's explains that beside the implementation of the Inland
Revenue Act - aimed at broadening the tax base through a
simplification of the tax system - more sustained fiscal
consolidation will be challenging.

Moreover, contingent liability risks related to state-owned
enterprises will persist.

Moody's also points out that Sri Lanka's low tax efficiency and
tax collection methods provide significant scope to broaden the
tax base, increase tax revenue and eventually lower its elevated
debt burden, which was equivalent to just under 80% of GDP in
2017. Ongoing revenue reforms under the IMF program, particularly
in tax policy and administration, will support a gradual decline
in the debt burden over the medium term.

Moreover, particularly large external maturities are due in 2019-
2022. With significant market access required to refinance
maturing debt - including a sizeable portion denominated in
foreign currency - government liquidity and external
vulnerability risks will remain elevated.

Moody's points out that an ongoing accumulation of reserves and
implementation of an effective, predictable and transparent
liability management strategy would support the sovereign credit
profile, by reducing uncertainty around the cost of future
refinancing.

With the question of whether Sri Lanka's GDP growth contains
credit risks, Moody's says that the country's growth potential
and relatively large economy and high income levels when compared
with similarly rated sovereigns provide the economy with some
shock absorption capacity and will help limit some of the risks
from its high debt burden.



=============
V I E T N A M
=============


BANK FOR INVESTMENT: Moody's Affirms B1 LC Bank Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed JSC Bank for Investment &
Development of Vietnam's (BIDV) local-currency bank deposits
rating, and local and foreign-currency issuer ratings at B1/Not
Prime. Moody's has also affirmed BIDV's foreign-currency bank
deposits rating at B2/Not Prime.

At the same time, Moody's has upgraded the baseline credit
assessment (BCA) and adjusted BCA of BIDV to b3 from caa1.

Moody's has also affirmed the bank's counterparty risk assessment
(CR Assessment) at B1(cr)/Not Prime(cr).

The outlook on BIDV's B1 local-currency bank deposits, and local
and foreign-currency issuer ratings, remains positive, in line
with the positive outlook on Vietnam's sovereign rating. The
outlook on the bank's foreign-currency bank deposits rating
remains stable, because the rating is constrained by the B2
foreign-currency deposit ceiling for Vietnam.

RATINGS RATIONALE

The affirmation of BIDV's local-currency bank deposits rating,
and local and foreign-currency issuer ratings takes into account
the one-notch upgrade of its BCA and adjusted BCA to b3, and a
two-notch uplift to reflect Moody's assumption that the bank will
receive support from the Government of Vietnam (B1 positive) in
times of need.

BIDV's B1 local-currency bank deposits, and local and foreign-
currency issuer ratings are at the same level as Vietnam's
sovereign rating, and incorporate Moody's assessment of the
probability of government support for the bank as "Very High",
which is in turn underpinned by the bank's (1) status as the
second largest bank in Vietnam with sizeable market shares of
domestic deposits and loans; and (2) 95% ownership by the
Vietnamese government through the State Bank of Vietnam.

The upgrade of BIDV's BCA takes into account the stabilization in
the bank's asset quality as well as improvements in the bank's
funding profile.

Its problem loan ratio declined to 7.9% at the end of September
2017 from 8.4% at year-end 2016, driven largely by loan growth as
well as a stabilization in the pace of new problem loan
formation. Moody's defines problem loans as the sum of loans in
categories 2-5 under Vietnamese accounting standards and gross
bonds issued by the Vietnam Asset Management Company (VAMC).
Moody's expects the stabilizing trend in BIDV's asset quality to
continue over the next 12-18 months on the back of an improvement
in the operating environment which will in turn support the
repayment capacity of the bank's borrowers.

Customer deposits funded about 73% of the bank's tangible assets
at the end of September 2017. The bank's reliance on market funds
has trended down in recent years to 15% of its tangible assets as
it has grown its deposit base, and at the end of September 2017,
its sources of market funds primarily included borrowings from
the SBV and other banks (14% of tangible assets) and subordinated
bonds (1%).

In addition, as the second largest state-owned bank in Vietnam by
deposits and gross loans as at end-2016 and given its government
ownership, Moody's expects BIDV to benefit from a flight to
quality in case of any major shocks in its internal and external
operating environments. On balance, the BCA also considers BIDV's
single borrower and industry concentration, which remain high
against its weak capital levels.

WHAT COULD MOVE THE RATING UP

If Vietnam's B1 rating is upgraded, Moody's will likely upgrade
the long-term ratings of BIDV by incorporating additional notches
of government support uplift.

The following factors could result in an upward revision of
BIDV's BCA: (1) material improvements in asset quality and core
capital levels; and/or (2) significantly lower credit risk
concentration to individual borrowers and industry groups.

WHAT COULD MOVE THE RATING DOWN

BIDV's BCA and, consequently, its ratings could be downgraded if:
(1) the operating environment weakens significantly or
underwriting practices become loose, resulting in a considerable
deterioration in the bank's asset quality; (2) there is a
significant deterioration in capitalization; and/or (3) Moody's
assesses that government support for BIDV has weakened.

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

JSC Bank for Investment & Development of Vietnam, headquartered
in Hanoi, reported total assets of VND1,126 trillion at Sept. 30,
2017.

LIST OF AFFECTED RATINGS

Issuer: JSC Bank for Investment & Development of Vietnam

- BCA and Adjusted BCA upgraded to b3 from caa1

- Long-term foreign-currency bank deposits rating affirmed at
   B2; outlook stable

- Long-term local-currency bank deposits ratings affirmed at B1;
   outlook positive

- Long-term local-currency and foreign-currency issuer ratings
   affirmed at B1; outlook positive

- Long-term CR Assessment affirmed at B1(cr)

- Short-term local-currency and foreign-currency bank deposits
   ratings affirmed at NP

- Short-term local-currency and foreign-currency issuer ratings
   affirmed at NP

- Short-term CR Assessment affirmed at NP(cr)

- Outlook maintained at Stable (multiple)


VIETNAM MARITIME: Moody's Affirms B3 Bank Deposit & Issuer Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Vietnam Maritime
Commercial Joint Stock Bank's (MSB) local and foreign-currency
bank deposits and issuer ratings at B3/Not Prime.

At the same time, Moody's has affirmed the bank's BCA and
Adjusted BCA at caa1.

Moody's has also affirmed MSB's counterparty risk assessment
(CRA) of B2(cr)/Not Prime(cr).

The rating outlook for MSB remains positive.

RATINGS RATIONALE

The affirmation of the caa1 BCA reflects the elevated risks in
MSB's balance sheet, namely its large share of assets that
Moody's considers problematic. As at end-September 2017, the
bank's problem loan ratio was among the highest within the
universe of Moody's rated Vietnamese banks. Moody's defines
problem loans as the sum of loans in categories 2-5 under
Vietnamese accounting standards and gross bonds issued by the
Vietnam Asset Management Company (VAMC).

Profitability remains constrained due to the bank's high share of
low yielding assets in its balance sheet, coupled with very high
credit costs. On balance, the BCA also considers MSB's high
capital levels and sound liquidity position.

The positive outlook on the supported ratings reflects the bank's
committed and ongoing efforts to resolve its legacy problem
assets, which should lead to improved asset quality and
profitability metrics. Given the large size and very concentrated
nature of these legacy accounts, and the bank's positive
expectations around recoveries, this could lead to meaningful
improvements in asset quality in 2018. Material recoveries of
impaired assets could significantly improve the bank's solvency
profile.

The moderate public support assumption for MSB is based on the
bank's modest 1% share of system deposits at year-end 2016, as
well as a history of regulatory forbearance in Vietnam. This
results in a one-notch uplift to its rating to B3 from its caa1
BCA.

WHAT COULD MOVE THE RATING UP

A material reduction in problem assets, including the bank's VAMC
balance, could lead to upward rating pressure. Improved
profitability would also be positive for the rating.

WHAT COULD MOVE THE RATING DOWN

The rating could be downgraded or the outlook revised to stable
or negative if there is a further deterioration in asset quality
and a material depletion in the bank's capital buffers in the
medium term.

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

Vietnam Maritime Commercial Joint Stock Bank, headquartered in
Hanoi, reported total assets of VND104 trillion at September 30,
2017.



                             *********

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
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thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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