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

                      A S I A   P A C I F I C

           Friday, January 26, 2018, Vol. 21, No. 019

                            Headlines


A U S T R A L I A

BLUE ENSIGN: Second Creditors' Meeting Set for Feb. 1
CADET SHOES: RMK and Zensu Collapses Into Administration
DURACK HOSPITALITY: Second Creditors' Meeting Set for Feb. 1
EASTERN GURUMA: Creditors to Be Paid in Full, Administrator Says
FAST ACCESS: Court to Hear Wind Up Petition on Feb. 28

FRANCHISE RETAIL: First Creditors' Meeting Set for Feb. 6
PUBLICAN GROUP: Second Creditors' Meeting Set for Feb. 1
VENUE 63: Second Creditors' Meeting Set for Feb. 1


C H I N A

GOLDEN WHEEL: S&P Affirms 'B' CCR With Negative Outlook
LANDSEA GREEN: Fitch Publishes 'B' IDR; Outlook Positive
LANDSEA GREEN: Moody's Assigns B2 CFR; Outlook Positive
LANDSEA GREEN: S&P Assigns 'B' CCR With Stable Outlook
SEVEN STARS: Issues 320,000 Common Shares to DBOT-I LLC

SHIMAO PROPERTY: New USD Bond Offer No Impact on Moody's Ba2 CFR
YINGDE GASES: Fitch Assigns B+ Rating to US$500M Sr. Unsec. Notes


H O N G  K O N G

NOBLE GROUP: Strikes $3.5BB Debt Restructure Deal With Lenders


I N D I A

AL AMEEN: CRISIL Withdraws B Rating on INR120MM LT Loan
ANNAPURNA TRADING: ICRA Reaffirms B Rating on INR8cr Loan
BE BE RUBBER: CRISIL Raises Rating on INR4.85MM Loan to B
BEMCO SLEEPERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
CREDIT OF ANALYSER: ICRA Reaffirms B+ Rating on INR1cr Loan

DAYAL STEELS: ICRA Moves B+ Rating to Not Cooperating Category
DILIGENT SCM: ICRA Lowers Rating on INR6.14cr Loan to D
FILM FARM: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
GEETANJALI SPICES: Ind-Ra Assigns B+ LT Issuer Rating
GLORY PRODUCTS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

GOLHAR GINNING: CRISIL Assigns B- Rating to INR4.75MM Loan
GONDWANA ENGINEERS: CARE Reaffirms D Rating on INR54cr Loan
GREEN VIEW: CARE Assigns B Rating to INR10cr LT Loan
GREEN PETRO: ICRA Removes B Rating From Not Cooperating Category
JAI KRISHAN-SVP: ICRA Lowers Rating on INR30cr Term Loan to B+

JINDAL INFRASTRUCTURE: Ind-Ra Moves B+ Rating to Non-Cooperating
JINDAL-PRL INFRA: Ind-Ra Moves B+ Rating to Non-Cooperating
JITEEN ENGINEERING: CRISIL Moves Rating to B/Not Cooperating
K2 METALS: ICRA Hikes Rating on INR5cr Term Loan to B+
KISAN MOULDINGS: CARE Assigns B+ Rating to INR208.75cr LT Loan

LALIT POLYPLAST: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
LOTUS GEM: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
NATIONAL HOTELS: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
PARTH NATURAL: CARE Moves B+ Rating to Not Cooperating Category
PRADHAMA MULTI: CRISIL Reaffirms B Rating on INR131MM LT Loan

RAJASTHAN METALS: Ind-Ra Raises Issuer Rating to 'BB-'
RAMKRUPA GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
REDDY AND REDDY: CARE Moves B+ Rating to Not Cooperating Category
ROCKLAND CERAMIC: CARE Assigns B+ Rating to INR16.37cr LT Loan
SAYAJI PACKAGING: ICRA Raises Rating on INR3cr Loan to B

STAR REWINDERS: CRISIL Reaffirms B- Rating on INR3MM Cash Loan
SURAKSHA AVENUES: Ind-Ra Migrates BB- Rating to Not Cooperating
TAU AGRO: CARE Assigns B+ Rating to INR15cr LT Loan
TOYOP RELIEF: CRISIL Lowers Rating on INR13MM LT Loan to D
VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR8MM Loan

VASUDEV POWER: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
VIKAS FILAMENTS: CARE Assigns B+ Rating to INR1.61cr LT Loan
VITTHAL GAJANAN: CARE Lowers Rating on INR17.60cr Loan to D


I N D O N E S I A

TUNAS BARU: Fitch Rates US$200MM Senior Unsecured Notes Final BB-


J A P A N

TK HOLDINGS: Wants to Maintain Exclusivity Through Feb. 27


S I N G A P O R E

GLOBAL A&T: Plan Has Jan. 12, 2018 Effective Date


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


BLUE ENSIGN: Second Creditors' Meeting Set for Feb. 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of Blue Ensign
Technologies Limited has been set for Feb. 1, 2018, at 10:00 a.m.
at the offices of Veritas Advisory, Level 5, 123 Pitt Street in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2018, at 4:00 p.m.

Vincent Pirina and David Iannuzzi of Veritas Advisory were
appointed as administrators of Blue Ensign on Dec. 17, 2017.


CADET SHOES: RMK and Zensu Collapses Into Administration
--------------------------------------------------------
Cara Waters at The Sydney Morning Herald reports that shoe
wholesaler and manufacturer Cadet Shoes, which sells well-known
shoe brands including RMK and Zensu, has collapsed into
administration.

Matthew Jess and Ivan Glavas of Worrells have been appointed as
administrators, the report says.

Paul Burness of Worrells told Fairfax Media the administrators
were appointed a week ago.

"We have been analysing the operation and we are looking to
rationalise operations over the next few days," the report quotes
Mr. Burness as saying. "We have sought expressions of interest
for a purchase as a going concern. We are also looking at a
potential deed of company arrangement."

Creditors are owed AUD4.8 million and family members are the
major creditors, SMH discloses.

According to the report, Mr. Burness said AUD460,000 is owed to
local creditors, AUD350,000 to international creditors and the
remainder owing to employees.

"Some of the employees had been given notice prior to our
appointment and we are working through the issues with them at
the moment," he said, notes the report.

SMH relates that Mr. Burness said while it was still early days
in the administration process, "times in retail are pretty tough
as everybody knows I think".

Cadet Shoes' administration is the latest in a line of fashion
retail collapses with Oroton, Marcs, David Lawrence, Herringbone,
Rhodes & Beckett, Payless Shoes and Pumpkin Patch all going under
in the past two years, SMH states.

According to SMH, John Winter, chief executive of Australian
Restructuring and Insolvency Turnaround Association, said fashion
retail is one of the most active areas in insolvency at the
moment.

"Retail is standing out quite dramatically," SMH quotes Mr.
Winter as saying. "Obviously we have had some fairly high profile
collapses in recent times from Oroton to Gap and I think it's
clear to say we have seen significant pressure in this space
which is not simply attached to Amazon. The reality is a lot of
retailers are struggling under the weight of rental costs, and
rental costs have not adjusted to what retailers are facing."

Cadet Shoes, which is based in the Melbourne suburb of
Abbotsford, employs 37 staff and turned over AUD10 million last
year.


DURACK HOSPITALITY: Second Creditors' Meeting Set for Feb. 1
------------------------------------------------------------
A second meeting of creditors in the proceedings of Durack
Hospitality Pty Ltd has been set for Feb. 1, 2018, at 11:00 a.m.
at Sandalwood Meeting Room, Holiday Inn City Centre Perth, 778-
788 Hay Street, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 201, at 4:00 p.m.

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


EASTERN GURUMA: Creditors to Be Paid in Full, Administrator Says
----------------------------------------------------------------
National Indigenous Times reports that creditors of the Eastern
Guruma contracting company - placed in voluntary administration
in October - will be paid in full by November, administrator Kim
Strickland said.

According to NIT, Mr. Strickland said the company was "proceeding
well" after creditors accepted a deed of company arrangement late
last year.

The arrangement will see creditors paid five percent on top of
the amounts owed to them, the report says.

Eastern Guruma Pty Ltd is facing about AUD5 million in gross
claims, NIT discloses.

Three administrators were appointed to the company at the request
of the company's directors, the report notes.

Eastern Guruma Pty Ltd, owned by members of the Eastern Guruma
traditional owners in WA's Pilbara, has multimillion dollar
projects with some of the biggest names in mining. It also has
interests in cattle stations.


FAST ACCESS: Court to Hear Wind Up Petition on Feb. 28
------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings for recovery of unpaid fines against Fast
Access Finance Pty Ltd, Fast Access Finance (Beenleigh) Pty Ltd
and Fast Access Finance (Burleigh Heads) Pty Ltd (the FAF
Companies).

In March 2017, the Federal Court fined the FAF Companies a total
of AUD730,000, after finding in proceedings brought by ASIC that
the FAF Companies breached consumer credit laws by engaging in
credit activities without holding an Australian credit licence.
The FAF Companies operated under a business model where consumers
seeking small value loans were required to sign documents which
purported to be for the purchase and sale of diamonds in order to
obtain a loan. The reality was that there were no diamonds, it
was instead a sham designed to avoid consumer credit laws.

ASIC has applied to the Supreme Court of Queensland for orders to
wind up the FAF Companies as a result of the non-payment of the
fines.

The winding-up applications will be heard in the Supreme Court of
Queensland on Feb. 28, 2018.

ASIC was successful in obtaining orders against the FAF Companies
in September 2015 and fines were imposed in March 2017.


FRANCHISE RETAIL: First Creditors' Meeting Set for Feb. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Franchise
Retail Brands Limited will be held at the offices of GM
Insolvency, Level 27, 10 Eagle Street, in Brisbane, Queensland,
on Feb. 6, 2018, at 11:30 a.m.

Ginette Muller -- ginette@gmadvisory.com.au -- and Marcus Watters
-- marcus@gmadvisory.com.au --  of GM Insolvency were appointed
as administrators of Franchise Retail on Jan. 24, 2018.


PUBLICAN GROUP: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Publican
Group Pty Ltd has been set for Feb. 1, 2018, at 11:30 a.m. at
Sandalwood Meeting Room, Holiday Inn City Centre Perth, 778-788
Hay Street, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 201, at 5:00 p.m.

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


VENUE 63: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------
A second meeting of creditors in the proceedings of Venue 63 Pty
Ltd has been set for Feb. 1, 2018, at 10:30 a.m. at the offices
of Worrells Solvency & Forensic Accountants, Suite 1103, Level 11
147 Pirie Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 31, 2018, at 5:00 p.m.

Nick Cooper and Dominic Cantone of Worrells Solvency & Forensic
Accountants were appointed as administrators of Venue 63 on
Dec. 24, 2017.



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C H I N A
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GOLDEN WHEEL: S&P Affirms 'B' CCR With Negative Outlook
--------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term corporate credit
rating on China-based developer Golden Wheel Tiandi Holdings Co.
Ltd. (GW Tiandi). The outlook is negative.

S&P said, "We affirmed the rating because we expect GW Tiandi's
cash flows and revenue recognition to improve over the next 12-24
months on the back of better project execution and delivery.
However, given the company's high project concentration risk due
to its fewer projects compared with similar-rated peers, the
revenue recognition and financial metrics can easily be affected
by the completion of projects.

"In addition, we are uncertain on GW the feasibility of GW Tiandi
acquiring new land at a favorable cost, particularly in Nanjing.
In addition, GW Tiandi is susceptible to industry cycles due to
its small operating scale concentrated around southern Jiangsu
province, resulting in unstable financial leverage."

GW Tiandi's stronger profitability than peers', with EBITDA
margin of more than 30%, and the company's growing stable rental
income in the next 12-24 months could temper its weaknesses.

S&P said, "We estimate that GW Tiandi's sales and revenues will
remain stable in 2017 and 2018 due to the completion of ongoing
projects and the company's larger saleable resources. We forecast
the company's contracted sales to be Chinese renminbi (RMB) 2.2
billion-RMB2.5 billion in the next 12-24 months, compared with
about RMB2.4 billion in 2016. Of the total contracted sales, we
estimate that 20%-25% is from joint ventures.

"We believe that any slippage in project launches could
significantly affect GW Tiandi's leverage. The company's projects
are mainly in Nanjing, Changsha, Zhuzhou, and Wuxi. Its total
land reserve is about one million square metres (sqm) gross floor
area (GFA) spread across 10-12 projects."

Nanjing is likely to continue to be GW Tiandi's core city, with
contracted sales from the city likely to account for 25%-35% of
the total in 2017 and 2018. GW Tiandi replenished its land bank
by about 441,827 sqm GFA in late 2016 and 2017. The total
spending was RMB2 billion-RMB2.5 billion. S&P believes the
additional land reserve will support the company's sales in the
next two to three years.

S&P said, "However, we believe GW Tiandi will find it more
challenging than its larger peers to replenish its land reserves
amid rising land costs and increasing competition. In our view,
GW Tiandi's land acquisitions peaked in 2017 and will likely slow
down in 2018. The company will focus on developing new projects.

"We expect GW Tiandi's EBITDA interest coverage to increase to
above 2x in 2017 and 2018, from about 1.3x in 2016. This is
driven by the company's increased project delivery. We also
anticipate that the leverage ratio will improve to 6x-8x over the
same period, from 9.7x in 2016. However, the levels could
deteriorate to some degree, given uneven project completion."

GW Tiandi's growing commercial proprieties portfolio continues to
generate stable recurring income and contribute to a higher
margin than pure property developer peers'. S&P said, "We
anticipate that GW Tiandi's rental income (excluding hotel
income) will gradually increase to RMB160 million-RMB170 million
in 2017 and 2018 with the opening of new metro malls. We
anticipate that the rental income will cover more than 50% of GW
Tiandi's gross interest expenses in the coming 12 months. We
continue to reflect this factor in a one-notch uplift in our
comparable ratings analysis."

The negative outlook on GW Tiandi over the next 12 months
reflects the uncertainty over the company's project execution,
especially of new projects. This may impact contracted sales and
revenue recognition and therefore debt leverage in the period.
However, S&P expects GW Tiandi's rental income to continue to
steadily grow and the company to be more disciplined in its debt-
funded land acquisitions following the larger spending in 2017.

S&P may lower the rating under the following situations:

-- GW Tiandi's revenue from property development does not
    significantly improve, or its pace of land acquisitions
    causes its debt to increase beyond S&P's expectations, such
    that its EBITDA interest coverage falls below 1.5x or its
    debt-to-EBITDA ratio worsens beyond S&P's expectation of
    around 8x; or

-- GW Tiandi's income stability deteriorates such that the ratio
    of its recurring rental income to interest expenses falls
    below 50%.

S&P said, "We may revise the outlook to stable if GW Tiandi
continues to improve its income stability and consistency in
project execution.

"More stable revenue recognition, and better sales and land
acquisition planning, such that the company's scale stabilizes
and financial leverage is better than our base-case expectation
would indicate consistency in project execution."

GW Tiandi's ratio of recurring rental income (excluding hotel
income) to interest expenses growing to around 70% on a sustained
basis would demonstrate income stability.


LANDSEA GREEN: Fitch Publishes 'B' IDR; Outlook Positive
--------------------------------------------------------
Fitch Ratings has published China-based residential property
developer Landsea Green Properties Co., Ltd.'s Long-Term Issuer
Default Rating (IDR) of 'B'. The Outlook is Positive. Fitch has
also published Landsea's senior unsecured rating of 'B', with
Recovery Rate of 'RR4'.

Landsea's ratings are supported by the rapid growth in its
business of providing project management services for green-
technology homes, which generates healthy EBITDA in excess of its
interest expenses from 2017, in Fitch estimate. Its ratings are
also supported by Fitch expectations that Landsea's attributable
contracted sales will increase to above CNY10 billion from 2018,
helped by its quality land bank in Tier 2 cities in the Yangtze
River Delta region and in major cities in the US.

The ratings are mainly constrained by its leverage, which is
higher than that of most Chinese homebuilders with 'B' ratings
from Fitch. Leverage has been driven by its expansion in the past
three years.

The Positive Outlook reflects Fitch's expectation the company
will deleverage significantly from 2018, supported by a sharp
rise in sales from its US business, which Fitch expects to mature
and turn profitable. The company's adoption of an asset-light
strategy by holding minority equity interests for the majority
projects in China allows it to increase its total contracted
sales without carrying higher leverage. Landsea's high-margin
project management services, which are provided to both its joint
venture and associated projects, and third parties, should enjoy
rapid growth in 2017-2018. This will also drive Landsea's
interest coverage higher.

KEY RATING DRIVERS

Deleveraging After Expansion: Fitch expects the company's
leverage, measured by net debt to adjusted inventory, to fall
below 50% by 2018 when the majority of its US projects acquired
in 2013-2016 are due to be delivered. Leverage should also come
down due to controlled land acquisition and construction, which
Fitch expect to amount to around 80% of annual sales value. In
addition, operating cash flows from the growing project
management business should rise and contribute to deleveraging.

Landsea's leverage was high at around 70% during 2014-2016
because it built up inventory after it was listed in 2013. Its
attributable land bank increased to 1.9 million sq m at end-2016
from 0.4 million sq m at end-2013, with land premium amounting to
nearly 80% of the total sales value during 2014-2016.
Construction expenses totalled CNY6 billion-7 billion, or about
48% of sales value, in the same period, making it another major
cash outflow. Leverage was also kept high by the timing of cash
collection from the company's US business, which started only on
completion of development from 2017, unlike projects in China,
where homes are pre-sold.

Small, Diversified Operation: Fitch believes the company's
quality land bank and diversified operations will support its
expansion to more than CNY10 billion in attributable contracted
sales from 2018. Landsea's attributable land bank was 1.9 million
sq m at end-2016, smaller than that of peers in the 'B' rating
category. The company targets core Tier 2 cities in China, and
around 49% of its land bank was in the Yangtze River Delta, in
cities like Nanjing, Suzhou and Hangzhou. Landsea's seven US
projects are in coastal areas and together represent 13% of its
land bank.

Growing Project Management Business: Landsea's project management
business, which achieved high EBITDA margin of 60%-70% in 2015-
2016, is another source of cash flow to service its debt. Fitch
expects EBITDA from this segment to cover gross interest expense
by more than 1x from 2017 (12 months to June 2017: 0.9x),
underpinned by solid new orders in past three years, and its
ability to obtain new orders following better brand recognition.
Fitch expect revenue from this segment to increase by 80%-90%
annually in 2017-2018.

Landsea began providing property project management services to
third parties from 2015, which tapped its rich experience and
established brand name in green-technology homes. The business
has expanded rapidly, with Leadsea adding CNY1 billion-2 billion
in new orders each year during 2015-2017. The company had an
order book of CNY3 billion at end-2017, which will support its
project management revenue in the next two-three years.

Margin to Bottom: Landsea's EBITDA margin was low at 10.4% in
2016 (12 months to June 2017: 9.4%), mainly due to delivery of
products catering to rigid demand with narrow profit margin in
China. Its US business was also at an early stage of development
and did not yet generate profits. Fitch expects overall margin to
improve to above 15% in 2018-2019, driven by delivery of higher-
end products with gross profit margin at around 25%-30% in China,
growing contribution from its high-margin project management
business, and rising earnings contribution from its US business.

DERIVATION SUMMARY

Landsea's leverage is higher than that of most of its 'B' rated
peers, such as Hong Yang Group Company Limited (B/Stable) and
Xinyuan Real Estate Co., Ltd. (B/Stable), which generally have
leverage of below 60%. Its scale is also smaller than its peers,
averaging at CNY10 billion in attributable contracted sales a
year.

The adoption of an asset-light strategy and the monetising of its
rich experience in green-technology homes differentiate Landsea
from traditional homebuilders, and support its deleveraging. Its
quality land bank in China and diversification into the US will
help the company to expand its contracted sales to above CNY10
billion in the next year. Non-development EBITDAR, from the solid
project management service and apartment subleasing businesses
and investment properties, is about 1x its cash interest and
rental expenses, exceeding that of all its 'B' rated peers.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Landsea
include:
- Attributable contracted sales value at CNY9 billion in 2017,
   and CNY10 billion-13 billion a year during 2018-2019;
- US business matures and starts to book annual revenue of above
   CNY2 billion from 2018;
- Land replenishing at 0.9x-1.4x of gross floor area sold of the
   same year during 2017-2019;
- Construction expenses accounting for 30%-40% of attributable
   sales value during 2017-2019;
- New orders for project management business increase at 70% yoy
   in 2017, and 15%-20% a year in 2018-2019.

Recovery analysis assumptions:
- Landsea will be liquidated in a bankruptcy because it is an
   asset trading company
- 10% administrative claims
- Onshore and offshore inventories are separated to better match
   assets and debts

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets, and estimated value of the project
management service business that can be realised and distributed
to creditors
- Fitch applied a haircut of 30% on its receivables, 40% on
   onshore adjusted inventory, and 45% on offshore inventory,
   which is in line with that for Landsea's domestic and US peers
- Fitch applied a multiple of 4x on the forecasted EBITDA of the
   project management business, and then a haircut of 40% of the
   estimated value of project management service
- Repayment waterfall: onshore assets to repay tax claims and
   onshore borrowing; offshore assets to repay the rest of
   uncovered onshore borrowing (assuming these rank pari passu
   with offshore borrowing), and offshore borrowing

Based on Fitch calculation of the adjusted liquidation value,
after administrative claims of 10%, and based on the order of
repayment waterfall, Fitch estimate the recovery rate of the
offshore senior unsecured debt at 63%, which corresponds to a
Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- Net debt/adjusted inventory sustained below 50%
- EBITDA margin sustained above 15%
- Non-development EBITDAR / (cash interest + rental expenses)
   sustained above 1.5x. Non-development segment includes project
   management services, subleasing and investment property
   businesses (12 months to June 2017: 0.92x; 2016: 0.86x)

Developments that may, individually or collectively, lead to the
Outlook reverting to Stable:
- Failure to maintain the above positive rating sensitivities,
   and a shift away from the company's current asset-light
   strategy

LIQUIDITY

Adequate Liquidity: Landsea had CNY2.5 billion in available cash
on hand at end-June 2017, which exceeded its short-term debt of
CNY1.8 billion. Landsea has generated positive cash free cash
flow in the past two years, and Fitch expect it continue in this
trend in the next two years, supported by its healthy sales
activities.


LANDSEA GREEN: Moody's Assigns B2 CFR; Outlook Positive
-------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Landsea Green Properties Co., Ltd.

The rating outlook is positive.

RATINGS RATIONALE

"Landsea's B2 rating reflects its asset-light business model,
allowing it to earn service income while requiring limited
invested capital and borrowed funds per development project when
compared to fully-owned projects," says Cedric Lai, a Moody's
Assistant Vice President and Analyst .

As of June 30, 2017, the company had 15 wholly owned projects, 33
partially owned projects under its asset-light business models,
and 14 projects which were purely under management or service
support and over which Landsea had no ownership.

Under its asset-light business model the company takes various
levels of ownership in property development projects in China (A1
stable) through entrusted development (ownership of less than
10%), minority interest cooperations (30% or less), and joint
developments (50%).

On June 30, 2017, Landsea had a weighted-average equity ownership
of 41% in land reserves of its property projects, as measured by
attributable gross floor area (GFA) to total GFA under
management. The company aims to lower this ratio to 30% in the
long run.

Under its asset-light business model Landsea does not need to
purchase land, thus reducing its funding needs. Its property
development is reliant instead on projects brought in by
investors.

Landsea uses its brand name for all projects and exercises full
operational control during the development phase. In turn, it
receives a share of the project profits, and collects performance
and management fees (service income).

Landsea is only responsible for guaranteeing its prorated share -
- based on its level of ownership - of financial commitments for
each project, allowig it to invest in more projects than it would
be able to in a scenario of full ownership. This business model
in turn allows Landsea to spread property development risk over
multiple projects across China. Moreover, it can maximize return
on its capital under its asset-light business models.

Landsea's B2 corporate family rating is supported by its
recognized brand in the niche green property market. Landsea has
attracted buyers because its green products demonstrate sustained
demand and higher selling prices versus traditional property
offerings.

Landsea's B2 rating also considers the good quality investing
partners for its property projects, such as Ping An Real Estate
Company Ltd, Poly Real Estate Group Co. Ltd (Baa2 stable), China
Orient Asset Management Co., Ltd. (A3 stable), CITIC Capital
Holdings Ltd, and China Minsheng Bank. The presence of these
quality partners reflects Landsea's good brand name and sales
execution ability.

The B2 rating also reflects Landsea's ability to develop a stream
of service income, which adds stability to its debt service
capacity.

Moody's expects Landsea's service income will grow to around
RMB1.0 billion per annum, equivalent to about 1.5x of annual
interest expenses, over the next 12-18 months.

On the other hand, the B2 corporate family rating is constrained
by the company's developing track record for its asset-light
business model.

Landsea has adopted the asset-light model since 2015, and the
sustainability of the model depends on the ability of the company
to secure new projects from investors through the property
cycles.

Another rating constraint is the company's narrow funding
sources. In 1H 2017, Landsea's funding base had a high proportion
of shareholder loans, high-cost trust loans and private notes.

Moody's notes that the company is exploring offshore funding to
expand its investors base.

The company's liquidity position is adequate. As of June 30,
2017, Landsea's cash balance totaled RMB2.7 billion, which was
sufficient to cover its short-term debt of RMB1.8 billion.

The positive rating outlook reflects Moody's expectation that the
company will improve its credit metrics over the next 12-18
months. Specifically, Moody's expects the company will reduce its
debt leverage -- as measured by adjusted debt/EBITDA -- to 4.5x
from 7.1x at the end of December 2016, and raise EBIT/interest to
3.2x from 1.5x over the same period.

These levels are stronger than its B2-rated Chinese property
peers. Moreover, the company's annual service fees are expected
to grow to a level equivalent to 1.5x of annual interest
expenses, positioning it stronger than its rated B2 property
peers.

Upward rating pressure could emerge if Landsea successfully
executes its asset-light business model, grows in scale and
improves its credit metrics, with EBIT/interest coverage above
3.5x and adjusted debt/EBITDA below 4.0x on a sustained basis.

On the other hand, the rating outlook could be revised to stable
if Landsea is unlikely to grow in scale or achieve the expected
improvement in credit metrics over the next 12-18 months.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Landsea Green Properties Co., Ltd. is a property developer, as
well as a property development and management services provider
in China and the US, specializing in green property projects. It
listed in Hong Kong through a reverse IPO in 2013, after
acquiring Shenzhen High-Tech Holding Limited. The company's
founder and chairman, Mr. Tian Ming, owned 29% of Landsea as of
June 30, 2017.


LANDSEA GREEN: S&P Assigns 'B' CCR With Stable Outlook
------------------------------------------------------
S&P Global Ratings said it has assigned its 'B' long-term
corporate credit rating to China-based developer Landsea Green
Properties Co. Ltd. (Landsea). The outlook is stable.

S&P said, "The ratings on Landsea reflect our assessment of the
credit profile of the company's controlling shareholder, Landsea
Group Co. Ltd. (Landsea Group), because we assess Landsea as a
core subsidiary and fully integral to the group's strategy and
operations. Since its back-door listing in 2013, the company has
carried out all new property projects for the group. In 2016,
Landsea accounted for more than 65% of Landsea Group's assets. We
expect this share to continue to increase."

Landsea Group has a moderate operating scale, relatively weak
profitability, and high financial leverage. The group's strong
market position in green property development in China and
growing property service income from an asset-light strategy
temper these weaknesses.

Landsea has a smaller land bank than similarly rated peer China
SCE Property Holdings Ltd. (China SCE), but slightly larger than
that of Hong Yang Group Co. Ltd. (Hong Yang). Landsea's land bank
was 8.1 million square meters gross floor area (GFA) (or
attributable of 3.2 million) as of the end of June 2017, compared
with China SCE's 12.1 million sqm and Hong Yang's around 4
million sqm. Nevertheless, Landsea's operations are more
geographically diversified, with the U.S. accounting for 24.3% of
net assets.

Landsea Group's differentiated brand and product offerings in the
green property segment support its leadership in this niche
market. As of June 2017, Landsea Group was among the top three
developers in China with the most "Three-Star Green Building
Identifications." The group benefits from the growing awareness
for ecofriendly and safe homes (e.g., reduced indoor particulate
matter and pollution levels) in China's developed cities.

Landsea Group's diversified income streams also support its
credit profile. The group's property services income (including
brand licensing, sales management services, and technical
services) started to grow in 2014. In 2016, property service
income accounted for 39% of Landsea's operating profits (roughly
30% of Landsea Group's), and we expect this share to increase.
Property service income is less capital intensive and more
profitable. As such, Landsea Group's margin and leverage should
gradually improve with its rising property services income.

S&P said, "We expect Landsea Group's profitability to slightly
improve, but remain lower than the industry average over the next
two years, due to recognition of some low-margin legacy projects
in smaller cities (e.g., Wuxi) and government policy to regulate
sales prices in select cities. The group's somewhat high
construction costs for green properties also put pressure on its
sales margins, especially in cities with government price
controls. In 2016, Landsea's and Landsea Group's EBITDA margins
were only about 13.8% and 11.9%, respectively.

"We believe Landsea Group's growth of contracted sales (with
equity interest) will accelerate to about 20% in 2018, after
having slowed in 2017 due to government policies. With robust
demand in its key markets (e.g., Nanjing and Hangzhou), its sales
should rebound in 2018." However, its equity stake in contracted
sales will decrease to below 50% of gross sales, given its
strategic choice of minority interest cooperation. In 2017,
Landsea and its joint venture and associates' sales (including
asset-light sales) has grown to Chinese renminbi (RMB) 28.4
billion from RMB 24.4 billion in 2016, with fast growth in asset-
light sales offsetting the slowdown in sales with equity
interest.

Landsea Group's financial leverage is likely to remain high over
the next 12 months, given the moderate recovery in the company's
margins. Over the past three years, Landsea Group's ratio of debt
to EBITDA has remained above 5x despite some improvement due to
increasing property services income. S&P's base case forecasts
Landsea Group's debt-to-EBITDA ratio will improve to 5.0x-5.5x in
2017, from 5.6x in 2016 and 7.2x in 2015.

S&P said, "The stable outlook on Landsea reflects our expectation
that Landsea Group will continue its steady sales growth while
expanding its service income over the next 12 months. During the
period, the group's currently weak profitability will also
gradually improve. We also expect the company to remain a core
subsidiary for Landsea Group.

"We may lower the rating if Landsea Group's margin recovery or
growth in investment income is slower than our base case,
resulting in an increase in its debt-to-EBITDA ratio or worsening
liquidity. EBITDA interest coverage below 1x or a material
increase in the proportion of short-term debt could indicate
heightened liquidity risk.

"We could upgrade Landsea if Landsea Group can improve its
leverage, such that its debt-to-EBITDA ratio remains below 5x on
a sustained basis. This could happen if Landsea Group's service
income expands materially following its asset-light strategy, or
the group's gross margin recovers significantly to be materially
higher than our base case of about 17% in 2018."


SEVEN STARS: Issues 320,000 Common Shares to DBOT-I LLC
-------------------------------------------------------
Seven Stars Cloud Group, Inc., entered into a stock purchase
agreement with Delaware Board of Trade Holdings, Inc. ("DBOT")
and DBOT-I LLC (the "Seller") on Jan. 12, 2018, pursuant to which
the Seller agreed to sell 500,000 shares of common stock of DBOT
to the Company and the Company issued an aggregate of 320,000
shares of Common Stock of the Company to the Seller.  The Seller
agreed to a one-year lock up period for the shares of common
stock of the Company received by the Seller pursuant to the DBOT
Purchase Agreement, according to a Form 8-K filed with the
Securities and Exchange Commission.

                        About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc., is
an Intelligent Industrial Internet (3I) platform, creating an
artificial intelligent & fintech-powered, supply chain solution
for commercial enterprises.  By utilizing cutting-edge and
all-encompassing fintech-powered technologies plus resources such
as Artificial Intelligence, Blockchain, Cloud Computing & Data
("ABCD"), Seven Stars Cloud provides efficient, secure and
margin-expanding digital supply chain solutions and asset-backed
securitization for global industrial energy, commodity,
exhibition/trade show & Intellectual Property, clients & markets.
The company is headquartered in Tongzhou District, Beijing,
China.

Visit http://www.sevenstarscloud.comfor more information.

KPMG Huazhen LLP, in Beijing, China, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2016, noting that the
Company incurred recurring losses from operations, has net
current liabilities and an accumulated deficit that raise
substantial doubt about its ability to continue as a going
concern.

Webcast reported a net loss of $27.43 million in 2016 following a
net loss of $8.54 million in 2015.  As of Sept. 30, 2017, Seven
Stars had $71.55 million in total assets, $47.76 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $22.53 million in total equity.


SHIMAO PROPERTY: New USD Bond Offer No Impact on Moody's Ba2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Shimao Property Holdings
Limited's Ba2 corporate family rating and Ba3 senior unsecured
debt rating are unaffected by the company's announcement of a
positive profit alert and its proposed USD bond offering.

The rating outlook remains stable.

On January 22, 2018, Shimao said that it expects to record a rise
in the profit attributable to the company's shareholders for the
year ended December 31, 2017 of at least approximately 40% as
compared with the previous year.

The expected increase is primarily attributable to a rise in
profit from the core business of the group and favorable moves in
the US dollar/Renminbi exchange rate.

"Shimao's positive profit alert is within Moody's expectations
and is already reflected in its ratings," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

"In addition, Moody's expect that Shimao's proposed bond issuance
will not have a material impact on the company's credit metrics,
as part of the proceeds will be used to refinance its existing
debt." adds Leung.

Moody's expects that Shimao will report meaningful revenue and
profit growth over the next 12-18 months, driven by its robust
contracted sales growth of 48% in 2017 compared with 2016 and an
expected increase in gross profit margins to 29%-31% from around
27.6% in 2016.

Furthermore, Moody's expects that Shimao's revenue/debt will be
75%-80% and its EBIT/interest coverage will be 3.3x-3.8x over the
next 12-18 months, similar to the levels for the 12 months ended
June 30, 2017, because debt will likely grow materially to
support business expansion. These credit metrics support its Ba2
corporate family rating.

In addition, Moody's expects Shimao's liquidity position to
remain strong, underpinned by robust operating cash flows. Its
cash balance of RMB22 billion at the end of June 2017 is
sufficient to meet its short-term debt of RMB17.8 billion and
committed land payments in the next 12 months.

Shimao's Ba2 corporate family rating reflects the company's
conservative business growth targets, which in turn will reduce
its capital expenditure requirements. The rating also reflects
its diversified, well-located land bank and its portfolio of
quality investment properties.

Shimao's good access to funding channels is supported by its
domestically listed subsidiary, Shanghai Shimao Co., Ltd.

However, the rating is constrained by the company's modest credit
metrics for its rating level, as a result of its weakened
profitability and increased debt leverage.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer which listed on the Hong Kong Stock
Exchange in July 2006. Together with its majority-owned Shanghai
A-share-listed subsidiary, Shanghai Shimao Co., Ltd. (unrated),
the company held an attributable land bank of 34.13 million
square meters at June 30, 2017, distributed across 45 cities in
China.


YINGDE GASES: Fitch Assigns B+ Rating to US$500M Sr. Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Yingde Gases Group Company Limited's
(Yingde, B+/Stable) US$500 million 6.25% senior unsecured notes
due 2023 a final rating of 'B+' with Recovery Rating of 'RR4'.
The notes are issued by Yingde Gases Investment Limited and
unconditionally and irrevocably guaranteed by Yingde.

This final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 3 January 2018.

KEY RATING DRIVERS

Shareholding Structure Stabilises: PAG Asia privatised Yingde in
2017 after acquiring the stakes of its major shareholders. The
current senior management team is appointed by PAG Asia, while
the previous management has stepped down. According to Yingde's
new management, PAG Asia is taking an investment horizon of five
to 10 years on the company. PAG Asia is helping Yingde deleverage
and expand its customer and revenue base. It is also keeping the
company's core business intact.

Deleveraging on Track: Net debt dropped to CNY7.4 billion in
1H17, from CNY9.6 billion in 2016. Yingde's management expects
the company to reduce its leverage with better revenue, improving
free cash flow (FCF) and stabilising capex. Fitch expect FFO
adjusted net leverage to drop to 3.5x in 2017, from 4.1x in 2016.

Improving Revenue, Margins, Cash Flow: In 9M17, Yingde's revenue
increased by 21% yoy thanks to a recovery in the steel industry
and a higher revenue contribution from the merchant gas business.
Fitch expect Yingde's revenue to rise by 5% in 2018 and for its
operating EBITDA margin to remain stable at 33%. The company
registered positive FCF of CNY432 million in 2016, reversing from
negative FCF of CNY227 million in 2015 on lower capex. Fitch
expect FCF to improve further to positive CNY660 million in 2017.

Stable Cash Conversion Cycle: The company's accounts receivable
days rose to 87 days in 1H17, from 74 days in 2016, but were
offset by accounts payable days increasing to 48 days, from 36
days. This resulted in a cash conversion cycle of 44 days in
1H17, compared with 45 days in 2016. Fitch expect Yingde's cash
conversion cycle to remain stable from 2017.

DERIVATION SUMMARY

Yingde's rating reflects its high EBITDA margin (1H17: 33%) and
lower capex relative to other chemical companies rated 'B+',
including Kronos Worldwide, Inc. (B+/Stable). Fitch expect
Yingde's 2017 FFO adjusted leverage to be higher than that of
Kronos Worldwide. Fitch removed the Rating Watch Negative from
Yingde's ratings in October 2017 as the company was not facing
any short-term refinancing issues and delivered a smooth
management transition after the acquisition by PAG Asia.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Revenue growth of 3%-5% per annum, with EBITDA margin
   maintained at 33% in 2017-2018
- No significant increase in capex or deterioration in working
   capital. Fitch assume capex of CNY1 billion per annum
- No dividend payments in 2017, with dividends being paid from
   2018 until the company's FCF is close to zero
- Business remaining intact; PAG Asia and Yingde's senior
   management plan to keep Yingde's business as is, with no
   significant deviation from its current business trajectory

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Sustainable revenue and EBITDA growth of above 8% per annum in
   2018 and 2019
- Refinancing of debt for a better-spread maturity profile
- FCF neutral post dividend from 2018
- FFO adjusted net leverage sustained below 4x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Higher leverage, with FFO adjusted net leverage sustained
   above 5x
- Significant decline in revenue and operating EBITDA margin and
   a long-term high delinquency rate on trade receivables

LIQUIDITY

Adequate Liquidity: Yingde had CNY2.2 billion of cash and undrawn
credit facilities of CNY2.0 billion in 1H17, compared with short-
term debt of CNY5.2 billion. Fitch believe the company will be
able to roll over or refinance debt maturing in 2018, including
the USD425 million offshore notes due April 2018, of which USD391
million is still outstanding, as its shareholder issues have been
resolved and its cash generation has improved.



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


NOBLE GROUP: Strikes $3.5BB Debt Restructure Deal With Lenders
--------------------------------------------------------------
Bloomberg News, citing Debtwire, reports that Noble Group has
reached the outline of an agreement with its creditors to
restructure about US$3.5 billion in debt, paving the way for an
investor to take a controlling stake in the company.

Bloomberg relates that the agreement with bondholders and lenders
was reached after meetings in London earlier this week, Debtwire
said citing sources it didn't identify. If implemented, the plan
would give Noble access to working capital at a cheaper cost, and
allow creditors to cash-in on shares obtained from a debt-to-
equity swap via a sale to the strategic investor, it said.

Debtwire cited one of its sources as saying a framework had been
agreed between the parties, with some issues to be worked
through, according to Bloomberg.

An external spokeswoman for Noble Group said she couldn't
immediately comment on the report, Bloomberg notes.

Once Asia's largest commodity trader and a challenger to the
likes of Glencore, Noble Group has been seeking to secure its
immediate future after a three-year run marked by losses, a
collapse in its shares and asset sales, Bloomberg notes.

Bloomberg says the company has a bond coupon payment that falls
due on Jan. 29, and a breakdown in negotiations could force it to
seek protection from its creditors.

Under the agreement reported by Debtwire, Noble Group would set
up a new company, in which employees would own stakes with the
option to increase their share if performance targets are met,
Bloomberg relays.

Bloomberg says current equity holders, including founder Richard
Elman - who at one point turned a tiny trader into a US$10
billion empire - and China's sovereign wealth fund, would have a
smaller shareholding than employees, according to Debtwire.

Creditors would be given a controlling stake, before selling on
to the strategic investor, and the company would resurface with
about US$600 million in debt, Bloomberg relates.

Noble Group said this week it remains in talks with potential
investors after a Chinese company, Cedar Holdings Group, was
reported by Bloomberg to have made an approach to shareholders.
Debtwire said Cedar is a candidate to enter the company and that
talks with other strategic investors had been held, Bloomberg
adds.


                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
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.



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


AL AMEEN: CRISIL Withdraws B Rating on INR120MM LT Loan
-------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Al Ameen Green Energy
Private Limited (Al Ameen) to 'CRISIL B/Stable/Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on bank facilities of Al Ameen from 'CRISIL
B/Stable/Issuer Not Cooperating to 'CRISIL B/Stable' and has
withdrawn the same at the company's request as there is no
outstanding against the same. The rating action is in line with
CRISIL's policy on withdrawal of its rating on bank loans.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term     120      CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable' Issuer Not
                                   Cooperating and Rating
                                   Withdrawal)

Incorporated in 2013, Al Ameen is setting up a 25-megawatt solar
power plant in Virudhanagar district (Tamil Nadu). In 2015, it
entered into a 25-year power purchase agreement with TANGEDCO.
The commercial operations of the company have not yet started.


ANNAPURNA TRADING: ICRA Reaffirms B Rating on INR8cr Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating to [ICRA]B and
has also reaffirmed the short term rating of [ICRA]A4 for the
INR10.00 crore bank facilities of Annapurna Trading Company. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash
  Credit                  8.00      [ICRA]B (Stable); Reaffirmed

  Fund Based-Cash         2.00      [ICRA]B (Stable)/[ICRA]A4;
  Credit against                    Reaffirmed
  pledge of warehouse
  receipts

Rationale

The ratings reaffirmation continue to favourably factor in the
extensive experience of ATC's proprietor in the agro-products
trading industry and presence of firm's group entities in the
allied line of business which has facilitated established
relations on the customer as well as suppliers front. The ratings
also take note of the significant rise in firm's trading volumes
backed an uptick in demand in the domestic market which has
resulted in ramp up scale of operation.

The ratings, however, remain constrained by ATC's weak
profitability metrics due to limited value-added trading nature
of its agro products trading business and its limited pricing
flexibility due to its presence in the fragmented industry with
is characterised by numerous unorganised players. Further, the
profitability remains susceptibility to price fluctuations as the
traded products are agro-commodities and thus remain vulnerable
to agro-climatic risks which could affect the availability,
quality and pricing of the major trading products. The ratings
continue to factor in leveraged capital structure of the firm,
nevertheless, ~61% of debt comprises bank loan by pledging
warehouse receipts taken against the inventory held in business,
and modest coverage indicators due to low profitability. The
ratings also takes into account the risks associated with
proprietorship entity namely limited ability to raise capital and
risk of withdrawal of capital.
Outlook: Stable

ICRA believes Annapurna Trading Company 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 coupled with improvement in capital structure and
better working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
is lower than expected, or if any major capital expenditure, or
stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters within agro trading business
along with presence of group entities in same/allied line of
business provide operational synergy's to certain extent: Mr.
Ritesh Singh is the proprietor of the firm. He, along with Mr.
Rakesh singh are the key management personal of the firm, having
an experience of around a decade in agro trading business.
Further, Annapurna has three other group entities i.e Maa Gauri
Poultry Private Limited, Shree Jagdamba Poultry Private Limited
and Jaddamba Warehouse based out of Nagpur, Maharashtra. Maa
Gauri Poultry Private Limited is engaged in the production of
table eggs and is also engaged in trading wheat, rice, paddy,
animal and poultry feed. Shree Jagdamba Poultry Pvt. Ltd. is
engaged in the trading maize, wheat, rice and soya products.
Jagdamba Warehouse, also a family managed firm, meets part of the
storage requirements of its group. Experienced promoters along
with presence of group entities in same/allied line of business
facilitate established relations on the customer as well as
suppliers front.

Credit challenges

Low profitability due to trading nature of the business: Stiff
competition and low value addition within the products has
reducing spreads in trading activities. Profitability as
represented by OPM remained low and further declined from 2.47%
in FY2016 to 1.76% in FY2017. Furthermore, profitability as
represented by NPM continue to remain low and stood at 0.41% in
FY2017.

Leveraged capital structure; modest coverage indicators: The
firm's debt level increased from INR5.98 crore as on 31st March
2016 to INR16.41 crore as on March 31, 2017 due to increase in
working capital utilisation to cope up with the increase in
operational activities of the firm. This has led to deterioration
in capital structure as indicated by increase in gearing level
from 1.81 times as on 31st March 2016 to 4.48 times as on March
31, 2017. However, 61% of the total debt comprise of WHR loans
which are against stock which provides comfort to capital
structure to certain extent. TOL/TNW of the firm increased from
2.68 times as on 31st March 2016 to 6.84 times as on March 31,
2017. Due to lower profitability, coverage indicators as
represented by OPBDITA/I&F charges remain modest at ~1.31 times
during FY2017. Further, cash accruals position as indicated by
NCA/Total debt remain low at 2% during last two years.

Working capital intensive nature of business leading to tight
liquidity position: Procurement at reasonable prices and ability
to hold inventory forms the key factor for determining the
profitability of the firm. Due to seasonal procurement of agro
commodities, the firm needs to maintain high inventory levels
which lead to high working capital intensity within the business
resulting in almost full utilisation of working capital limits
leading to tight liquidity position.

Susceptibility of margins to agro-commodities price fluctuations:
With a major portion of the revenue derived from maize, paddy and
cotton seed cake which is agrocommodities traded on NCDEX/MCX,
there is vulnerability of the stocked inventory to price
fluctuations. Further, there is inherent weakness due to
dependence on erratic monsoon which renders pressures on supply
side and limits revenue growth and profit margins of the firm.

Competitive pressure from presence in the fragmented industry,
limiting pricing flexibility: The agro-product trading industry
in India is characterized by high levels of competition due to a
fragmented industry structure. The firm faces competition from
numerous small organised and unorganised players due to the
standardised product range and low entry barriers resulting in
intense price competition and pressures on profitability for all
the industry participants. Further, there is high amount of
dependence on monsoon which has been erratic.

Risk inherent in a proprietorship entity: Due to the
proprietorship nature, the management has limited ability to
raise funds which inturn affects the growth potential of the
firm. Further, it is also expose to risk of capital withdrawal
which shall inturn affects the capital structure of the firm.

Established in 2011 and promoted by Mr. Riteshkumar Singh,
Annapurna Trading Co. (Annapurna or the firm) is a proprietorship
entity engaged in trading agro-commodities namely; maize, cotton
seed cake, wheat, rice and paddy. Based out of Nagpur, the entity
sources the trading products from western and northern India
which are sold to traders, cattle feed and poultry feed factories
and starch factories based out of Maharashtra and Chhattisgarh
In FY2017, the firm reported a net profit of INR0.42 crore on an
operating income of INR101.85 crore, as compared to a net profit
of INR0.20 crore on an operating income of INR50.05 crore in the
previous year.


BE BE RUBBER: CRISIL Raises Rating on INR4.85MM Loan to B
---------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term
facilities of The Be Be Rubber Estates Limited (TBBREL) to
'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.85      CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Long Term Loan        2         CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    0.38      CRISIL B/Stable (Upgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The rating upgrade reflects expected improvement in TBBREL's
financial risk profile following sale of land of around 45 acres
in fiscal 2018. The gains for the sale of land is expected to
improve the networth and consequently the gearing to less than 2
times as on March 31, 2018 as against 4.4 times as on March 31,
2017. Accrual is also expected to improve to over INR 1 crore for
fiscal 2018 from negative INR 0.6 crore a year ago.

The ratings reflect TBBREL's small scale of operations and
intense competition in the industry. However, these weaknesses
are mitigated by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and intense competition: The scale of
the operations has remained modest, with revenue of INR3.02 crore
in fiscal 2017, and is constrained by intense competition. Low
entry barriers due to minimal capital requirement has resulted in
the presence of several unorganized players. Further, climatic
conditions also played a major role in the production.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than two decades in the industry
and established relationship with customers and suppliers should
support business. The benefits include sustenance of revenues
despite regular volatility.

Outlook: Stable

CRISIL believes TBBREL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if improvement in revenue and operating margin
strengthens liquidity. The outlook may be revised to 'Negative'
if decline in revenue or profitability weakens financial risk
profile, especially liquidity.

Incorporated in 2007, TBBREL is engaged in the production of
latex from rubber trees. The company owns 600 acres of land in
Kollom, Kerala, where it carries out rubber tree plantation.
Besides it also has 121 acres of land in Palghar (Maharashtra)
for plantation of cardamom and coffee.


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

-- INR70 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR55 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND BB(ISSUER
    NOT COOPERATING) rating;

-- INR11 mil. Term loan migrated to non-cooperating category
    migrated with IND BB(ISSUER NOT COOPERATING) rating;

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

-- INR15 mil. Proposed term loan migrated to non-cooperating
    category with Provisional IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

BML manufactures concrete sleepers for Indian railways. It has
two manufacturing units, one each in Nandgaon (Maharashtra) and
Khandwa (Madhya Pradesh).


CREDIT OF ANALYSER: ICRA Reaffirms B+ Rating on INR1cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned earlier to the INR14.00 crore
(enhanced from INR9.57 crore) Line of Credit of Analyser
Instrument Company Private Limited. The outlook on the long term
rating is 'Stable'.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based-Working
  Capital Facility         1.00     [ICRA]B+ (Stable); reaffirmed

  Non fund-Based-
  Short term              13.00      [ICRA]A4; reaffirmed


Rationale:

The ratings continue to derive comfort from the directors' long
track record in the business of designing, manufacturing, and
servicing of pollution control-detection equipment, and the
company's healthy operating profitability. Over the years, AICPL
has been able to maintain strong relationships with customers,
which comprise several public sector undertakings (PSUs) and
reputed players from the private sector.

The ratings, however, are constrained by AICPL's small scale of
operations and its tender-based nature of business, which exposes
its revenues to susceptibility to order inflows. This was evident
in the past, when lower order inflows impacted AICPL's topline
directly: the company's revenues stood at INR17.68 crore in
FY2017 compared with INR27.64 crore in FY2016. Moreover, the
ratings factor in the company's elongated receivables period. The
ratings also take into account the vulnerability of the company's
operations to foreign exchange fluctuations, given the high share
of imports that is not hedged. Competitive nature of the industry
and limited bargaining power of the company vis-Ö-vis its key
suppliers and customers that are larger entities impacts the
business certainty and its order book.

Outlook: Stable

ICRA believes that AICPL will continue to benefit from the
extensive experience of its directors and its established
relations with key customers and suppliers. The outlook may be
revised to positive if the company is able to scale up its
operations, maintain profitability and manage working capital.
The outlook may be revised to Negative if the company loses its
market share, leading to material impact on its financial
performance, or if any major capital expenditure, or stretch in
the working capital cycle, weakens liquidity.

Key rating drivers:

Credit strengths

Extensive experience of promoters in the industry: Incorporated
in 1996 for the purpose of providing turnkey solutions for
pollution control-detection systems, mainly for public sector
undertakings including large refineries and power plants. The
directors have an experience of over a decade in the industry.

Strong customer base: The company's client base includes reputed
public sector undertakings including Indian Oil Corporation
Limited (IOCL), Bharat Heavy Electricals Limited (BHEL) etc.
Strong operating margins: The company's operating margin remains
healthy (14.66% in FY2017) by virtue of being the exclusive
representative for products of Fuji Electric India Pvt. Ltd. and
Ecotech Industries Pvt. Ltd. in India.

Credit challenges

Small scale of operations: Despite its long operational track
record, the company has not been able to significantly scale up
its business as reflected in revenues of INR17.68 crore in
FY2017. Moreover, the company's tender-based nature of business
exposes its revenues to volatility in order inflows. This was
evident in the past, when lower order inflows impacted AICPL's
topline directly.

Exposure to foreign exchange fluctuation risks: Given that a
portion of the company's material requirement is met through
imports and also in the absence of adequate hedging mechanism,
its margins continue to be vulnerable to foreign exchange rate
fluctuations.

Intense competition: The company faces competition from other
players, which limits its pricing flexibility and bargaining
power with customers, thereby putting pressure on revenues and
margins.

Incorporated in 1996, AICPL provides turnkey solutions for
pollution control-detection systems, mainly for the public sector
undertakings including large refineries and power plants. The
main products include different types of analyser systems and
instruments like water analysers, gas analysers, dust monitors
etc. The company was promoted by Mr. Satyendra Kumar Gupta, Mrs.
Pushpa Gupta, Mrs. Rupa Singhal and Mr. Sanjeev Kumar Gupta, who
have an experience of over a decade in the industry. AICPL is an
exclusive representative for products of Fuji Electric India Pvt.
Ltd. and Ecotech Industries Pvt. Ltd. AICPL also imports some of
the material requirements from Teledyne Instruments Inc, Fives
Pillards France etc., depending upon the needs of its customers.
The office-cum-manufacturing facility of the company is located
in Kota, Rajasthan.

In FY2017 the company reported a net profit of INR1.84 crore on
an operating income (OI) of INR17.68 crore compared with a net
profit of INR2.08 crore on an OI of INR27.64 crore in the
previous year.


DAYAL STEELS: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the long term/short term ratings for the
bank facilities of Dayal Steels Limited (DSL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund based-Cash       6.82      [ICRA]B+(Stable) ISSUER NOT
  Credit                          COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

  Non-Fund based-       0.80      [ICRA]A4 ISSUER NOT
  Letter of Credit                COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

  Non-Fund based-       2.38      [ICRA]A4 ISSUER NOT
  Bank Guarantee                  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.

Incorporated in 1999, Dayal Steels Limited (DSL) manufactures
mild steel ingot and ferro alloys (silico manganese) with an
installed capacity of 28,800 metric tonne per annum (MTPA) and
15,000 MTPA, respectively. The manufacturing facilities of the
company are located at Ramgarh, Jharkhand.


DILIGENT SCM: ICRA Lowers Rating on INR6.14cr Loan to D
-------------------------------------------------------
ICRA Ratings has downgraded the long-term rating to [ICRA]D from
[ICRA]B+  assigned to the INR6.14 crore fund based limits of
Diligent SCM solutions Private Limited. ICRA has also downgraded
the short-term rating to [ICRA]D from [ICRA]A4 to the INR0.45
crore non-fund based facilities bank facilities of DSSPL. The
long-term/short-term rating has also been downgraded to
[ICRA]D/[ICRA]D from [ICRA]B+/[ICRA]A4 to INR5.91 core
unallocated limits of DSSPL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based limits       6.14       [ICRA]D; Downgraded from
                                     [ICRA]B+(Stable)

  Non-Fund based
  limits                  0.45       [ICRA]D; Downgraded from
                                     [ICRA]A4

  Unallocated limits      5.91       [ICRA]D/[ICRA]D; Downgraded
                                     from [ICRA]B+(Stable)/
                                     [ICRA]A4

Rationale

The rating downgrade follows delays in debt servicing by DSSPL to
the lenders on account of stretched liquidity position owing to
delay in receiving Goods and Services Tax (GST) refunds from
exports since the implementation of GST in July, 2017. The
assigned ratings are constrained by DSSPL's small scale of
operations with revenues of INR9.03 crore in FY2016 and INR19.78
crore in 11M FY2017; and weak financial profile characterised by
high gearing of 3.81 times, low net worth of INR2.04 crore and
high TOL/TNW of 5.62 times as on September 30, 2016.

The ratings also consider high working capital-intensive nature
of business owing to high inventory and debtor levels, and high
customer concentration with a single customer, GE Power & Water
Business (GE), accounting for 83% of the total revenue in FY2016.
ICRA notes that with debt-funded capital expenditure plans on the
anvil to setup new manufacturing facility to adversely impact
capital structure and coverage indicators in the near term.
However, the ratings draw comfort from the healthy growth of
income from INR1.14 crore in FY2013 to INR9.03 crore in FY2016 at
a CAGR of 99.34% albeit on a low base and experience of the
promoters and the management in manufacturing technology with
more than two decades of experience in different phases of
mechanical and electro-mechanical product development. The
ratings consider reputed client base such as General Electric
(GE), Sulzer Ltd. and established relationship with key clients
as reflected in repeat orders over the years. The rating also
draws comfort from GE's agreement with DSSPL in January 2016,
valid for two years, committing to annual off-take of USD2.7
million worth of cloth seals used in gas turbines.

Going forward, timely servicing of debt obligations will be the
key monitorable. Further, the ability of the company to improve
its profitability while managing its working capital requirements
would remain key rating sensitivities from credit perspective

Key rating drivers

Credit strength

Healthy growth of income albeit on a low base: The operating
income of the company increased from INR1.14 crore in FY2013 to
INR9.03 crore in FY2016 aided by increase in receipt and
execution of new orders; however, the scale continues to remain
small despite healthy growth albeit on a low base.

Experience of promoters in mechanical and electro-mechanical
product development spanning over two decades years: DSSPL
designs, develops, tests, and manufactures precision-engineered
components. The company also develops and validates alternate
manufacturing processes (low cost) and caters to the process
requirements for various industrial sectors. The promoters have
over 23 years of global experience in all phases of mechanical
and electro-mechanical product development including engineering,
manufacturing, quality, procurement and program management.

Reputed client base reducing counterparty risk: The company has
reputed customer base like GE, Sulzer Ltd., Alstom SA, GKN Plc
reducing counterparty risk. DSSPL has been recognised by GE as a
strategic supplier with respect to a key component used in gas
turbine, namely cloth seals. Apart from cloth seals, the company
also supplies spares for turbines, which are used during overhaul
and maintenance.

Credit challenges

Delay in debt servicing: The rating downgrade follows the delays
in debt servicing by DSSPL to the lenders on account of stretched
liquidity position owing to delay in receiving GST refunds from
exports since the implementation of GST in July 2017.

Financial profile characterised by leveraged capital structure:
The financial risk profile of DSSPL is weak characterised by high
gearing of 3.81 times as on September 30, 2016 owing to low net
worth and high working capital borrowings and high TOL/TNW of
5.62 times for 6MFY2017. However, the company has INR1.52 crore
interest free unsecured loans from promoters, adjusting for which
gearing stands at 3.06 times as on September 30, 2016.

High working capital intensive nature of business owing to high
debtor days which impacts liquidity: The working capital
intensity of the company remained high at 32.41% in 6MFY2017 due
to higher inventory days owing to high work in progress, and
higher debtor days. The company generally receives payments from
its clients within 120 days.

High customer concentration risk: The customer concentration risk
is high as GE alone accounted for 83% of the total revenue in
FY2016. However, the risk is mitigated to certain extent owing to
reputed customer base.

Incorporated in 2005, Diligent SCM Solutions Private Limited
(DSSPL) is involved in designing, developing, testing,
manufacturing and sourcing of precision engineered components.
Mr. Dantuluri Phani Varma, the Managing Director, has over two
decades of global experience in different phases of mechanical
and electro-mechanical product development. The company is also
involved in development and validation of alternate manufacturing
processes, handling super alloys and meeting the process
requirements for different sectors. However, the focus, as of
now, has been on the power generation segment. DSSPL has entered
into annual agreement with General Electric International INC.
(GE) through its GE Power & Water Business and has been
recognised by GE as a strategic supplier with respect to a key
component used in gas turbine, namely cloth seals. Apart from
cloth seals, the company is also a supplier of spares for
turbines, which are used during overhaul and maintenance.


FILM FARM: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Film Farm India Private Limited
(FFIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           8         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        0.36      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.64     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect average financial risk profile.
These rating weakness are partially offset by promoters'
extensive experience in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Financial risk profile is
average marked by modest net worth of INR5.49 cr., moderate
gearing of 1.4 times as on March 31, 2017. The firm has moderate
debt protection metrics with net cash accrual to total debt
(NCATD) and interest coverage ratios of 0.01 and 3.1 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength
* Extensive experience of promoters and established presence as
television serial content production house: FFIPL's promoters,
Mr. Kalyan Guha and Mrs. Rupali Guha, have experience of more
than 2 decades in the media and entertainment business. They
began their career as a producer and director at UTV and has also
produced India's first game show at the launch of the Zee
Network. Mrs. Rupali Guha, hails from family of producers, being
the daughter of producer-director Mr. Basu Chatterjee. She has
directed a Hindi film- Aamrasand a Bengali film. FFIPL started as
a producer of TV commercials and over the years, has grown from a
commercial advertisement production company to a successful TV
serial production house. Over the past few years, FFIPL has
established healthy relationships with channel broadcasters, such
as Colors, Zee TV, SAB TV, NDTV Imagine, star Pravah and Zee
Marathi.

Outlook: Stable

CRISIL believes FFIPL will continue to benefit from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of higher-than-expected accruals, backed by
diversification in revenue and efficient working capital
management leading to improvement in liquidity. The outlook may
be revised to 'Negative' if there is a greater than expected
decline in revenue or profitability, or a stretch in working
capital cycle, significantly impacting the financial risk
profile.


FFIPL was incorporated in 2001 by Mr. Kalyan Guha and his wife Ms
Rupali Guha in Mumbai. The company produces television serials
and advertisement films.


GEETANJALI SPICES: Ind-Ra Assigns B+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Geetanjali
Spices (GS) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect GS's moderate scale of operations and credit
metrics and weak profitability due to a small client base and
trading nature of business. Revenue improved to INR791 million in
FY17 (FY16: INR329 million) due to increased demand of spices,
leading to an increase in absolute EBITDA to INR25 million (INR13
million). Consequently, credit metrics improved, with interest
coverage (operating EBITDA/gross interest expense) at 1.4x in
FY17 (FY16 1.3x) and net leverage (adjusted net debt/operating
EBITDAR) at 2.4x (4.6x). EBITDA margins fell to 3.1% in FY17
(FY16: 4.1%), due to an increase in raw material cost.

The ratings are constrained by the proprietorship nature of the
business.

The ratings, however, are supported by GS's comfortable liquidity
position, indicated by average maximum working capital
utilisation of 25% for the 12 months ended December 2017, and its
proprietor's over 15 years of experience in spice trading.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics could be positive for the ratings.

Negative: A decline in the operating profit leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Started in 2010, GS is owned by Ram Kasat and is engaged in the
trading of coriander seeds. The firm is based out of Kumbhraj
which has one of the largest markets for the production of
coriander.


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

-- INR27.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR32.5 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012 by Mr Arun Bansal and Mr Ankit Bansal, GPPL
is engaged in the trading of rexine and manufacturing of
galvanised iron channel systems for false ceilings. The company
has its plant in Panihati, West Bengal with a daily production
capacity of 250 tonnes of galvanised iron channels.


GOLHAR GINNING: CRISIL Assigns B- Rating to INR4.75MM Loan
----------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facilities of Golhar Ginning & Oils Private Limited (GGOPL)
and assigned its 'CRISIL B-/Stable' rating. CRISIL had suspended
the rating on October 3, 2016, as the company had not provided
the necessary information required for a rating review. GGOPL has
now shared the requisite information, enabling CRISIL to assign
its rating.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.75      CRISIL B-/Stable (Assigned,
                                   Suspension Revoked)

   Long Term Loan        4.10      CRISIL B-/Stable (Assigned,
                                   Suspension Revoked)

The rating reflects company's modest scale of operations in a
competitive and fragmented industry, its weak financial risk
profile marked by negative net worth, and weak debt protection
metrics. The rating also factors in the susceptibility of the
company's operating margin to fluctuations in cotton prices and
to regulatory changes. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in
the cotton industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: GGOPL's scale of operation was
modest at around INR24.27 crores in FY 2017 (INR33.3 crores
during earlier year) and is expected to remain modest over the
medium term on account of highly fragmented nature of business.

* Weak financial risk profile: Weak financial risk profile is
reflected from negative networth of INR(1.02) crore as on
March 31, 2017. Debt protection metrics are also weak on account
of higher interest outgo on term loans and lower profitability.

* Stretched liquidity position: GGOPL's liquidity position is
stretched with high bank limit utilization and tightly matched
cash accruals vis-a-vis its yearly repayment obligations.

Strengths:

* Promoters' extensive experience: The company benefits from the
promoters' industry experience, their understanding of dynamics
of local markets and established relationships with farmers and
customers. CRISIL believes that the group will benefit from
promoters' industry experience over the medium term.

Outlook: Stable

CRISIL believes that GGOPL will continue to benefit over the
medium term from the industry experience of promoters. The
outlook may be revised to 'Positive' if the company reports
higher than expected cash accruals with increase in revenues and
improvement in profitability. Conversely, the outlook may be
revised to 'Negative' in case of decline in company's revenues or
profitability, delay in timely receipt of subsidies or if the
company undertakes a large debt funded capital expenditure
programme, resulting in deterioration in the company's financial
risk profile  particularly liquidity.

GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar
along with his brother Mr. Damodar Golhar. The company is engaged
in ginning of raw cotton (kapas); it began commercial production
from Nov 2014. The company has its manufacturing unit at
Hinganghat, Maharashtra.


GONDWANA ENGINEERS: CARE Reaffirms D Rating on INR54cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gondwana Engineers Limited (GEL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long Term Bank
  Facilities            42.00    CARE D Reaffirmed

  Short Term Bank
  Facilities            54.00    CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating reaffirmation of the bank facilities of GEL takes into
consideration the ongoing delays in debt servicing by the
company.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in debt servicing: Due to delays in realization of
outstanding receivables, GEL has been unable to service
its financial obligations in a timely manner. The banker has
confirmed that there are ongoing delays in servicing of the
financial obligations of GEL.

Key Rating Strengths

Significant experience of promoters and long track record of
operations: GEL has over three decades of track record in
undertaking engineering, procurement, and construction (EPC)
contracts for water, sewage, and effluent-treatment plants. The
company has implemented over 120 water treatment plants (WTP) and
20 sewage treatment plants (STP). The main promoter, Mr. Ashit
Doshi has 30 years of experience in the field of development of
infrastructure projects in areas such as water treatment. He is
guided and assisted by other promoters and experienced team of
professionals with considerable experience in the industry.

Gondwana Engineers Limited (GEL), incorporated in May, 1982, is
engaged in building and development of infrastructure projects in
areas such as water treatment and supply system, sewage treatment
system and effluent treatment projects on turnkey basis from
design stage to operations and maintenance stage. Its clientele
includes state government bodies, municipal corporations/councils
and public undertakings. The company is a wholly owned subsidiary
of Doshion Veolia Water Solutions Pvt Ltd (DVWS) which provides
water and waste management solutions to industry and public. GEL
was acquired by DVWS from Kirloskar Brothers Limited in the year
2010.


GREEN VIEW: CARE Assigns B Rating to INR10cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Green
View Udyog Private Limited (GVUPL), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GVUPL is
constrained by small scale of operation with thin profitability
margin, volatility in raw material prices, working capital
intensive nature of operations, leveraged capital structure with
moderate debt coverage indicators and intensely competitive
industry. The rating, however, derives strength from its
experienced promoter with satisfactory track record of
operations. Going forward, the ability of the company to increase
its scale of operations, improve profitability margins, capital
structure and efficient management of its working capital shall
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with thin profitability margins: The
scale of operations of GVUPL remained small marked by total
operating income of INR4.11 crore (Rs.2.83 crore in FY16) with a
net loss of INR0.05 crore (Net loss of INR1.77 crore in
FY16) in FY17. Further the total operating income (TOI) witnessed
an erratic trend during last three years. Moreover, the total
capital employed remained low at INR4.76 crore as on March 31,
2017. The small size restricts the financial flexibility of the
company and hinders it's economies of scale. The company has
achieved revenue of around INR1.50 crore during 9MFY18. The
profitability margins of the company also remained low marked by
PBILDT margin of 21.35% and net loss in FY17. However, the PBILDT
margin improved in FY17 on account of better management of
operating expenses. The company reported net loss mainly due to
high capital charges. Moreover, the company has reported GCA of
INR0.37 crore in FY17.

Volatility in raw material prices: PVC resin is the major raw
material for PVC pipes, which is a crude oil derivative and
accordingly the price of the same is extremely volatile in
nature. Since, the raw material cost is the major cost driver
(comprising about 78.39% of cost of sales in FY17) for GVUPL any
upward movement in the same may induce pressure on profitability.
Given that the company is a relatively small player with low
bargaining power with the suppliers and in a highly competitive
scenario it may get difficult for the company to pass on any
sudden rise in the input prices.

Working capital intensive nature of operation: The operations of
the company remained working capital intensive in nature marked
by its high inventory period, collection period and creditor's
period. The company maintains higher inventory to mitigate the
price fluctuations risk and smooth running of its production
process. Furthermore, the company allows high credit period to
its customers. Due to delay in getting payments from its clients,
it stretches its creditors which mitigate its working capital
intensity to a certain extent. According the average utilization
of working capital limit was on the higher side at 95% during
last 12 months ending on December 31, 2017.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of GVUPL remained leveraged
marked by overall gearing ratio at 1.34x as on March 31, 2017.
Furthermore, the overall gearing ratio has improved as on March
31, 2017 due to gradual repayment of term loan. The debt
protection metrics of the company remained moderate marked by
interest coverage of 1.93x and total debt to GCA of 7.28x in
FY17. The interest coverage improved in FY17 due to increase in
PBILDT level and lower interest expenses.

Intensely competitive industry: Pipe industry is a very
fragmented and competitive space with presence of huge small
players operating in the same region due to low capital
requirement. In such a competitive scenario smaller companies
like GVUPL in general are more vulnerable on account of its
limited pricing flexibility.

Key Rating Strengths

Experienced promoters with satisfactory track record of
operations: GVUPL started its operations from 2009. Thus, it has
satisfactory operational track record. Furthermore, the promoters
Mr. Gajen Kalita having around three decades of experience in
this line of business, looks after the day to day operations of
the company. He is supported by other promoters Ms. Purabi
Talukdar, Ms. Momi Talukdar and Ms. Moon Talukdar along with a
team of experienced professional.
Assam based GVUPL was incorporated in 2009 to setup a
manufacturing unit of PVC pipes. Since its inception, the company
has been engaged in manufacturing of polyvinyl chloride (PVC)
pipes & fittings. The pipes and fittings manufactured by the
company find application in irrigation, agriculture, potable
water supply, sewerage & drainage systems, tube wells etc. The
manufacturing facility of the company is located at Guwahati,
Assam with an installed capacity of 2880 metric tons per annum
(MTPA).


GREEN PETRO: ICRA Removes B Rating From Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B
(Stable)/[ICRA]A4 from the 'ISSUER NOT COOPERATING' category as
Green Petro Fuels LLP 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 assigned ratings take into account the small scale of the
company's current operations and its weak financial profile
characterised by a high gearing and weak debt coverage
indicators. The company's liquidity position also remains
stretched owing to high working capital intensity of operations
due to high debtor days and inventory days, reflected by high
utilisation of its fund-based working capital limits. The ratings
are also constrained by GPF's exposure to high client
concentration risks with over 70% of the revenues coming from a
single customer in H1FY2017. While the company's profitability
and cash flow margin are likely to remain vulnerable to
fluctuations in the crude oil prices, low value-additive nature
of its operations are likely to exert further pressure on its
margins.

The ratings, however, favorably factor in the established track
record of the promoters in the industrial oil-manufacturing
business through other companies.

ICRA notes that the ability of the company to improve its
capacity utilisation and working capital cycle would remain key
rating sensitivities.


JAI KRISHAN-SVP: ICRA Lowers Rating on INR30cr Term Loan to B+
--------------------------------------------------------------
ICRA Ratings has downgraded the long-term rating of [ICRA]BB
assigned earlier to the INR35.0-crore bank facilities of Jai
Krishan-SVP JV to [ICRA]B+. The outlook on the long-term rating
is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term
  Loan                    30.0      [ICRA]B+ (Stable); Downgraded
                                    from [ICRA]BB(Stable)

  Unallocated              5.0      [ICRA]B+ (Stable); Downgraded
                                    from [ICRA]BB(Stable)

Rationale:

The rating revision reflects the slower-than-expected pace of
execution and 'on-hold' status of JKSVP's project, Delhi Heights,
since the last rating exercise. Against the total budgeted cost
of INR82.0-crore, the entity spent 54% as on October 2017-end
compared with 37% at the last rating exercise. Further, the
physical progress has been modest as reflected by 50% of the
construction cost spent as on October 2017 compared with 31% of
the construction cost spent at the end of April 2016. Given that
the project is on hold, the sales have also been poor. As on
October 2017 end, nine flats were booked out of the 123 units in
the project. Furthermore, collections from customers remained
stagnant in the period April 2017-October 2017. This exposes the
project to high funding risk. As a result, pressure on the
entity's cash flows remains very high given the upcoming debt
repayments from Q1 FY2019. This will necessitate timely promoter
support in order to meet the obligations by the company.

The rating, however, favorably factors in the established track
record of the SVP Group, which has constructed and delivered more
than 2.5 million square feet area in Ghaziabad (Uttar Pradesh).
JKSVP benefits from the attractive location of the project, which
is situated in the densely-populated Kaushambi area of Ghaziabad.
Further, ICRA notes that the approval risk remains low as
construction approvals have already been obtained and the land
cost has been fully paid up.

Going forward, pickup in the pace of execution and customer
collections, coupled with infusion of funds by the promoters to
meet debt obligations in a timely manner, will be the key rating
factors.

Outlook: Stable

The outlook may be revised to Positive in case of higher-than-
expected collections from customers leading to moderation of
pressure on cash flows in the near-to-medium term. However, the
outlook may be revised to Negative if the extent of incremental
funding support extended by promoters is lower than ICRA's
expectations, or the pace of execution remains slower than
expectations.

Key rating drivers

Credit strengths

Established track record of the promoter Group in Ghaziabad's
real-estate market: Incorporated in 1995 for the purpose of
development of real estate and construction by the founding
director late Shri Satpal Jindal, the flagship company has
completed 15 residential projects in Ghaziabad, encompassing an
area of ~4.5 msf. The completed projects have witnessed high
occupancies signifying the high acceptance level of the projects
by the customers.

Attractive location of the upcoming project: The upcoming project
is located at an established and attractive location in
Kaushambi, Ghaziabad, in close proximity to Max Super Specialty
Hospital, Vaishali, and the Kaushambi and Vaishali stations of
the Delhi Metro Rail Corporation (DMRC). The project is also
close to the Pacific Mall in Kaushambi and East Delhi Mall(EDM)
in Anand Vihar, East Delhi, and the Anand Vihar Bus Terminal.

Credit challenges

Execution risk on account of slow pace of construction: The pace
of execution has been slower than expected. The project, Delhi
Heights, is currently on hold and hence the project remains
exposed to high execution risk. Against the total budgeted cost
of INR82.0 crore, JKSVP spent 54% as on October 2017-end compared
with 37% at the last exercise.

Marketing risk: Given that the project is on hold, the
incremental sales have been poor. This has resulted in very high
marketing risk for the project. Further, the entity faces stiff
completion from other real-estate developers as the project is
located in the highly competitive real-estate market of
Ghaziabad. Apart from this, the firm remains exposed to the
inherent cyclicality of this sector.

Funding and refinancing risks: Given the slower pace of execution
and poor sales velocity, the collections from customers have been
stagnant in 7M FY2018. This, along with commencement of debt
repayment in Q1 FY2019, exposes the project to high funding risk.
In addition, the absence of timely promoter support will further
necessitate refinancing of the loans.

JKSVP is a partnership firm jointly promoted by the SVP Group and
the Ashok Wadia Group to develop a real-estate project at
Kaushambi, Ghaziabad (Uttar Pradesh). The SVP Group has interests
across residential and commercial real estate, education, liquor,
and hospitality sectors.

The Ashok Wadia Group has also been involved in the liquor
business, and commercial and residential real estate.
The residential real-estate project, Delhi Heights (erstwhile
Grand Royale), is being developed on a land parcel measuring 1.2
acres. The project is adjacent to Shiromani Sekhari Awas Samiti
in Sector 14, Kaushambi, Ghaziabad. Delhi Heights is in the
moderate stages of development and is proposed to be constructed
with a total of 123 saleable units.


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

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

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Chhattisgarh-based Jindal Infrastructure was incorporated in
2009. The firm is engaged in civil construction.


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

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

-- INR90 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jindal has been a joint venture between Jindal Infrastructure
('IND B+(ISSUER NOT COOPERATING)'; lead partner) and PRL Projects
and Infrastructures Ltd. (associate partner) since 26 September
2015. The companies undertake civil construction projects.


JITEEN ENGINEERING: CRISIL Moves Rating to B/Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings in line with SEBI
guidelines, had migrated the rating of Jiteen Engineering Works
(JEW) to 'CRISIL B/Stable/Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
rating. Consequently, CRISIL is migrating the rating on bank
facilities of JEW from 'CRISIL B/Stable/Issuer Not Cooperating'
to 'CRISIL B+/Stable'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           3.75     CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable Issuer Not
                                  Cooperating)

   Proposed Long Term    0.24     CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B/Stable Issuer Not
                                  Cooperating)

   Term Loan             2.01     CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable Issuer Not
                                  Cooperating)

The rating continues to reflect the firm's modest scale and
working capital intensive operations in an intensely competitive
industry, and average financial risk profile. These weaknesses
are partially offset by extensive experience of the proprietor in
the Engineering industry, and their funding support. The rating
also factors established relationships with suppliers and
customers.

Analytical Approach
CRISIL has treated unsecure loans of INR 3.19 cores extended by
its proprietors as neither debt nor equity. This is because these
loans will remain in the business through the tenure of the bank
borrowings.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive
industry: The scale remains modest, with revenue at INR16.3 crore
for fiscal 2017. Revenue is expected to remain modest over the
medium term as intense competition leads to limited bargaining
power and pricing flexibility.

* Large working capital requirement: Gross current assets were at
171 days as on March 31, 2017, driven by large inventory of 124
days while receivables were moderate at 39 days.

* Average financial risk profile: JEW had modest net worth of
around INR4.33 Cr as on March 31, 2017 and average debt
protection metrics as indicated by net cash accruals to total
debt (NCATD) of around 16 percent and interest coverage ratio of
around 1.8 for 2016-17.

Strengths

* Proprietor's extensive experience and established relationships
with stakeholders: The firm will continue to benefit from its
proprietor's experience of over a decade in the engineering
industry and long-term relationships with its customers and
suppliers.

* Funding support from the proprietor: The proprietor has
extended unsecured loans when required. The unsecured loans stood
at INR3.19 crore as on March 31, 2017. The funding support is
likely to continue over the medium term.

Outlook: Stable

CRISIL believes JEW will continue to benefit from its
proprietor's extensive experience. The outlook may be revised to
'Positive' if there is a significant and sustained increase in
revenue and profitability, leading to higher cash accrual. The
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates because of low cash
accrual on account of a decline in revenue or profitability,
stretch in working capital cycle, or large, debt-funded capital
expenditure.

JEW, established in 1986 by Mr. Tukaram Naik, manufactures
automobile components such as axles, gearboxes, transmission
assembly components, primarily used in commercial vehicles and
tractors.


K2 METALS: ICRA Hikes Rating on INR5cr Term Loan to B+
------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]B+ from
[ICRA]B and has reaffirmed the short-term rating of [ICRA]A4 for
the INR14.50-crore1 bank facilities of K2 Metals Private Limited.
The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Term         5.00      [ICRA]B+(Stable); Upgraded
  Loans                             from [ICRA]B and Removed
                                    from 'Issuer Not Cooperating'
                                    Category

  Fund Based-Cash         5.00      [ICRA]B+(Stable); Upgraded
  Credits                           from [ICRA]B and Removed
                                    from 'Issuer Not Cooperating'
                                    Category

  Non-fund based-         4.50      [ICRA]A4; Reaffirmed and
  Letter of credits                 Removed from 'Issuer Not
                                    Cooperating' Category

  Non-fund based-        (4.50)     [ICRA]A4; Reaffirmed and
  Buyers credit                     Removed from 'Issuer Not
  (sublimit of LC)                  Cooperating' Category

ICRA has removed its earlier long term rating of [ICRA]B (stable)
and short term rating of [ICRA]A4 from the 'Issuer Not
Cooperating' Category. Ratings were moved to 'Issuer Not
Cooperating Category' in August 2017.

Rationale

The ratings upgrade factors in the improvement in KMPL's
financial-risk profile with the stabilisation of its project, as
per the expected operating parameters, which have facilitated
improvement in its operating profitability and return indicators.
The ratings also take note of the company's near-term plans to
introduce an equity capital of INR15.00 crore, which is expected
to be partly met through the conversion of unsecured loans and
the balance through an investment from an outstanding creditor
for capital goods, as its equity shareholder. This will
strengthen its net worth base though there will be some dilution
in the promoter's stake in the business. The ratings continue to
take comfort from the extensive experience of its promoter,
particularly in marketing of products in the steel sector.

The ratings, however, continue to remain constrained by KMPL's
small scale of operations in a highly-fragmented industry
structure, characterised by low value-additive nature of business
and intense competition from a large number of players, which
impacts margin growth. Furthermore, ICRA also continues to factor
in the susceptibility of KMPL's profitability to adverse
fluctuation in steel price and the intense competition in the
industry which restricts pricing flexibility.

Outlook: Stable

ICRA believes KMPL 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, strengthens the financial-
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected, or if any major capital
expenditure, or stretch in the working-capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Stabilisation of project as per the expected operating
parameters: KMPL was incorporated in FY2009 while its
manufacturing operations commenced in February, 2016. FY2017 was
the first year of its manufacturing operations, wherein the
capacity utilisation stood at ~20% of the installed capacity.
Nevertheless, the capacity utilisation improved up to ~37% in H1
FY2018 indicating a gradual stabilisation of operations. Further,
backed by improved finishing quality through addition of the
galvanisation plant, the demand for the company's products and
capacity utilisation are likely to improve in the near future.

Extensive experience of the promoter in marketing of steel
products: Mr. Rahul Kulkarni is the key promoter and director of
the company. Prior to the commencement of operations of KMPL, he
has worked as a marketing manager with leading steel-
manufacturing companies and has an experience of around a decade
in marketing of steel/allied products in the domestic as well as
international markets. Established experience of the promoter in
the steel industry would help KMPL to achieve stable growth in
the near to medium term.

Credit challenges

Modest scale of operations with limited operational track record:
Though the company's operations have primarily stabilised, the
scale of operations continues to remain modest as indicated by an
operating income (OI) of INR17.17 crore in FY2017 and INR17.73
crore in H1 FY2018, thus limiting the benefits arising from
economics of scale.

Weak financial-risk profile as represented by fluctuating
profitability and weak coverage indicators: Overall, the
profitability of the company remains modest and fluctuating due
to limited value addition and lower ability to pass on the raw-
material price fluctuations due to stiff completion. KMPL
achieved a moderate OPM of 13.96% in FY2017, however, it declined
up to 8.82% in H1 FY2018 due to fluctuating higher raw-material
consumption. The company realised net losses of 1.43% in FY2017
due to lower scale of operations, however, with gradual increase
in operations, its net margins turned positive up to 0.87% in
H1FY2018. The return indicator, as represented by the ROCE,
improved marginally, but stood low at 7.38% in FY2017 and ~9.91%
in H1 FY2018. Due to lower profitability, the coverage indicators
as represented by OPBDITA/I&F charges remained modest at ~1.8
times in H1 FY2018. Further, the cash-accruals position, as
indicated by NCA/Total debt, remained low at 5.8% in H1 FY2018.
Fluctuating profitability with lower net margins coupled with
weak coverage indicators represented a weak financial-risk
profile for KMPL.

Working capital intensive nature of business leading to tight
liquidity: The working-capital intensity of the business has
remained relatively high due to maintenance of sizeable inventory
levels by the company to swiftly cater to its client during the
initial years of its operations. Additionally, the receivable
days remain high at ~30-45 days against low payable days as most
of the raw material is procured on cash basis or on a credit of
around 7-15 days resulting in a high working-capital intensity
and almost full utilisation of working-capital limits.

Highly fragmented business characterised by intense competition
impacts margin growth: Due to low entry barriers, the company not
only faces competition from the international market, but also
faces stiff completion from several organised and unorganised
players in the domestic market, which limits its ability to pass
on the price-fluctuation risk to customers and keeps the margins
under check.

Vulnerability of profits to fluctuating raw-material price: The
raw material used in the bright steel-wire manufacturing process
are called black bars - steel wire rods, prices of which have
witnessed a significant deviation in the recent past. High
inventory levels maintained by the company leads to raw-material
price risk as the ability to pass on the price fluctuation
remains limited in an intensely competitive market.

Mr. Rahul Kulkarni and his wife Mrs. Megha Kulkarni founded KMPL
in 2009 The company was incorporated with the objective of
manufacturing bright steel bars and wires particularly targeting
the auto, construction, infrastructure, packaging, farm and
poultry, fancying and engineering sector. At present, KMPL is
involved in manufacturing steel wires in the size range of 2.5 mm
to 0.9 mm, galvanisation of the same as well as manufacturing of
nails as per the client's requirement. It has an annual installed
manufacturing capacity of ~24000 MT.

As per H1 FY2018 provisional statement, the company reported a
net profit of INR0.15 crore on an OI of INR17.73 crore, as
compared to a net loss of INR0.25 crore on an OI of INR17.17
crore in FY2017.


KISAN MOULDINGS: CARE Assigns B+ Rating to INR208.75cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kisan
Mouldings Limited (KML), as:

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Long-term Bank
  Facilities          208.75     CARE B+; Stable Assigned

  Short-term Bank
  Facilities           91.25     CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KML are
constrained by its low profitability with net losses, weak
capital structure, working capital intensive nature of business,
susceptibility of margins to volatility in raw material prices
and presence in competitive industry.

The weakness however, are underpinned by promoters extensive
experience with demonstrated financial support, longstanding
relationship with customers and suppliers, diversified product
portfolio, established distribution network and steady growth in
the scale of operations.

The ability of the company to sustain revenue growth, improve
profitability amidst volatility in input prices and intense
competition along with improvement in capital structure and
liquidity position are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial capital structure: The networth of the company
remained modest despite equity infusion owing to losses in recent
years resulting in higher reliance on external borrowings to
support the operations which resulted in leveraged capital
structure. However, comfort can be derived from the fact that
entity has been able to raise funds to support the operations.

Working Capital intensive nature of operations: The operations of
the company are highly working capital intensive with high amount
of funds blocked in debtors and inventory. The average gross
current assets days increased in FY17 owing to increase in
collection period while average creditors period also elongated
slightly thus maintaining overall working capital cycle.

Low profitability with susceptibility to volatility in raw
material prices: The profitability of the entity remained low
owing to competition and high fixed costs. Although the same has
been improving yet the same remained low. Further PVC
resin, the key input material, is a derivative of crude oil and
thus its prices are linked with that of crude oil and move in
line with the global oil prices. Any adverse movement in the key
raw material prices may put pressure on the profitability.

Intense competition: The Indian PVC pipes and fittings industry
is further bifurcated into irrigation, water supply, sewerage,
plumbing, chemical, oil and others on the basis of its
applications. It is grounded by large number of organized and
unorganised players.

Key Rating Strengths

Experienced Promoters: The promoters of the company have more
than three decades of experience in plastic processing business.
Over the years they have established good relationship with the
stakeholders and have been able to establish brand names like
'Kisan' and 'KML Classic' for their products.

Long-standing relationship with customers and suppliers with
established distributor network: KML has longstanding relation
with its customers which is very diverse in terms of industry
segment. The company for its raw material requirement relies on
list of esteem list of domestic and international suppliers. The
company has over 100 distributors spread across major cities of
the country with the dealership network of 3,000 dealers.

Diverse product portfolio and application: The company
manufactures wide range of semi-urban products like PVC pipes
and fittings, SWR pipes and fittings (soil waste and rainwater),
CPVC, uPVC pipes and fittings for plumbing and sanitary
applications, Composite piping system, PVC casing pipes,
submersible rising main pipes and ABS/PP moulded flushing
cisterns, Solvent cement and Rubber lubricants. Their products
also find application in water management and distribution,
irrigation, cable ducting, drinking water, tube wells and sewage
disposal systems. They have recently entered into manufacturing
of tanks recently.

Growing scale of operations albeit moderate capacity utilization:
Over a period of last three years ending FY17, TOI of the company
remained steady. Over the years the entity has been able to
improve upon its cost structure and also capacity utilization
which has resulted in improvement in profitability.

Established in 1982, Kisan Mouldings Limited (KML) is primarily
involved in manufacturing of PolyVinyl Chloride (PVC) pipes and
fittings. They also manufacture custom moulded articles and
moulded furniture. It processes around 50,000 metric tonnes of
polymer each year. The products are marketed under its own brand
viz. KISAN & KML CLASSIC through 11 branch offices spread across
major cities catering to existing base of 100 distributors and
3,000 dealers' network. KML has its manufacturing units at 5
locations while its registered office is in Mumbai. They have
recently entered into manufacturing of water tanks, which is
operational in Maharashtra currently.


LALIT POLYPLAST: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Lalit Polyplast Private Limited (LPPL).

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

The rating continues to reflect LPPL's weak financial risk
profile and low operating profitability due to trading nature of
operations. These weaknesses are partially offset by the
experience of the promoters in the polymer trading industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio was high at 7.86 times as on March 31,
2017. Furthermore, networth was small at INR1.2 crore as on
March 31, 2017, because of initial years of operations and low
profitability. Low operating profitability also restricts the
debt protection metrics of the company. Interest coverage and net
cash accrual to total debt was at 1.47 times and 0.03 times
respectively for fiscal 2017.

* Low operating profitability due to trading nature of operations
Although revenue increased to around INR32 crore in fiscal 2017
from INR19 crore in fiscal 2016, it may remain restricted by
intense completion, which also limits the pricing power with
suppliers and customers, thereby constraining profitability.
Hence, operating margin continues to be average at 0.8-2.7% over
the three years through fiscal 2017 due to trading nature of
operations.

Strengths

* Experience of promoters: The promoters have around one decade
of experience in the polymer industry. Over the years, they
maintained strong relationships with customers and suppliers
along with the dealers and distributors of Gas Authority of India
Ltd and Indian Oil Corporation Ltd. The company supplies its
products to plastic manufacturing players in Haryana, Faridabad,
and Delhi.

Outlook: Stable

CRISIL believes LPPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in equity infusion,
scale of operations and cash accrual strengthens the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if liquidity weakens significantly because of a
stretched working capital cycle, a lower-than-expected cash
accrual, or a large, debt-funded capital expenditure.

LPPL is a privately owned Delhi-based company incorporated in
2014. It is promoted by Mr. Lalit Kumar Jha and Ms Minu Jha. The
company trades in various polymer granules, such as polyvinyl
chloride resins, polypropylene granules, high-density
polyethylene granules, low-density polyethylene granules, and
linear low-density polyethylene granules.


LOTUS GEM: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lotus Gem (LG) a
Long-Term Issuer Rating to 'IND BB-'. The Outlook is Stable. The
instrument-wise rating action is:

-- INR150 mil. Fund-based limits assigned with IND BB-Stable/
    IND A4+ rating.

KEY RATING DRIVERS

The rating reflects LG's small scale of operations and weak
operating margins due to the trading nature of business. However,
the credit metrics are moderate due to low debt levels.

Revenue increased substantially in FY17 to INR473 million (FY16:
INR275 million), due to an increase in the number of orders from
customers in Italy and Hong Kong. LG has a presence in both
domestic and export markets. Domestic and export customers
contribute around 10% and 90%, respectively, to the total
revenue. LG's 9MFY18 revenue was INR286.70 million and it has an
order book of INR150 million which is likely to be completed by
March 2018.

LG's EBITDA margin also improved to 3.0% in FY17 (FY16: 1.5%) due
to stable prices in global market and the increase in revenue.

Gross interest coverage (operating EBITDA/gross interest expense)
improved to 3.8x in FY17 (FY16: 1.7x) and net financial leverage
(adjusted net debt/operating EBITDAR) to 1.8x (2.2x). The
improvement in credit metrics was mainly due to an increase in
EBITDA.

The ratings, however, are supported by LG's comfortable liquidity
position with the fund-based facility being utilised 7.5% for the
12 months ended December 2017. The firm uses unsecured loans to
meet short-term funding requirements. LG's working capital cycle
improved to 79 days in FY17 (FY16: 118 days), due to a decrease
in debtor and inventory days.

The ratings also factor in the company's partners' over 10 years
of experience in the diamond industry.

RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: A substantial decline in the top line or profitability
and sustained deterioration in the overall credit metrics could
lead to a negative rating action.

COMPANY PROFILE

LG was set up in 2000 as a partnership firm. Mr. Sanjay Kothari
and Rupa Kothari are the partners in the firm. The LG is engaged
in trading of cut and polished diamonds.


NATIONAL HOTELS: Ind-Ra Assigns B- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned National Hotels
Limited (NHL) a Long-Term Issuer Rating of 'IND B-'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital facilities assigned
    with IND B-/Stable/IND A4 rating;

-- INR50 mil. Term loan due on April 2026 assigned with IND B-
    /Stable rating.

KEY RATING DRIVERS

The ratings reflect NHL's small scale of operations and thin
operating margins, due to the company's presence in a highly
competitive industry. This along with a high debt level leads to
weak credit metrics. Revenue declined to INR81.31 million in FY17
from INR102.34 million in FY16, primarily due to a low occupancy
rate. EBITDA margin improved to 5.2% in FY17 from 0.01% in FY16,
owing to a fall in operating expenses. Consequently, gross
interest coverage (operating EBITDA/gross interest expense)
improved to 0.32x in FY17 (FY16: 0x) and net leverage (adjusted
net debt/operating EBITDAR) to 36.2x (13513.45x).

The ratings also reflect NHL's tight liquidity, indicated by its
fund-based limit average utilisation of 93% for the 12 months
ended December 2017.

The ratings, however, are supported by the promoters' 10 years of
experience in the hotel industry.

RATING SENSITIVITIES

Negative: A further decline in the revenue and a fall in the
EBITDA margin leading to any deterioration in the credit metrics
would lead to a negative rating action.

Positive: A rise in the revenue and EBITDA margin leading to an
improvement in the credit metrics on a sustained basis would lead
to a positive rating action.

COMPANY PROFILE

Incorporated in 2006, Gujarat-based NHL provides hospitality
services. It owns The Ummed Hotel in Jodhpur, Rajasthan. NHL is
managed by Mr Harshendra Pandya and Mr Ashwin Patel.


PARTH NATURAL: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Parth Natural
Stones Private Limited (PNSPL) to monitor the rating(s) vide
email communications/letters dated December 1, 2017, December 13,
2017, December 29, 2017 and numerous phone calls. However,
despite our repeated requests, the company/firm has not provided
the requisite information for monitoring the ratings. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. Further,
PNSPL has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. In line with the extant
SEBI guidelines CARE's rating on PNSPL's bank facilities will now
be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank        7.83     CARE B+; Stable; Issuer not
  Facilities                     Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on March 27, 2017, the following were
the rating strengths and weaknesses (updated for the
information available from Registrar of Companies)

Key Rating Weakness

Vulnerability of margins to fluctuation in raw material prices,
foreign exchange rates along with presence in a highly
competitive stone industry

The profitability of the company is vulnerable to any adverse
movement in raw material prices and fluctuation in foreign
exchange rates. Further, the industry is to be highly fragmented
with the presence of large number of organized and
unorganized player.

Weak Solvency Position and moderate liquidity position: During
FY14, TOI of the company declined significantly over FY13 (refers
to the period April 1 to March 31) owing to issue in Middle East
countries that led to high net loss and erosion of entire net-
worth base and due to it, capital structure stood negative.
Furthermore, debt service coverage indicators of the company also
stood weak. The profitability of the company has witnessed
volatility owing to raw material cost and foreign exchange rate.
The liquidity position of the company stood moderate with
operating cycle of 84 days in FY16. Moreover, PNSPL has fully
utilized its working capital bank borrowings for the last twelve
months ended February, 2017.

Key Rating Strengths

Experienced promoters with long track record of operations in the
marble industry: Overall operations of PNSPL are managed by Mr
Naresh Bolya who has more than two decades of experience in the
marble industry and looks after overall activities of the
company.

Udaipur-based (Rajasthan) Parth Natural Stones Private Limited
(PNSPL) was incorporated in 2011 by its key promoter Mr Naresh
Bolya and Ms Sonal Bolya. PNSPL is a 100% export oriented unit,
engaged in the business of processing of marble blocks and sale
of marble slabs and tiles which finds its application in the
construction as well as various allied activities.

During FY16 (refers to the period of April 1 to March 31), PNSPL
has reported a total operating income of INR45.58 crore with a
net profit of INR0.42 crore.


PRADHAMA MULTI: CRISIL Reaffirms B Rating on INR131MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facility of Pradhama Multi speciality Hospitals & Research
Institute Limited (PMSHRIL) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           11.5      CRISIL B/Stable (Reaffirmed)
   Long Term Loan       131.0      CRISIL B/Stable (Reaffirmed)

The rating reflects the company's nascent stage of operations and
its below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by its
established regional presence in the healthcare segment aided by
the industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: The company started its operations
in July 2017 and is expected to generate revenue of INR26 crore
for the fiscal, its scale will remain modest, thus, limiting cost
efficiency.

* Below-average financial risk profile: PMSHRIL's financial risk
profile is marked by weak capital structure and debt protection
metrics.  The company high gearing of 4 times and negative net
worth as on March 31, 2017. The debt protection metrics were
weak.

Strengths

* Established regional presence in the healthcare segment aided
by the industry experience of the promoters: Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti have extensive
experience of more than three decades as leading doctors and also
first-generation entrepreneurs, already owning and operating two
general hospitals in Visakhapatnam.

Outlook: Stable

CRISIL believes that PMSHRIL will benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of sustainable increase in
the company's revenue and profitability along with efficient
working capital management, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if PMSHRIL's financial risk profile weakens because of
low cash accruals or deterioration in the working capital
management or large debt-funded capital expenditure.

Incorporated in 2014, PMSHRIL is setting up a 593-bed multi-
specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July, 2017


RAJASTHAN METALS: Ind-Ra Raises Issuer Rating to 'BB-'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rajasthan
Metals' (RM) Long-Term Issuer Rating to 'IND BB-' from 'IND
B+(ISSUER NOT COOPERATING)'. The Outlook is Stable. The
instrument-wise rating actions are:

-- INR60 mil. (increased from INR40 mil.) Fund-based limits
    upgraded with IND BB-/Stable/IND A4+ rating;

-- INR140 mil. (reduced from INR145 mil.) Non-fund-based limits
    upgraded with IND A4+ rating;

-- INR10 mil. Proposed fund-based working capital limit
    Withdrawn (the company did not proceed with the instrument as
    envisaged) with WD rating;

-- INR5 mil. Proposed non-fund-based working capital limit
    withdrawn (the company did not proceed with the instrument as
    envisaged) with WD rating; and

-- INR75 mil. Proposed non-fund-based limits* assigned with
    Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The upgrade reflects an improvement in the credit profile to
moderate in FY17 from weak in FY16. Revenue increased to
INR434.22 million in FY17 from INR362.83 million in FY16 on
account of an increase in demand for copper tubes from new and
existing customers. During the period, interest coverage
(operating EBITDA/gross interest expense) was 1.63x (FY16:
1.38x). The improvement in interest coverage was driven by a rise
in absolute EBITDA (FY17: INR14.61 million; FY16: INR11.67
million). Meanwhile, net leverage (total adjusted net
debt/operating EBITDA) marginally deteriorated to 1.50x in FY17
from 1.24x in FY16 owing to a decrease in cash in hand.
Furthermore, EBITDA margin rose to 3.36% in FY17 from 3.22% in
FY16, driven by stable copper prices worldwide and the
strengthening of the Indian rupee against the US dollar.

The ratings continue to be supported by the proprietor's over
three-decade experience in the non-ferrous industry, RM's long
operating history of over four-decades and the firm's strong
relationships with customers and suppliers.

The ratings are also supported by a comfortable liquidity
position, indicated by a nil average utilisation of its fund-
based limits for the 12 months ended December 2017.

The ratings, however, continue to be constrained by RM's presence
in a highly fragmented and intensely competitive non-ferrous
industry, and dependence on some specific suppliers for copper
tubes and other tradeables.

The ratings are further constrained by the proprietorship nature
of the business.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics could lead to a
negative rating action.

Positive: Any significant increase in revenue and any improvement
in the credit metrics could lead to a positive rating action.

COMPANY PROFILE

Founded in 1974, RM is a proprietorship concern based at Chawri
Bazar, Delhi. The firm is engaged in the trading of copper tubes
and other tradeables. Moreover, the firm procures copper and
brass alloy goods in bulk and wholesales it to various customers.


RAMKRUPA GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ramkrupa Ginning and Pressing Private Limited (RGPPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long Term Bank
  Facilities          20.00     CARE B+; Stable Reaffirmed

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of RGPPL continues to
remain constrained on account of decline in the turnover and low
profitability margins, leveraged capital structure and weak debt
coverage indicators along with working capital intensive nature
of its business operations in FY17 (refers to the period April 1
to March 31). The rating is further constrained on account of
presence of RGPPL in the competitive and seasonal cotton ginning
business which involves low value addition, seasonality
associated with the procurement of raw material and
susceptibility of its operating margins to raw material price
fluctuations.  The rating, however, derives strength from
experienced promoters in the cotton industry along with location
advantage in terms of proximity to cotton growing area of
Gujarat.

RGPPL's ability to increase its scale of operations and improve
its profit margins and solvency position along with efficient
working capital management would remain the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Decline in turnover and low profitability margins: Total
operating Income (TOI) of RGPPL decreased by 16.64% y-o-y and
stood at INR54.42 crore during FY17 as against INR65.28 crore
during FY16. Further, the profit margins of RGPPL continued to
stand low as marked by PBILDT margin of 3.61% in FY17 as against
3.57% during FY16. PAT margin also remained thin at 0.20% during
FY17 as against 0.17% during FY16.

Leveraged capital structure and weak debt coverage indicators
along with working capital intensive nature of operations:
RGPPL's capital structure continued to remain leveraged marked by
an overall gearing of 3.74 times as on March 31, 2017as against
4.05 times as on March 31, 2016. The debt coverage indicators
further deteriorated and continued to remain weak as marked by
total debt to GCA of 63.23 times as on March 31, 2017 (59.11
times as on March 31, 2016), while the interest coverage ratio
remained at 1.28 times during FY17 which was in line with 1.27
times during FY16. The current ratio though improved continued to
remain low at 1.54 times as on March 31, 2017(1.44 times as on
March 31, 2016), while the operating cycle stood elongated at 192
days during FY17. Resultantly, overall business operations
remained working capital intensive in nature marked by an average
of around 80% working capital limit utilization for past twelve
months ended December, 2017.

Susceptibility of operating margins to raw material price
fluctuations and presence in the competitive and seasonal cotton
ginning business with low value addition: The margins of RGPPL
remain vulnerable to demand-supply scenario and prices of cotton
which being an agro-commodity is seasonal in nature and subject
to vagaries of weather. Any adverse changes in these variables
may affect the margins of RGPPL. Moreover, the textile industry
is highly fragmented marked by presence of large number of
organized and unorganized players which intensifies competition.
Also, it is present in the cotton ginning business which is at
the lower end of the textile value chain having low value
addition.

Key Rating Strengths

Experienced promoters in the cotton industry with location
advantage: The key promoters of the company have vast experience
in the cotton industry and have been involved in cotton ginning
business for more than two decades. RGPPL is based at Gondal
region in Gujarat which is one of the largest cotton producing
region having benefits derived out of stable power supply,
labour, lower logistics expenditure and easy availability and
procurement of raw cotton at effective prices.

RGPPL incorporated in the year 2006, is promoted by Mr. Bipinbhai
Gondaliya. RGPPL is into the business of cotton ginning and
pressing and trading of clean cotton. RGPPL is a family centric
business and is completely owned and managed by the family
members with four directors, who have more than 15 years of
experience in the cotton industry. RGPPL is engaged in ginning &
pressing of raw cotton to produce cotton bales, cotton seeds and
cotton lint with a manufacturing and production facility located
at Gondal region, Gujarat which is one of the leading cotton
producing states in India. As on March 31, 2017, RGPPL has an
installed capacity to produce 15500 MTPA of cotton seeds and 8500
MTPA of cotton bales as on March 31, 2017.


REDDY AND REDDY: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking for information from Reddy and
Reddy Imports and Exports (RRIE) to monitor the ratings vide-mail
communications dated June 13, 2017, June 27, 2017, July 17, 2017,
December 14, 2017, January 8, 2018 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Reddy and Reddy
Imports and Exports' bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long-term Bank
  Facilities         10.00     CARE B+; Stable Issuer not
                               cooperating

  Short-term Bank
  Facilities          4.00     CARE A4; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating on November 25, 2016 the following
were the rating strengths and weaknesses

Key Rating Weaknesses

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

Small scale of operations despite established track record: While
the firm continues to be relatively small in scale, the total
operating income has exhibited a steady growth. The turnover of
the firm grew at a CAGR of 18% from INR30.68 crore in FY14 to
INR42.91 crore in FY16 on account of increase in the income from
trading prawn feed. Apart from trading prawn feed, the firm is
into manufacturing of shirt buttons, which contributed around 10-
12% of the firm's revenue.

Trading nature of the firm with thin profitability margins: RRIE
is primarily engaged in trading of prawn feed. The firm currently
is operating in the domestic market with majority of its
suppliers and customers in coastal areas of Andhra Pradesh. Given
the trading nature of business and intense market competition,
the profitability margins of the firm have been low. The PBILDT
margin of the firm has declined by 46 bps from 2.70% in FY15 to
2.24% in FY16 on account of increase in discounts given to the
customers to increase the sale. However the PAT margin of the
firm has marginally improved from 0.25% in FY15 to 0.31% in FY16.

Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company as represented by overall
gearing of the firm has deteriorated from 2.42x as on March 31,
2015 to 2.79x as on March 31, 2016 on account of increase in the
working capital borrowing to meet the working capital requirement
of the firm. The interest coverage ratio of the firm has remained
almost stable at 1.18x in FY16 (1.11x in FY15).

Working capital intensive nature of operations: The operating
cycle of the firm is moderate with range bound between 75 days to
89 days in FY16. The business operation of RRIE is working
capital intensive given high stock of inventory of trading
materials required to be kept due to volatile prices of the same,
on account of which the inventory holding period is on the higher
side. Accordingly, dependence on working capital to finance the
business operation is on the higher side.

Key rating strengths

Experienced and Resourceful Partners: RRIE was started by
Managing Partner Mr. Ramakrishna Reddy who has 15 years of
experience in trading activities of prawns feed, automobile
dealership and distribution of automobile lubricants. He entered
into the field of automobile dealership by starting Reddy & Reddy
Automobiles (authorized dealer of Hero Honda Motors Limited),
Reddy & Reddy Motors (authorized dealer of Maruti Suzuki India
Limited - MSIL). The other companies in Reddy & Reddy Group are
Reddy & Reddy Imports & Exports and Nexus Feeds Ltd. Other
partners of the firm also have around a decade of experience.

Moderate industry growth prospects: RRIE is located at West
Godavari region which accounts for the largest part of national
inland aquaculture production based on fresh water from Krishna
and Godavari and supports around 3 lakh acres of inland tanks and
ponds. Thus, the production of both fish and prawns and hence the
demand for feed required to cultivate them is expected to be high
in the aforesaid region. With the commencement of pellet form of
feeds and the associated benefits, the demand for the same has
increased significantly in the region.

Reddy and Reddy Imports and Exports is a partnership firm,
incorporated in 1997 and is promoted by Mr. Goluguri Rama
Krishna Reddy, Mr. Venkata Reddy and Mr. Sri Rama Reddy. Mr.
Goluguri Rama Krishna Reddy is the firm's managing
partner. The firm primarily trades in prawn feed in and around
West Godavari district, Andhra Pradesh. The firm also
derives about 10-12% of its revenue from manufacturing shirt
buttons. RRIE belongs to Reddy and Reddy Group which
has diverse interests including trading and manufacturing of
prawns feed, authorized dealership of MSIL and Hero
Motors.


ROCKLAND CERAMIC: CARE Assigns B+ Rating to INR16.37cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rockland Ceramic LLP (RCL), as:

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Bank
  Facilities             16.37       CARE B+; Stable Assigned

  Short-term Bank
  Facilities              1.52       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RCL is primary
remained constrained on account of its Nascent stage of operation
coupled with reporting net losses during FY17(refers to period
April 1 to March 31), moderate capital structure, weak debt
coverage indicators and modest liquidity position along with
working capital intensive nature of operation. The rating also
remained constrained on account of its presence in highly
fragmented industry along with fortunes dependent on real estate
market and susceptibility of margins with fluctuation in raw
material and fuel prices.

The rating, however, derives strength from experience of partners
in ceramic industry and its proximity to raw material and labor
resources.

The ability of RCL to increase its scale of operations along with
improvement in profitability, capital structure and debt coverage
indicators along with efficient management of its working capital
requirements would remain key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operation coupled with reporting net losses
during FY17: The operation of RCL was at nascent stage as RCL
commenced its commercial operations from February 2017. During
FY17, RCL reported net losses of INR0.29 crore on total operating
income (TOI) of INR0.47 crore.

Moderate capital structure and weak debt coverage indicators: The
capital structure remained moderate marked by an overall gearing
ratio of 1.52 times as on March 31, 2017 on account of high debt
level. As a result of high interest cost, high level of total
debt and cash loss reported during the year, debt coverage
indicators also stood weak as on March 31, 2017.

Modest liquidity position along with working capital intensive
operation: Liquidity position remained modest marked by unity
current as on March 31, 2017. The operations are working capital
intensive marked by high average utilization of working capital
bank borrowing during past ten months ended November 2017 at 90%.

Presence into highly fragmented industry along with fortunes
dependent on real estate market: RCL operates in ceramic industry
characterized by low entry barriers, presence of large number of
organized and unorganized players. Most of the demand for the
tiles comes from the real estate industry, which, in India is
highly fragmented and cyclical. Thus any negative impact on real
estate industry will adversely affect the prospects of ceramic
tiles industry as well as the firm.

Margins are susceptible to volatility of prices in raw material
and fuel: Prices of raw material i.e. clay & feldspar is market
driven and expected to put pressure on the margins of tile
manufacturers. Another major cost component is fuel expenses in
the gas form which is to fire the furnace. The profitability of
RCL remains exposed to volatile LNG prices, mainly on account of
its linkages with the international demand-supply of natural gas.
Hence any adverse movement in material and fuel prices would
impact on profitability of the company.

Key Rating Strengths

Experienced partners: Mr. Divyesh Gami, Mr. Nitin Dalsaniya, Mr.
Ashok Dalsaniya and Mr. Manish Mordiya are key partners of the
firm and look after overall operations of the firm. Mr. Nitin
Dalsaniya and Mr. Ashok Dalsaniya hold experience of more than 13
years in ceramic industry, while other two partners hold
experience of 3 years in the industry.

Proximity to raw material and labor resources: RCL is located in
Morbi and being located in a cluster provides the firm with easy
access to raw materials, primary fuel and all other utilities.
Further, the cluster is well connected by a good road network
which provides logistical benefits.

Morbi(Gujarat)-based RCL, was established in January 2016 as a
partnership firm by total fifteen partners. Overall management of
RCL is look after by four key partners named Mr. Divyesh
Laljibhai Gami, Mr. Nitin Nandlal Dalsaniya, Mr. Ashokbhai
Nanjibhai Dalsania and Mr. Manish Bhudarbhai Mordiya. The firm is
engaged in manufacturing of vitrified tiles.

RCL is operating from its sole manufacturing plant located in
Morbi (Gujarat) with installed capacity of 26 lakh square
meter per Annum of vitrified tiles as on March 31, 2017. RCL
commenced its commercial operations from February 2017
onwards. Roland Ceramic is a group entity of RCL, which is
engaged into manufacturing of wall tiles.


SAYAJI PACKAGING: ICRA Raises Rating on INR3cr Loan to B
--------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B from [ICRA]B-
to the INR3.25-crore fund-based bank facilities and the INR1.25-
crore unallocated limits of Sayaji Packaging Private Limited.
ICRA has reaffirmed the short-term rating of [ICRA]A4 to the
INR3.00-crore non-fund based bank facilities of SPPL. The outlook
for the long-term rating is Stable.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based-Working
  Capital Facilities      3.00       [ICRA]B(Stable); Upgraded
                                     from [ICRA]B-

  Fund-based-Term Loan    0.25       [ICRA]B(Stable); Upgraded
                                     from [ICRA]B-

  Non-fund based-
  Letter of Credit        3.00       [ICRA]A4; Reaffirmed

  Unallocated Limits      1.25       [ICRA]B (Stable); Upgraded
                                     from [ICRA]B-

Rationale

The rating upgrade takes into account the increase in operating
income due to the stabilisation of operations over the years,
coupled with improvement in profitability and debt protection
metrics; although the financial risk profile of the company
remained weak. The rating continues to favorably take into
account the promoters' extensive experience in the packaging
industry and established customer relationship through their
association with other group concerns.

The ratings, however, continue to remain constrained by the
company's small scale of operations, leveraged capital structure
and high working capital intensity of operations. The ratings
also take into consideration the vulnerability of profitability
to any adverse fluctuations in raw material prices, the highly
fragmented and competitive industry structure, which limits
pricing flexibility, and competition from alternative packaging
materials like plastic and fibre.

Outlook: Stable

ICRA believes SPPL will continue to benefit from the extensive
experience of its promoters in the packaging industry. The
outlook may be revised to Positive if substantial growth in
revenue and profitability strengthens the financial risk profile.
The outlook may be revised to Negative if cash accrual is lower
than expected, or if any major debt funded capital expenditure,
or stretch in the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Experience of promoters in the metal packaging industry: The
promoters have a longstanding experience of over three decades in
the metal packaging industry. Moreover, the company derives
operational and financial support from Group companies namely
Modern Packaging and Sayaji Metal Cans in the same business
sector.

Established customer relationship with reputed clientele: SPPL's
existing customer profile consists of reputed players from the
paints and adhesives, food and pharmaceutical sectors, among
others. In addition, its Group companies, Modern Packaging and
Sayaji Metal Cans, have a long and established relationship with
reputed customers from the paints and adhesives sectors.

Credit challenges

Small scale of operations and weak financial risk profile: The
company has a small scale of operations; although it has improved
on a year-on-year basis. SPPL reported an operating income of
INR14.12 crore in FY2017, as against INR10.77 crore in FY2016.
The capital structure of the company continues to remain
aggressive with gearing of 4.20 times as on March 31, 2017, with
coverage indicators remaining weak as reflected by interest
coverage of 1.76 times and a DSCR of 0.65 time.

Vulnerability of profitability to fluctuations in raw material
prices: The main raw material for manufacturing cans is tin
plate. SPPL is exposed to raw material price risks; given that
tin plate prices exhibit volatility, along with its inability to
pass on the immediate rise in raw material prices to its
customers. However, the company procures most of its tin plates
based on firm orders from its customers, thus resulting in only a
limited exposure. The prices are revised on a yearly basis;
however, they also are revised intermittently in case of adverse
fluctuations.

Highly fragmented and competitive industry: The metal packaging
industry is extremely fragmented with numerous players in both
the organised and unorganised segments, leading to intense
competition. Further, metal packaging faces competition from
alternative forms of packaging like aluminum, plastic and tetra
pack. These factors expose the company to pricing pressures,
thereby impacting profitability.

Incorporated in 2011, Sayaji Packaging Private Limited is engaged
in manufacturing tin cans for food and non-food packaging
applications. The unit is located at Savli in the Vadodra
District of Gujarat, with a production capacity of approximately
150 lakh cans per annum. SPPL's promoters Mr. Fidahusain Tinwala,
Ms. Subhana Tinwala and Mr. Mazahir TInwala have reasonable
experience in manufacturing and marketing tin cans for paints,
adhesives and pesticides, etc., because of their association with
other Group companies, Modern Packaging and Sayaji Metal Cans,
who are engaged in the same business sector.

In FY2017, SPPL reported a net profit of INR0.02 crore on an
operating income of INR14.12 crore, as compared to a net loss of
0.93 crore on an operating income of INR10.77 crore in FY2016.


STAR REWINDERS: CRISIL Reaffirms B- Rating on INR3MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Star Rewinders and Electricals (Star).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       12.5       CRISIL A4 (Reaffirmed)

   Cash Credit           3         CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      4.5       CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit          0.5       CRISIL B-/Stable (Reaffirmed)

The ratings reflect the firm's small scale and working capital-
intensive operations mainly on account of stretched receivables,
resulting in weak liquidity. These weaknesses are partially
offset by the extensive experience of the promoters in the
electrical industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations: Extensive experience of the
partners, and capability to offer a range of services, have led
to increased flow of orders from MSEDCL, MIDC, Sudarshan Chemical
India Ltd, GAIL and other companies with nearby manufacturing
facility. Net sales have remained stable at around INR35 cr in
fiscal 2017.

* Working capital intensity in operations: Operations are highly
working capital intensive, mainly due to the retention money
clause. Inventory and receivables were around 18 days and 163
days, respectively, as on March 31, 2017 CRISIL believes that the
inherent clauses of the contracts awarded by its counterparties
along with delayed realization of its bills will keep the working
capital elongated over the medium term.

* Weak financial risk profile, marked by stretched liquidity:
The STRSES financial risk profile is weak, marked low networth
with low gearing and moderate debt protection metrics. CRISIL
believes that the firm's financial risk profile is expected to
remain weak due to its working capital intensive operations and
high reliance on external bank debt.

Strengths

* Extensive experience of the partners in the electrical services
industry, especially in motor rewinding and turnkey projects:
Benefits from the extensive experience of Mr. Vijay More in the
field of electrical services, his technical know-how, and the
firm's established market position in the Roha area, will
continue. CRISIL believes that the firm will benefit from the
extensive experience in the industry over the medium term.

Outlook: Stable

CRISIL believes Star will continue to benefit over the medium
term from the extensive experience of its partners. The outlook
may be revised to 'Positive' if improvement in working capital
management results in better liquidity. The outlook may be
revised to 'Negative' if further stretch in working capital cycle
or any large, debt-funded capital expenditure leads to
deterioration in financial risk profile, particularly liquidity.

Star, based in Roha district, Maharashtra, is a partnership firm
established by Mr. Vijay More in 1982. Currently operations of
the firm are managed by Mr. Vijay More and Mr. Prathamesh More.
The firm primarily undertakes rewinding of electric motors
including HT/LT Motors. It also undertakes turnkey electrical
contracts in Raigad region.

For fiscal 2017, profit after tax (PAT) and net sales are
estimated at INR1.1 crore and INR35 crore, respectively. PAT was
at INR1.1cr on net sales of INR35 crore in fiscal 2016.


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

-- INR50 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
December 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, SAPL is engaged in the construction of
residential building, Akruthi Township in Bodduppal, Hyderabad.
The company is managed by directors V.Aravinder Reddy, T.
Sashikanth Reddy and A. Vivekananda Reddy.


TAU AGRO: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tau
Agro Sales Pvt. Ltd. (TASPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term Bank
  Facilities           15.00     CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of TASPL is
constrained by its small scale of operations with low PAT
margins, weak debt coverage indicators and elongated operating
cycle. The rating is further constrained by susceptibility of
margins to fluctuations in raw material prices and fragmented
nature of industry. The rating, however, derives strength from
experienced promoters, long track record of operations, moderate
capital structure and favorable location of plant. Going forward,
the ability of the company to increase the scale of operations
while improving its profitability margins and overall solvency
position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters and long track record of operations: TASPL
is a private limited company with track record of around two
decades in agro processing industry. The company is currently
being managed by Mr. Mangat Ram Garg, Mr. Shyam Sunder, Mr.
Rajinder Garg and Mr. Ravinder Garg. The directors have industry
experience ranging from 30 years - 50 years through their
association with TASPL and other entities. The long track record
has aided the company in establishment of strong relationships
with suppliers as well as customers.

Moderate capital structure: The total debt of the company
comprised of term debt (including vehicle loans) of INR0.34 crore
and working capital borrowings amounting to INR14.62 crore as
against net worth base of INR8.23 crore as on March 31, 2017.
TASPL has a moderate capital structure marked by overall gearing
ratio of 1.82x as on March 31, 2017 mainly on account of moderate
net worth base.

Favorable location of plant: TASPL's manufacturing unit is
located in Faridkot, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability. The presence of
TASPL in the vicinity of paddy producing regions gives it an
advantage over competitors operating elsewhere in terms of easy
availability of the raw material as well as favorable pricing
terms.

Key Rating Weaknesses

Small scale of operations with low PAT margins: Despite being in
operations for around two decades, the company's scale of
operations has remained small marked by Total Operating Income
(TOI) of INR48.17 crore in FY17(refers to the period from April
01 to March31). The PBILDT margin stood moderate at 7.49% in
FY17. However, high interest and depreciation cost restricted the
net profitability of TASPL and resulted into below unity PAT
margin during last three financial years.

Weak debt coverage indicators: The debt coverage indicators stood
weak marked by total debt to GCA of 26.51x for FY17 and interest
coverage ratio of 1.23x in FY17 as compared to total debt to GCA
of 27.74x for FY16 and interest coverage ratio of 1.27x in FY16.

Elongated operating cycle: The operating cycle of the company
stood elongated at 154 days for FY17. The company maintains
inventory in the form of raw material and finished goods. This
led to average inventory period of 232 days for FY17.
Furthermore, the company provides credit period of up to one
month to its customers. TASPL receives extended credit period
from suppliers owing to its established relationship with them.

The average utilization of the cash credit limit stood at ~90%
for the last 12 months period ended October, 2017.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

Tau Agro Sales Pvt. Ltd. was incorporated as a private limited
company in 1997 and it is currently being managed by Mr. Mangat
Ram Garg, Mr. Shyan Sunder. Mr. Rajinder Garg and Mr. Ravinder
Garg. It is engaged in processing of paddy at its manufacturing
facility located in Faridkot, Punjab with an installed capacity
of 28,000 Tonnes of paddy per annum as on October 31, 2017. It is
also engaged in trading of basmati and non-basmati rice. TASPL
sells rice primarily to various rice wholesalers through dealers
based in Delhi, Uttar Pradesh, Haryana, Rajasthan, etc. (income
from trading constituted 50% of the total sales in FY17).


TOYOP RELIEF: CRISIL Lowers Rating on INR13MM LT Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Toyop Relief Private Limited (TRPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B/Stable/CRISIL A4'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      10       CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

   Letter of Credit            7       CRISIL D (Downgraded from
                                       'CRISIL A4')

   Proposed Long Term         13       CRISIL D (Downgraded from
   Bank Loan Facility                  'CRISIL A4')

The rating action follows instance of overdue bills for
continuous period of over 30 days, driven by weak liquidity due
to elongated receivable cycle.

TRPL has modest scale of operations and large working capital
requirement. However, the company benefits from the experience of
the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Overdue bills: Overdue in the packing credit limit for over 30
days owing to weak liquidity.

* Modest scale of operations: Small scale of operations, with
revenue of INR50.62 crore in fiscal 2017, amid intense
competition limits pricing power with customers or suppliers,
thereby constraining profitability.

* Large working capital requirement: Gross current assets were
high at 222 days as on March 31, 2017, due to large receivable
and inventory of 85 days and 105 days, respectively.

Strength

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

Set up in 1994 by Mr. Sachin Shah as a proprietorship firm (Sabra
Exim Investments), the company was reconstituted and renamed as
TRPL in 2008. It supplies disaster relief materials (kitchen
accessories, plastic toiletries, hygiene kits, blankets, buckets,
and tarpaulin tents) to various non-governmental organisations
abroad. The company is also a leading authorised distributer and
stockiest of LyondellBasell specialty polymers.


VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR8MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Varun Fertilizers Private
Limited (VFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.75     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect average financial risk profile
and susceptibility to government regulations. These rating
weakness are partially offset by promoters' extensive experience
in the fertilizer industry.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to government regulations: Government controls
pricing, capacity, and distribution of fertilizers. The
department of fertilizers fixes the maximum retail price for some
fertilizers, which limits manufacturers from passing on increase
in raw material costs to customers. However, they are partially
compensated by government subsidy. In a major development in
government fertilizer policy, nutrient-based subsidy (NBS) was
introduced in fiscal 2010, which helps the government reduce
subsidy bill and encourage consumption of fertilizers other than
urea. Government allowed producers some freedom in fixing prices
of fertilizers to recover any loss due to volatility in prices.
The NBS for Nitrogen-Phosphorous-Potassium (NPK) fertilizers,
coupled with a 10% increase in urea prices, was implemented to
wean away farmers from excessive use of urea.

* Average financial risk profile: Financial risk profile is
average marked by modest net worth of INR 7.2 cr., moderate
gearing of 1.5 times as on March 31, 2017. The firm has moderate
debt protection metrics with net cash accrual to total debt
(NCATD) and interest coverage ratios of 0.08 and 2 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength

* Extensive experience of promoters: The Tiwari family has been
in the fertiliser industry for around a decade and has also
established a strong position in Indore through associate
entities, Microtech (fertiliser trading firm) and Advance
Cropcare (India) Pvt Ltd (rated 'CRISIL BB-/Stable'; manufactures
fertilisers and agrochemicals). The promoters acquired VFPL in
September 2011 and within six months of operations under the new
management, revenue increased four-fold year-on-year to INR4.16
crore for fiscal 2012. Turnover was INR37.43 crore in fiscal
2017. The new promoters also set up an SSP plant.

Outlook: Stable

CRISIL believes VFPL will continue to benefit over the medium
term from the extensive experience of its management. The outlook
may be revised to 'Positive' if increase in scale of operations,
substantial cash accrual, and a shorter working capital cycle
improve liquidity. The outlook may be revised to 'Negative' if
stretched working capital cycle, lower-than-anticipated cash
generation, or any debt-funded capex further weakens financial
risk profile. Weakened business risk profile due to any
regulatory change may also result in a 'Negative' outlook.

Incorporated in 2005 in Indore and promoted by Tiwari family,
VFPL manufactures fertilisers such as nitrogen-phosphorous-
potassium (NPK) and single super phosphate at its plant that has
capacity of 150,000 tonne per annum (tpa) and 120,000 tpa,
respectively. Operations are managed by Mr. Ashish Tiwari and Mr.
Abhishek Tiwari.

For fiscal 2017, VFPL profit after tax (PAT) was INR0.45 crore on
net sales of INR37.43 crore, against a PAT of INR0.44 crore on
net sales of INR36.97 crore for fiscal 2016.


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

-- INR10 mil. Fund-based working capital facilities migrated to
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VPPL was established in 1998 as a proprietorship firm. In 2010,
it was reconstituted as a private limited company. VPPL is
engaged in all types of electrical and power distribution works
such as laying of high-/low-tension cables up to 66KV, erection
and maintenance of substations up to 220KV, location and
rectification of cable faults up to 66KV,  transformer
maintenance, and transformer oil and lube oil filtration.


VIKAS FILAMENTS: CARE Assigns B+ Rating to INR1.61cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vikas
Filaments Private Limited (VFPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities             1.61    CARE B+; Stable Assigned

  Long-term/Short
  Term Bank
  Facilities             5.85    CARE B+; Stable/CARE A4 Assigned

  Short-term Bank
  Facilities             0.15    CARE A4 Assigned


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VFPL are
constrained on account of its moderate scale of operations, low
profit margins, leveraged capital structure, moderate debt
coverage indicators and moderate liquidity position. The ratings
are further constrained on account of its presence in competitive
and fragmented textile industry along with susceptibility of
profit margins to volatile raw material prices. The ratings,
however, derive strength from wide experience of promoters in
textile industry and location advantage by way of its presence in
textile hub of Surat.

The ability of VFPL to increase its scale of operations and
improve its overall financial risk profile by improving its
profit
margins, capital structure and debt coverage indicators and
efficient working capital management are the key rating
sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Moderate scale of operations and low profit margins: The Total
Operating Income (TOI) of VFPL remained moderate during FY17 at
INR33.92 crore as against INR34.08 crore during FY16. The PBILDT
margin remained moderate at 6.73% during FY17 as against 7.64%
during FY16, whilethePAT margin also remained low at 0.20% during
FY17 as compared to 0.35% during FY16.

Leveraged capital structure, moderate debt coverage indicators
with moderate liquidity position: The overall gearing stood
leveraged at 2.38 times as on March 31, 2017 as compared to 2.98
times as on March 31, 2016, on account of reduction in total
level of debt. The debt coverage indicators as marked by total
debt to GCA remained moderate at 6.75 times as on March 31, 2017
[March 31, 2016: 7.52 times], and interest coverage stood at 2.12
times during FY17.

The current ratio of the company remained moderate at 1.18 times
as on March 31, 2017 while operating cycle improved and remained
at 63 days in FY17. The average utilization of working capital
limits during past 12-months period ended November, 2017 remained
moderate at 60%.

Presence in competitive and fragmented textile industry along
with susceptibility of profit margins to volatile raw material
prices:
Due to large number of players and easy accessibility of
infrastructure and raw material, the industry remains fragmented
which intensifies competition. The profit margins of VFPL are
exposed to risk of price volatility as manufacturing of yarns
and knitted fabric depend on availability and production of the
P.O.Y (Partially Oriented Yarn), produced from polyester chip or
flake which is derivative of crude oil, prices of which is
fluctuating in nature according to global demand and supply
conditions.

Key Rating Strengths

Established track record of operations and wide experience of
promoters

VFPL was incorporated in the year 1993 and is engaged in
manufacturing of sized yarns and knitted fabric. Mr. Vishal
Singhal, Mr. Bajranglal Agarwal and Mr. BanshiDhar Singhal are
the key promoters having around two decades of experience in the
textile industry; hence are well-versed with the textile
industry.
Location advantage by way of presence in textile hub of Surat
VFPL operates in Surat, which is considered as textile hub in
India. The region comprises of a large number of textile
manufacturing and processing units which provides advantage in
the form of easy availability of raw materials, power supply,
logistics, customers and suppliers that help in establishing
business in textile sector.

Surat-based (Gujarat) VFPL is a private limited company
incorporated in December 1993 by Mr. Vishal Singhal, Mr.
Bajranglal Agarwal and Mr. BanshiDhar Singhal. VFPL is engaged
into manufacturing of cotton and polyester knitted fabric and
sized yarn and operates with an installed capacity of 700 MTPA
for its knitted fabric and 3000 MTPA for its sized yarn as on
March 31, 2017. The products manufactured by VFPL find
application in making hand gloves, sarees, dress materials etc.
VFPL primarily caters to the customers spread across Gujarat.
VFPL also has group entity named Vishal Polyfilms Private Limited
which is into similar line of business.


VITTHAL GAJANAN: CARE Lowers Rating on INR17.60cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vitthal Gajanan Sugar Private Limited (VGSPL), as:

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long term Bank     17.60     CARE D; Issuer not cooperating;
  Facilities                   Revised from CARE B+ on the basis
                               of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VGSPL to monitor the
rating vide e-mail communications/letters dated August 11, 2017,
September 06, 2017, September 11, 2017, September 12, 2017,
September 20,2017 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Vitthal Gajanan Sugar Private Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of continuous delay in
servicing of debt obligations by the company. Further, the rating
takes into account the risk emanating from project execution and
subsequent stabilisation of operations, susceptible to
fluctuation in the raw material prices along with seasonal nature
of operations and presence of the company in highly fragmented
industry marked by low entry barriers. The above constraints are
partially offset by the long experience of the promoters,
locational advantage emanating from proximity to the sugarcane
growing region.

Detailed description of the key rating drivers
At the time of last rating on August 26, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weakness

Project execution and implementation risk: The company is in
process of setting up a jaggery manufacturing unit. The
total cost of the project is proposed to be funded through debt
to equity ratio at 2.23 times. The proposed project is
expected to commence by September, 2016.

Susceptible to fluctuation in the raw material prices along with
seasonal nature of operations: Sugarcane is the key raw material
used for the manufacture of jaggery. The availability and yield
of sugarcane depends on factors like rainfall, temperature and
soil conditions, demand-supply dynamics, government policies etc.
Furthermore, on account of the seasonal nature of the operations
the company operates only from November to June.

Presence in a fragmented industry marked by low entry barriers:
Greater number of small scale units, operating in similar line of
operation has resulted in the fragmented nature of industry which
in turn has resulted in intense competition within the entities
present in the segment.

Key Rating Strengths

Experienced promoters: VGSPL was incorporated in the year 2013
and is promoted by Mr. Chandrakant Pawar, Mr. Yashwant Mali
(Director) and Mr. Prasad Jugdar. Mr. Chandrakant Pawar
(Chairman) has an experience of more than two decades in the
cultivation of sugarcane and works as a commission agent for
jaggery and suppliers of seeds and fertilizers. Mr. Yashwant Mali
has in-depth expertise in setting up and erection of mechanized
Jaggery units along with Creative Sugar Centrifuge India Private
Limited (CSCIPL). He has an experience of about two decades in
jaggery manufacturing business. Mr Prasad Jugdar has around 20
years of experience spreading across marketing, branding and
promotion, store design and packaging, etc.

Contract with Creative Sugar Centrifuge India Private Limited
(CSCIPL): The company had appointed CSCIPL as a turnkey
contractor for setting up of the plant, operating and training of
employees for a period of one year. CSCIPL is a supplier of
machinery and turnkey and service provider of jaggery plants,
mini sugar plant, etc. since 1990. Furthermore, the CSIPL was
associated in running the operations for a period of one year,
which would mitigate stabilization risk to an extent.

Location advantage emanating from proximity to sugar growing
region: The manufacturing facility of the company is located in
Surli, Dist- Satara, Maharashtra. The site is located in the
sugarcane production belt i.e. near Karad (sugar cultivation area
- 6775 hectares) and Kadegaon (sugar cultivation is - 6220.20
hectares) sugar growing region hence facilitating easy
availability of sugarcane.

Satara- based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in the process of setting up a jaggery manufacturing
unit with an installed capacity of 500 tons crushed per day (TCD)
at Satara, Maharashtra.



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


TUNAS BARU: Fitch Rates US$200MM Senior Unsecured Notes Final BB-
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' final rating to Indonesia-
based palm oil and sugar producer PT Tunas Baru Lampung Tbk's
(TBLA, BB-/Negative) US$200 million 7% senior unsecured notes
maturing in 2023.

The notes have been issued through TBLA's wholly owned
subsidiary, TBLA International Pte. Ltd. The notes are guaranteed
by TBLA and all its majority-owned operating subsidiaries and the
proceeds will be used mainly for refinancing existing debt. Out
of TBLA's consolidated debt at end-9M17, 77% was secured,
implying a secured debt/annualised EBITDA ratio of 2.2x, which
Fitch estimate will drop to below 2.0x by 2018, aided by the use
of the unsecured notes' proceeds to refinance debt. Fitch
therefore rate the notes at the same level as TBLA's Long-Term
Foreign-Currency Issuer Default Rating (IDR). The final rating is
in line with the expected rating assigned on 10 January 2018, and
follows the receipt of final documents conforming to earlier
information.

TBLA's leverage, measured by net debt to annualised EBITDA, in
9M17 was relatively high at 2.9x, with negative free cash flow as
capex was above Fitch's expectation. Fitch forecast TBLA's
leverage to decline to a level consistent with its rating by
2018. However, capex that is higher than Fitch expectation and
volatile working capital movements could delay deleveraging and
indicate weak control over operations. The Negative Outlook
reflects these risks to TBLA's credit profile and rating.

TBLA's rating is driven by its position as one of the few players
in Indonesia whose integrated sugar business operations span the
entire sugar value chain. The regulatory environment for sugar in
Indonesia is beneficial to TBLA due to its efficient operations,
and increased sugar sales have boosted TBLA's EBITDA and provided
benefits of diversification from its small, albeit diversified,
palm oil operations. However, domestic sugar prices have fallen
in 2017 and Fitch think the government will take steps to prevent
a material increase.

KEY RATING DRIVERS

Sugar Output Grows; Prices Lower: TBLA started sugarcane
plantations in 2012 and its refinery began operations in 2013.
Its sugar mill near its plantations in Lampung in southern
Sumatra started operations in April 2017. TBLA's sugar output
increased by around 30% qoq each in 2Q17 and 3Q17, indicating a
quick ramp-up of operations at the mill. However, TBLA's average
price realisation fell 8% in 9M17 compared with 2016, due to
lower international sugar prices and higher supply in Indonesia
following an increase in government import quotas. While
profitability for TBLA's refinery, which processes imported raw
sugar, is unlikely to be affected, lower sugar prices will reduce
margins for its sugar mill.

Significant State Role in Pricing: Indonesia's domestic mills
produce less than half of the country's sugar demand. The
government regulates the sugar industry in Indonesia, and sets a
floor for sugar prices to encourage output. Domestic sugar prices
were much higher than the floor price in 2016 due to the supply
deficit, with TBLA's average realisation 18% higher than the
floor price. Indonesia kept the floor price unchanged in 2017,
according to TBLA, after several years of regular increases.

The government in April 2017 also set a price ceiling on retail
sugar sales, which make up about 50% of the total that includes
sales to industrial users. Fitch think the government will
continue to monitor domestic prices and take steps to prevent a
rapid increase.

Small, Well-Diversified Palm Operations: TBLA owned around 41,500
hectares of planted oil palm acreage at end-September 2017, and
is one of the smallest palm oil companies in Fitch's rating
universe in terms of planted area. Around 80% of its acreage is
in southern Sumatra (Lampung and Palembang), with the rest in
Kalimantan (Pontianak). Its fresh fruit bunch (FFB) yield in 2016
of 12 tonnes per hectare of mature acreage was below the industry
average, but yields improved in 2017 with better weather
conditions. Over the longer term, yield should improve further
due to TBLA's relatively young plantation profile; around 50% of
planted acreage comprised mature and young trees (0-8 years old).

Despite TBLA's small scale, its operations are well-diversified
in terms of products and distribution channels. Over 50% of its
palm oil product sales are downstream products, mainly cooking
oil. The diversification provides TBLA flexibility to produce the
more profitable products, and also lowers the earnings
volatility.

Risks to Leverage Improvement: Fitch forecast TBLA's net adjusted
debt to EBITDAR leverage to fall to 3.0x by end-2017 and decline
to 2.5x by 2018, from 4.0x in 2016. Higher EBITDA, supported by
increasing sugar sales volumes and healthy crude palm oil prices,
and a reduction in capex after completion of spending on the
sugar mill should help TBLA deleverage in 2018. However, TBLA's
capex in 9M17 was significantly higher than Fitch expectation. In
addition, its working capital flows have been volatile, with a
large outflow in 2016 to build up raw sugar inventories following
the grant of import quotas. If TBLA's cash flows remain volatile,
its financial metrics and credit profile would be negatively
affected.

DERIVATION SUMMARY

A close peer for TBLA is PT Japfa Comfeed Indonesia Tbk (Japfa,
BB-/Stable), whose rating is supported by the earnings stability
provided by its animal-feed segment, which accounts for around
35% of overall revenue. TBLA and Japfa are comparable as the
sugar segment lends stability to TBLA and significantly offsets
the volatility of its palm oil segment. Fitch expect the sugar
segment to contribute more than 35% of TBLA's revenue from 2017.
However, Japfa's leverage is lower and the Negative Outlook for
TBLA reflects the risk of negative rating action if it is unable
to deleverage to a similar level.

TBLA's ratings can also be compared with that of PT Sawit
Sumbermas Sarana Tbk (SSMS, B+/Positive). SSMS has a larger
plantation area and superior palm oil operating performance
compared with TBLA. However, TBLA's sugar business lends
stability and it has more diversified products and distribution
channels than SSMS. Fitch also forecast lower leverage for TBLA
in 2017-18, although SSMS is expected to deleverage faster
thereafter. These factors justify TBLA being rated one notch
higher, but with a Negative Outlook.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Malaysian benchmark crude palm oil price of USD675/tonne over
   the long term
- Revenue growth of around 30% in 2017 and around 15% in 2018
- EBITDA margin to improve to 24% on average in 2017-18, from
   22% in 2016
- Capex of IDR1.5 trillion in 2017 and around IDR800 billion
   annually thereafter

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action Include:
- Inability to reduce leverage (net adjusted debt/EBITDAR) to
   2.5x or lower by 2018. Fitch could take negative rating action
   if TBLA is not on track to achieve the leverage sensitivity by
   2018, potentially due to material deviation from Fitch
   assumptions.
- Inability to generate neutral to positive free cash flows by
   2018
- A material weakening of regulatory protection for the sugar
   industry in Indonesia that results in weaker EBITDA margin

TBLA's Outlook may be revised to Stable if it does not meet the
above sensitivities for a negative rating action.

LIQUIDITY

Adequate Liquidity: TBLA reported a cash balance of IDR107
billion and had undrawn credit facilities of around IDR2.1
trillion at 30 September 2017. By comparison, there were short-
term bank loans of IDR1.6 trillion in the total and current
portion of long-term debt of IDR0.7 trillion. The majority of
TBLA's short-term bank loans are for its working capital needs
and are likely to be rolled over. The company also has robust
banking relationships. Therefore, liquidity risk is limited, in
Fitch view.



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


TK HOLDINGS: Wants to Maintain Exclusivity Through Feb. 27
----------------------------------------------------------
TK Holdings Inc. and its affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a second motion
seeking for further extension of the exclusive plan filing period
through and including Feb. 27, 2018.

If any objections to the Debtors' Motion are received on or
before Feb. 2, 2018, the Motion and such objections will be
considered at a hearing on Feb. 13, 2018 at 10:00 a.m. (Eastern
Time). By order dated Nov. 20, 2017, the Court granted the
Debtors' first request for an extension of the Exclusive Periods,
extending the Exclusive Filing Period and Exclusive Solicitation
period to Jan. 21, 2018 and Feb. 27, 2018, respectively.

On the Petition Date, in coordination with the commencement of
the Chapter 11 cases, Takata Corporation, the Debtors' ultimate
corporate parent, together with Takata Kyushu Corporation and
Takata Service Corporation (the "Japan Debtors"), commenced civil
rehabilitation proceedings under the Civil Rehabilitation Act of
Japan in the 20th Department of the Civil Division of the Tokyo
District Court. Upon the petitions filed by the Japan Debtors in
the Bankruptcy Court seeking recognition of the Japan
Proceedings, the Bankruptcy Court entered an order recognizing
the Japan Proceedings on Nov. 14, 2017.

On June 28, 2017, the Debtors commenced an ancillary proceeding
under the Companies' Creditors Arrangement Act (Canada), R.S.C.
1985, c. C-36 as amended in the Ontario Superior Court of Justice
(Commercial List) in Ontario, Canada. Similarly, on August 25,
2017, the Debtors petitioned the Tokyo District Court for
recognition of these Chapter 11 Cases under Article 17(1) of the
Act on Recognition of and Assistance for Foreign Insolvency
Proceedings. On September 6, 2017, the Tokyo District Court
granted the Debtors' petition.

With the Court's approval of the disclosure statement, the
Debtors have commenced solicitation of the Plan and are on track
for confirmation in mid-February. The hearing on confirmation of
the Plan is scheduled for February 13, 2018 at 10:00 a.m.
(Prevailing Eastern Time).

Pursuant to the Plan and other global transaction documents, the
Debtors and their non-Debtor affiliates (collectively, referred
to as "Takata") are seeking authority to sell substantially all
of Takata's worldwide assets (excluding PSAN Inflatorrelated
assets) to Joyson KSS Auto Safety S.A. (collectively, with one or
more of its current or future subsidiaries or affiliates, the
"Plan Sponsor") for an aggregate purchase price of $1.588 billion
(the "Global Transaction").

Given, however, that the current Exclusive Filing Period expires
on Jan. 21, 2018, the Debtors seek a limited extension of the
Exclusive Filing Period to allow them time to solicit, prosecute,
and, hopefully, confirm the Plan without the distraction of a
competing chapter 11 plan.

                         About TK Holdings

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata. Ernst & Young
LLP is tax advisor. Prime Clerk is the claims and noticing agent.
The Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information
officer. TK Holdings, as the foreign representative, is
represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as
special
counsel.

Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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


GLOBAL A&T: Plan Has Jan. 12, 2018 Effective Date
-------------------------------------------------
The effective date of the joint Chapter 11 plan of reorganization
of Global A&T Electronics Ltd. and its debtor-affiliates occurred
on Jan. 12, 2018, after the Hon. Robert D. Drain of the U.S.
Bankruptcy Court for the Southern District of New York confirmed
their joint plan on Dec. 22, 2017.

As reported by the Troubled Company Reporter on Jan. 15, 2018,
the Debtors' Plan provides for a comprehensive restructuring of
the Debtors' obligations, preserves the going-concern value of
the Debtors' business, maximizes recoveries available to all
constituents, provides for an equitable distribution to the
Debtors' stakeholders, and protects the jobs of more than 10,000
employees.

The Debtor entered into prepetition Restructuring Transactions,
which provide, among other things, that on the Effective Date:

   * the Debtors will issue $665 million in 8.5% New Secured
Notes due 2022, and the Debtors will distribute approximately
$517.64 million of the New Secured Notes to the Initial
Noteholders and approximately $84.9 million of the New Secured
Notes to the Additional Noteholders;

   * the Debtors will also distribute $8.89 million of Cash to
the Initial Noteholders;

   * the Debtors will distribute an additional $11.11 million of
the New Secured Notes and $1.11 million of Cash to the 2014
Plaintiff Initial Noteholders;

   * included in the $517.64 million of New Secured Notes that
the Debtors will distribute to Initial Noteholders are $5 million
of New Secured Notes that would otherwise be distributed to the
Holder of the Affiliate Noteholder Notes;

   * UTAC, the Debtors' ultimate equity owner, will issue common
equity to the Additional Noteholders in such amount as to
constitute 31% of the outstanding common equity of UTAC on a
post-emergence basis, subject to dilution by any post-emergence
management incentive plan adopted by UTAC, with the Affinity
Entities (other than the Affiliate Noteholder) and TPG
collectively holding, directly or indirectly, the other 69% of
the outstanding common equity of UTAC on a post-emergence basis;

   * all outstanding and undisputed General Unsecured Claims
against the Debtors will be Unimpaired and unaffected by the
Chapter 11 Cases, and will be paid in full in Cash;

   * all Priority Tax Claims, Other Priority Claims, and Other
Secured Claims will be paid in full in Cash, or receive such
other customary treatment that renders such Claims Unimpaired
under the Bankruptcy Code;

   * all Administrative Claims shall be paid in full in Cash, or
receive such other customary treatment that renders such Claims
Unimpaired under the Bankruptcy Code; provided that the Debtors
will distribute $31.25 million in New Secured Notes to the
Initial Noteholders that are Consenting Noteholders under the
Restructuring Support Agreement and $25.1 million in New Secured
Notes to the Additional Noteholders that are Consenting
Noteholders under the Restructuring Support Agreement in full
satisfaction of all Claims arising on account of the Forbearance
Fee; and

   * UTAC will cause UMS -- which provides semiconductor testing
and assembly services similar to GATE to its sole customer,
Panasonic -- to guarantee the New Secured Notes, and UMS and GATE
will be operated by a single management team, owned by UTAC.

A full-text copy of the Disclosure Statement is available at:

        http://bankrupt.com/misc/nysb17-23931-11.pdf

                 About Global A&T Electronics

Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic,
and memory products in the United States, Japan, rest of Asia,
Europe, and internationally.

UTAC Holdings and its subsidiaries are independent providers of
assembly and test services for a broad range of semiconductor
chips with diversified end uses, including in-communications
devices (such as smartphones, Bluetooth and WiFi), consumer
devices, computing devices, automotive devices, security devices,
and devices for industrial and medical applications.  The company
offers its customers a full range of semiconductor assembly and
test services in these key product categories: analog, mixed-
signal and logic, and memory.  UTAC's customers are primarily
fables companies, integrated device manufacturers and wafer
foundries.

UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia.  The company's global sales network is broadly focused
on five regions: the United States, Europe, China and Taiwan,
Japan, and the rest of Asia.  The Debtors have 10,402 full-time
employees.

Global A&T and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on Dec. 17, 2017.  In the petition signed by General
Counsel Michael E. Foreman, Global A&T estimated assets of $500
million to $1 billion and liabilities of $1 billion to $10
billion.

Judge Robert D. Drain presides over the cases.

The Debtors hired Kirkland & Ellis LLP as their bankruptcy
counsel; Moelis & Company Asia Limited and Moelis & Company LLC
as financial advisors; Alvarez & Marsal North America, LLC and
Alvarez & Marsal (SE Asia) Pte. Ltd. as restructuring advisors;
and Prime Clerk LLC as notice, claims and balloting agent.




                             *********

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 2018.  All rights reserved.  ISSN: 1520-9482.

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

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



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