/raid1/www/Hosts/bankrupt/TCRAP_Public/180220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, February 20, 2018, Vol. 21, No. 036

                            Headlines


A U S T R A L I A

ASSURE NSW: Second Creditors' Meeting Set for Feb. 23
NATIONAL RMBS 2018-1: Moody's Assigns Ba2 Rating to Cl. E Notes
NTLV PTY: Second Creditors' Meeting Set for Feb. 27
ORIGIN ENERGY: H1 2018 Results No Effect on Moody's Baa3 Ratings
ROSEWOOD RESOURCES: Second Creditors' Meeting Set for Feb. 27


C H I N A

CHINA COMMERCIAL: Names Ex-UN ICTY Program Coordinator to Board


H O N G  K O N G

NOBLE GROUP: Gets In-Principle Nod for 3-Year US$700MM Loan
NOBLE GROUP: Expects Full Year Net Loss of US$5BB


I N D I A

ANTONY ROAD: CARE Hikes Rating on INR41.43cr LT Loan to B+
BHAIRAV IMPEX: CRISIL Assigns B Rating to INR4MM Loan
CABLE CAST: CRISIL Assigns B+ Rating to INR5.5MM LT Loan
DYNOMERK CONTROLS: CRISIL Removes 'Not Cooperating' Rating
FASHION IMPEX: CARE Assigns B Rating to INR4.51cr LT Loan

FATTE GURU: CARE Assigns B+ Rating to INR6cr LT Loan
GOPIMAL KAUR: CRISIL Lowers Rating on INR28MM LT Loan to D
HANUMAN GINNING: CARE Moves B Rating to Not Cooperating Category
IKF TECHNOLOGIES: CRISIL B+ Ratings Continue to be on Watch Neg.
KAAS FOOTWEAR: CRISIL Cuts INR6.71MM Loan Rating to D, Not Coop.

KAMAL SUITINGS: CRISIL Lowers Rating on INR6.5MM Cash Loan to D
KARNATAKA RICE: CRISIL Assigns B+ Rating to INR5MM Cash Loan
NASH FASHION: CARE Assigns B Rating to INR16.94cr LT Loan
NIKHIL TOBACCOS: CARE Assigns B+ Rating to INR23cr LT Loan
SHANKUS BIOSCIENCES: CRISIL Assigns B+ Rating to INR10MM Loan

SHRI JAGRITI: CRISIL Reaffirms B+ Rating on INR6MM Term Loan
SIGNATURE AUTO: CARE Reaffirms B+ Rating on INR10.47cr Loan
SILVER SIGN: CARE Assigns B/A4 Rating to INR8cr Bank Loan
SOMNATH ENTERPRISES: CARE Ups Rating on INR9.35cr Loan to BB-
SRI RAMA: CARE Assigns B+ Rating to INR8cr LT Loan

SRINIVASA COTTON: CARE Moves B+ Rating to Not Cooperating Cat.
SUPER MAX: CARE Assigns B Rating to INR25cr Long Term Loan
SUPREME MOBILES: CRISIL Removes B+ Rating From Not Cooperating
TIRUMALA COTTON: CARE Moves B+ Rating to Not Cooperating Cat.
VASANI COLD: CARE Assigns B+ Rating to INR6.53cr LT Loan

VISHAL CONSTRUCTION: CRISIL Hikes Rating on INR3.55MM Loan to B-

* Ex-Lehman Banker Sees Gold Mine in India Bankruptcy Overhaul


N E W  Z E A L A N D

TRUE FOOD: Yoga and Wellness Centre Placed Into Liquidation


S O U T H  K O R E A

GENERAL MOTORS: Shutdown a Blow to Regional Economy, Moon Says


X X X X X X X X

* BOND PRICING: For the Week Feb. 12 to Jan. 16, 2018


                            - - - - -


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A U S T R A L I A
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ASSURE NSW: Second Creditors' Meeting Set for Feb. 23
-----------------------------------------------------
A second meeting of creditors in the proceedings of Assure (NSW)
Pty Limited has been set for Feb. 23, 2018 at 11:00 a.m. at the
offices of Suite 1, Level 15, 9 Castlereagh 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 Feb. 22, 2018, at 4:00 p.m.

Simon Cathro of Worrells Solvency was appointed as administrator
of Assure (NSW) on Jan. 18, 2018.


NATIONAL RMBS 2018-1: Moody's Assigns Ba2 Rating to Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the definitive long-term
ratings below to the notes issued by Perpetual Trustee Company
Limited as trustee of the National RMBS Trust 2018-1.

Issuer: National RMBS Trust 2018-1

-- AUD1,540.00 million Class A1-A Notes, Assigned Aaa (sf)

-- AUD300.00 million Class A1-G Notes, Assigned Aaa (sf)

-- AUD70.00 million Class A2 Notes, Assigned Aaa (sf)

-- AUD46.00 million Class B Notes, Assigned Aa2 (sf)

-- AUD16.00 million Class C Notes, Assigned A2 (sf)

-- AUD14.00 million Class D Notes, Assigned Baa2 (sf)

-- AUD8.00 million Class E Notes, Assigned Ba2 (sf)

The AUD6.00 million Class F Notes are not rated by Moody's.

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

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages. All mortgages were originated and
are serviced by National Australia Bank Limited (NAB, Aa3/P-
1/Aa2(cr)/P-1(cr)).

Some 13.4% of loans in the pool are covered by lenders' mortgage
insurance (LMI) policies, with 4.3% covered by Genworth Financial
Mortgage Insurance Pty Ltd and 9.2% covered by QBE Lenders'
Mortgage Insurance Limited. The LMI policies insure losses equal
to 100% of the principal amount, the accrued interest of each
loan and reasonable expenses involved in enforcing the mortgage.

Class A1-G Notes will be certified as climate bonds under the
Climate Bonds Standard by the Climate Bonds Initiative (CBI),
because around 24.0% of loans in the pool satisfy the CBI's July
2017 low carbon building guidance for Australian residential
properties.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
the evaluation of the underlying receivables, the evaluation of
the capital structure and credit enhancement provided to the
notes, the availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 1.90% of the
pool balance, the legal structure, and the credit strength and
experience of NAB as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral
pool is 4.00% prior to LMI benefit, while the expected loss is
0.40%. MILAN CE represents the loss that Moody's expects the
portfolio to suffer in a severe recessionary scenario, while
expected loss represents a stressed, through-the-cycle loss
relative to Australian historical data.

After LMI benefit, the MILAN CE is at 3.8%.

The key transactional features are:

- Class A1-A and Class A1-G Notes benefit from 8% initial note
subordination. The excess subordination relative to the MILAN CE
provides additional credit support not only in an event of
mortgage insurer downgrade, but also if the underlying pool
performance is worse than initially expected.

- The notes will initially be repaid on a sequential basis, but
pro-rata for Class A1-A and Class A1-G Notes. On or after the
second anniversary from the closing date, all notes may be able
to participate in proportional principal collections distribution
subject to the subordination conditions being met. The
subordination conditions include, among others, an increase in
the Class A subordination to 18% and no unreimbursed charge-offs.

- A liquidity facility, provided by NAB in the amount of 1.90% of
the outstanding pool balance of loans not in arrears by more than
90 days, with a floor of AUD3,800,000. The liquidity reserve will
be available where trust income, drawing on the excess reserve
and principal collections are insufficient to meet the required
payments.

- A fixed rate swap that will be provided by NAB to hedge any
mismatch between the interest rates charged on the fixed rate
loans and payable on the floating rate notes. In view of NAB's
current Aa2(cr) counterparty risk assessment, the swap linkage
has no present rating impact on the notes, because the linkage
between the notes rating and NAB's credit strength as the swap
provider is mitigated by an obligation to post cash collateral
and novate the swap if NAB's counterparty risk assessment is
below A3(cr) and Baa1(cr) respectively.

- A loss allocation reserve that can be used to cover losses to
the extent that they are not covered by excess spread. This
reserve is unfunded at closing and builds through the trapping of
excess spread up to a maximum balance of AUD500,000.

The key pool features are:

- The portfolio has a low weighted-average scheduled loan-to-
value (LTV) ratio of 60.5% and only 6.6% of the loans have a
scheduled LTV ratio above 80%.

- The portfolio is well seasoned, with weighted-average seasoning
of 32.0 months.

- Investment and IO loans represent 20.9% and 13.6% of the
portfolio, respectively. Both are below the Australian mortgage
market averages.

- The mortgage portfolio is well diversified across geographical
regions due to NAB's wide distribution network.

- About 89.3% of the borrowers are pay-as-you-go full-time
employees; a proportion which is higher than a typical
transaction in the Australian RMBS market.

- High proportion of loans (44.9%) with a loan purpose other than
purchase.

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the rating impact of each scenario
from a quantitative/model-indicated standpoint.

For the Australian market, linkage to mortgage insurance has been
a key rating sensitivity parameter. QBE Lenders' Mortgage
Insurance Limited and Genworth Financial Mortgage Insurance Pty
Ltd are the two primary LMI providers in the Australian prime
RMBS sector.

The Class A1-A, Class A1-G and Class A2 Notes are structured to
be LMI independent from day one. Therefore, at the time of the
rating assignment, the Class A1-A, Class A1-G and Class A2 Aaa
(sf) ratings are insensitive to any rating migration of the
mortgage insurers. Similarly, the Class B to Class E Notes are
also insensitive to any rating migration of the mortgage
insurers.

If MILAN CE increased to 8.00% and there was no LMI benefit, the
ratings on the Class A2 Notes drop two notches to Aa2, while the
Class B to Class D Notes drop four notches to A3, Baa3 and Ba3
respectively and the Class E Notes drop 5 notches to Caa1.


NTLV PTY: Second Creditors' Meeting Set for Feb. 27
---------------------------------------------------
A second meeting of creditors in the proceedings of N T L V Pty
Ltd ATF N T L V Trust, trading as Love Nails; NB Nail Bar; Beauty
Central; and Love Beauty, has been set for Feb. 27, 2018, at
10:00 a.m. at the offices of Ernst & Young, Level 11, 121 Marcus
Clarke Street, in Canberra, ACT.

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 Feb. 26, 2018, at 4:00 p.m.

Henry Kazar and Michael Slaven of Ernst & Young were appointed as
administrators of N T L V Pty on Jan. 22, 2018.


ORIGIN ENERGY: H1 2018 Results No Effect on Moody's Baa3 Ratings
----------------------------------------------------------------
Moody's Investors Service says that Origin Energy Limited's
reported results for the half year ended December 31, 2017 (H1
2018), although at the upper end of Moody's expectations, fall
within the parameters of the company's Baa3 ratings, and as such,
will not immediately affect the ratings of Origin entities,
including Origin's Baa3 issuer rating, Baa3 senior unsecured
rating and P-3 short-term issuer rating, and Origin Energy
Finance Limited's Baa3 senior unsecured rating, (P)Baa3 senior
unsecured MTN, and Ba2 preference stock rating. The outlook on
all the ratings remains stable.

Origin's reported underlying EBITDA rose by 51% in H1 2018
compared to H1 2017, after excluding Lattice Energy, the sale for
which was completed on January 31, 2018. Key contributors to the
increase included Australian Pacific LNG's (APLNG) full ramp-up
and higher oil-linked LNG sales receipts, as well as increased
margins and higher gas sales in the Australian domestic energy
markets division. Such factors more than offset competitive
pressures in retail electricity markets, which led to Origin's
loss of 47,000 of its more than 3.7 million customers.

Such earnings growth, combined with lower interest costs and debt
levels resulting from the company's AUD2.5 billion asset sales
program, has led to Origin's consolidated funds from operations
(FFO) to debt, which includes Origin's proportionate share in
APLNG, rising to the low 20% region for the period on an
annualised basis.

Origin's hedging policy and cost-out program in the integrated
gas business to reduce costs by AUD500 million per annum by 2019
provides further support.

Moody's analysis factors in AUD1 billion of the cash received by
Origin from the sale of Lattice on January 31, 2018, given cash
is earmarked for debt repayment during 2018, including the
company's intended redemption of the EUR500 million hybrid
securities.

APLNG's financial performance remains a key driver of Origin's
credit position. Current oil prices, which are in the upper
region or above Moody's central oil price scenario for Brent of
USD40 - 60 per barrel, are supporting Origin's credit profile
given these price levels are materially above APLNG's reported
distribution breakeven level of USD45 per barrel for FY18, based
on an exchange rate of USD0.78 per AUD.

Such oil prices, if sustained, also reduce the risks of downside
scenarios involving Origin injecting additional equity capital to
support APLNG.

Origin's generation portfolio and its access to contracted
upstream gas have positioned the company to benefit from the
shift in dynamics within the Australian retail electricity
market, that has seen both increases in the levels of, and
volatility in, gas and electricity prices.

The main challenge for unregulated utilities such as Origin, is
adapting to an environment in which energy generation is becoming
increasingly decentralised and fragmented, leading to
opportunities for new entrants to disrupt existing business
models. Moody's believes, however, that Origin's ownership of
despatchable and reliable baseload generation - particularly to
the extent the Australian government's proposed National Energy
Guarantee is implemented - together with its investment in
developing new retail business models, leaves it well positioned
to manage these evolving conditions.

Origin's energy production is below that required to supply its
customers, which exposes the company to volatility in wholesale
power market prices in relation to the shortfall. Such a
situation however also allows Origin to enter into new long term
supply arrangements - particularly for renewable energy - without
cannibalising its existing wholesale energy market sales, a
factor that Moody's regards as a positive.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Origin Energy Limited is an integrated Australia-based company,
involved in energy retailing, power generation, and gas
exploration and production. The company is listed on the
Australian Securities Exchange.

Origin Energy Finance Limited is a wholly owned subsidiary of
Origin Energy Limited, and a financing vehicle for the group.

Australian Pacific LNG owns and operates a major liquefied
natural gas (LNG) export project in Gladstone, Queensland, with a
production capacity of up to nine million tonnes of LNG per
annum. Origin Energy Limited and ConocoPhillips (Baa1 stable)
each hold a 37.5% stake in APLNG, with the remaining 25% held by
China Petroleum and Chemical Corporation (A1 stable).


ROSEWOOD RESOURCES: Second Creditors' Meeting Set for Feb. 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Rosewood
Resources Pty Ltd formerly known as Whipstock Pty Ltd has been
set for Feb. 27, 2018 at 10:00 a.m. at the offices of McLeod &
Partners, Hermes Building, Level 1, 215 Elizabeth Street, in
Brisbane, Queensland.

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 Feb. 26, 2018, at 5:00 p.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners
were appointed as administrators of Rosewood Resources on
Jan. 22, 2018.



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C H I N A
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CHINA COMMERCIAL: Names Ex-UN ICTY Program Coordinator to Board
---------------------------------------------------------------
Weiliang Jie resigned from the board of directors of China
Commercial Credit, Inc. effective Feb. 9, 2018. Mr. Jie's
resignation is not as a result of any disagreement with the
Company relating to its operations, policies or practices,
according to a Form 8-K filed with the Securities and Exchange
Commission.

Effective Feb. 12, 2018, the Board appointed Ms. Kecen Liu as a
member of the Board to fill the vacancy created by the
resignation of Mr. Jie.

Ms. Kecen Liu, age 25, has served as a program coordinator at
United Nations ICTY from June, 2016 to February 2017. Ms. Liu has
served as marketing manager at Jiuding Capital from June, 2015 to
October, 2015. She has also served as brand manager at Jumei.com
from November, 2013 to October, 2014. From October 2012 to June
2014, she served as a campus embassador at Hong Kong XINHUA
Education International Group. Ms. Liu obtained a Master's degree
in International Business from Southwestern University of Finance
and Economics in 2017.

Ms. Liu has entered into a director agreement with the Company,
which sets her annual compensation at $20,000 per year and
establishes other terms and conditions governing his service on
the Company's Board.

                    About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- is a financial services
firm operating in China. Its mission is to fill the significant
void in the market place by offering lending, financial guarantee
and financial leasing products and services to a target market
which has been significantly under-served by the traditional
Chinese financial community. The Company's current operations
consist of providing direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial's independent accounting firm Marcum Bernstein &
Pinchuk LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company has accumulated
deficit that raises substantial doubt about its ability to
continue as a going concern.

China Commercial reported a net loss of US$1.98 million for the
year ended Dec. 31, 2016, compared with a net loss of US$61.26
million for the year ended Dec. 31, 2015. The Company's balance
sheet as of Sept. 30, 2017, showed US$7.71 million in total
assets, US$8.48 million in total liabilities and a total
shareholders' deficit of US$774,251.



================
H O N G  K O N G
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NOBLE GROUP: Gets In-Principle Nod for 3-Year US$700MM Loan
-----------------------------------------------------------
The Business Times reports that Noble Group on Feb. 19 said it
has reached an in-principle agreement with the group's senior
creditors, or "ad hoc group", and fronting bank ING for the
provision of a three-year US$700 million trade finance facility.

The report says the ad hoc group represents holders of about 36
per cent of Noble's existing senior debt instruments. Advisers of
this ad hoc group are also in contact with creditors who hold an
additional 15 per cent of Noble's existing senior debt
instruments, and have indicated their broad support for a
restructuring of the group's liabilities, Noble said, Business
Times relays.

"Restructuring discussions with stakeholders continue to be
productive as the group moves towards launching the Restructuring
Support Agreement (RSA) for the holders of the existing senior
debt instruments. The RSA forms the basis for the completion of a
restructuring of the group's debts," the commodity trader said.

"Given the status of restructuring discussions with the ad hoc
group in reaching agreement on the RSA, and the trade finance
facilities presently provided by the group's banks, the board is,
on balance and on the basis of legal advice, satisfied that the
group can continue as a going concern, until such time as the
restructuring is completed."

                          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
Feb. 5, 2018, Fitch Ratings has downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR) and the ratings on all its
outstanding senior unsecured notes to 'C' from 'CC'. The Recovery
Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CC' from 'CCC-'. The outlook is negative. S&P also lowered
the long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.


NOBLE GROUP: Expects Full Year Net Loss of US$5BB
-------------------------------------------------
The Business Times reports that Noble Group warned of a net loss
for the three months, and full year ended Dec 31, 2017.

According to the report, the group is expecting a fourth-quarter
net loss in the range of US$1.7 billion to US$1.9 billion; and a
full-year net loss of between US$4.8 billion and US$5 billion.

This comprises of an adjusted net loss from the continuing hard
commodities, freight and LNG operations between US$50 million and
US$100 million; net loss from the discontinued global oil liquids
and north american gas & power operations in the range of US$225
to US$275 million; as well as exceptional items -- including
significant non-cash mark to market losses due to reserves and
adjustments -- resulting in a loss between US$1.45 billion and
US$1.55 billion, the report relays.

"Operating conditions continued to be challenging in Q4 FY17 as
the group continued to manage the business within existing
constraints in trade finance and liquidity availability. Focus
during the quarter was placed on concluding the asset disposal
programme and moving forward with the debt restructuring
proposal," Noble said.

The group's consolidated financial statements for the year ended
Dec. 31 will be released on Feb. 28, the report says.

                          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
Feb. 5, 2018, Fitch Ratings has downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR) and the ratings on all its
outstanding senior unsecured notes to 'C' from 'CC'. The Recovery
Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CC' from 'CCC-'. The outlook is negative. S&P also lowered
the long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.



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I N D I A
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ANTONY ROAD: CARE Hikes Rating on INR41.43cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Antony Road Transport Solutions Private Limited (ARTS), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank        41.43    CARE B+; Stable Revised from
  Facilities                     CARE D

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
ARTS takes into account the regularization of the debt servicing
track record since June 2017. The rating, however, continues to
be constrained by modest scale of operations albeit improving
scale of operations, highly leveraged capital structure &
moderately weak debt coverage indicators albeit improvement in
FY17 (refers to the period April 1 to March 31), and risks
associated with geographical & customer concentration and project
execution & funding associated to ongoing fleet expansion.

The rating, however, derives strength from the experienced
promoters in public bus transport services business coupled
with strong group support from various group companies, exclusive
agreement with Delhi transport authority for providing public bus
services in cluster no. 7 of New Delhi, high profit margins and
comfortable operating cycle. ARTS's ability to increase the scale
of operations and maintain the profitability position and also to
improve the capital structure and maintain liquidity position by
efficiently managing the operating cycle is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations albeit continuous & healthy growth
over last 2 years: The scale of operations of ARTS stood
relatively modest with the total operating income ranging from
INR30-55 crore over FY15-FY17. However, the same has been
continuously improving at a healthy rate of 32.60% CAGR over the
same period owing to increase in deployment of buses over the
said period. Given the modest scale of operations, the tangible
net-worth base also stood modest.

Highly leveraged capital structure & moderately weak debt
coverage indicators: The capital structure of ARTS stood highly
leveraged with the overall gearing ranging from 6-8.25 times over
FY15-FY17, given the high reliance on external term debt for
funding the addition of buses in each year. Given this, the debt
coverage indicators also stood moderately weak.

Risks associated with geographical & customer concentration
albeit mitigated by absence of regional competition: ARTS is
exposed to significant geographical & customer concentration
since its operations are confined only to cluster no. 7 of New
Delhi, whereas the same cater to only single customer. Moreover,
the single-customer services coupled with terms & conditions of
the bid limit the flexibility of the company to negotiate on
various terms like payment, schedule, rates, etc. However,
comfort can be derived from the fact that the company is the sole
provider of public bus transport services in a specific region of
the city.

Project execution & funding risks associated to ongoing fleet
addition: ARTS has planned to add 60 AC buses in FY19, taking the
total capital expenditure to INR32.40 crore, whereas the same is
expected to be funded by a bank term loan to the extent of 90%
and the balance from internal accruals. The company faces
significant execution & funding risk for the said project, since
it has not yet incurred any cost towards the said fleet addition
as on November 21, 2017, whereas the envisaged term loan is yet
to be tied for as on the same date.

Key Rating Strengths

Experienced promoters in public bus transport services business:
The overall operations of ARTS are looked after by Mr. Jimmy
Kallarakkal and Mr. Edison Thomas, who possess requisite
experience of over a decade in the public bus transport services
business.

Strong group support with group companies: ARTS shares
operational synergies with the Antony Group in terms of common
management and derives significant operational synergies with
Antony Garages Private Limited (AGPL) and Antony Commercial
Vehicles Private Limited (ACV). All the three companies are
operated by the same management, whereas the buses owned &
deployed by ARTS are supplied by ACV (being an authorized
distributor for commercial vehicles of Ashok Leyland Limited),
whereas the body building of which in turn is carried out by
AGPL.

Exclusive agreement in place with Delhi transport authority for
providing public bus services in cluster no. 7 of New Delhi: AGPL
had successfully won the bidding contract from Department of
Transport, Delhi (DoT) to run the public bus transport services
in cluster no. 7 of New Delhi. With regard to this, ARTS has
entered into an agreement with DoT, under which it is bound to
provide buses and run them as a means of public road transport in
cluster no. 7 of New Delhi, as per the schedule provided by DoT.
The contract is valid for a period of 10 years (renewable up to 2
years) from the date the depot is provided by DoT. On the other
hand, the rates are fixed on the basis of consumable charge,
capital charge and manpower & overheads charge, which are linked
to the prevailing CPI (Consumer Price Index) rates. Currently,
the company charges ~Rs.50 per km per bus per month.

High profit margins: The PBILDT margin of ARTS stood high in the
range of 29-33% over FY15-FY17, given the service nature of
operations. Given this, the PAT margin also stood comfortable in
the range of 4.50-6.50% over the same period.

Comfortable operating cycle: ARTS maintains an inventory of 1-2
days comprising spare parts of buses, used for occasional repairs
& maintenance. Moreover, the debtors are generally recovered in
10 days from the date of billing. On the other hand, the
suppliers (including those of oil & grease, fuel, spare parts,
etc.) provide a credit period of over 15-20 days. Led by this,
the operating cycle stood negative in the range of 1-20 days over
FY15-FY17.

Incorporated in 2010 by Mr. Jimmy Kallarakkal and Mr. Edison
Thomas, ARTS is engaged in providing public bus transport
services in cluster no. 7 of New Delhi. ARTS is an SPV (Special
Purpose Vehicle) incorporated by Antony Garages Private Limited
(AGPL) so as to operate the bid won by the latter on September 3,
2012, from the Department of Transport, Delhi (DoT) to run the
buses in cluster no. 7 of New Delhi. With regard to this, ARTS
has entered into an agreement (valid for 10 years, renewable up
to 2 years) with DoT on June 20, 2013, under which it is bound to
provide 328 buses (258 non-AC and 70 AC) (the buses are to be
provided phase-wise after the allocation of depot by DoT)
including 30 as spares, and run them as a means of public road
transport, as per the schedule provided by DoT. As on
November 21, 2017, the company owns a fleet of 254 buses (all
non-AC) of which a total of 229 buses have been deployed, whereas
the balance have been kept as spares (including 1 bus which was
destroyed in fire). On the other hand, the rates are fixed on the
basis of consumable charge, capital charge and manpower &
overheads charge, which are linked to the prevailing CPI
(Consumer Price Index) rates. Currently, the company charges
~Rs.50 per km per bus per month.

ARTS belongs to the Antony Group, and is a subsidiary of AGPL
which is engaged in the body building of buses, tempos, trucks
and other commercial vehicles; and providing public bus transport
services in Pune. AGPL is an authorized body building
manufacturer for the commercial vehicles of Ashok Leyland. On the
other hand, Antony Commercial Vehicles Private Limited (ACV) is
an authorized distributor for the commercial vehicles of Ashok
Leyland in Pune, whereas Antony Motors Private Limited (AMPL) and
Antony Waste Handling Cell Private Limited (AWHC) are engaged in
manufacturing of waste & garbage carriage vehicles. ARTS shares
operational synergies with the Antony Group in terms of common
management and significant operational linkages with AGPL and
ACV.


BHAIRAV IMPEX: CRISIL Assigns B Rating to INR4MM Loan
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Bhairav Impex (BI).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Foreign Bill
   Discounting             4         CRISIL B/Stable (Assigned)

   Packing Credit          1.5       CRISIL A4 (Assigned)

The ratings reflect BI's modest scale of operations and large
working capital requirement. These weaknesses are partially
offset by the experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability. Although revenue increased to INR18.66 crore in
fiscal 2017 from INR16.46 crore in fiscal, it is still modest as
compared to other players in the housewares industry.

* Large working capital requirement: Gross current assets were
270 days as on March 31, 2017, driven by high debtors and
inventory level, the same trend may continue over the medium
term.

Strength

* Experience of proprietor: Benefits derived from the
proprietor's experience of over 32 years and, healthy relations
with customers and suppliers, should continue to support the
business.

Outlook: Stable

CRISIL believes BI will continue to benefit over the medium term
from the experience of the proprietor. The outlook may be revised
to 'Positive' if a substantial increase in revenue,
profitability, and cash accrual along with a prudent working
capital management strengthen the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if delays in
realization of receivables or a sizeable withdrawal of capital
weakens the financial risk profile.

BI was set up in 2003 by the proprietor, Mr Champalal Jain. The
firm manufactures household items in its facility at Thane
(Maharashtra), with total capacity of 50 tonne per month. Revenue
is entirely generated by exporting the products to Saudi Arabia,
and other Middle East and European countries.


CABLE CAST: CRISIL Assigns B+ Rating to INR5.5MM LT Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Cable Cast New Media Pvt Ltd
(CCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        5.5      CRISIL B+/Stable (Assigned)

   Overdraft                  .75     CRISIL A4 (Assigned)

   Letter of Credit           .75     CRISIL A4 (Assigned)

   Long Term Loan            3.00     CRISIL B+/Stable (Assigned)


The ratings reflect its nascent stage of operations, geographical
concentration in revenue, and exposure to intense competition.
These weaknesses are partially offset by promoters' experience,
and average financial risk profile because of healthy capital
structure.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: CCPL is relatively a new player in
the industry and is exposed to risks related to timely
stabilization of operation, high fixed cost during the initial
period and low operating profitability.

* Geographical concentration in revenue and exposure to intense
competition: Majority of income is derived from Tamil Nadu, where
the company has to compete with local multiple-system operators
(MSO) and Direct to home (DTH) players.

Strengths

* Extensive experience of promoters: Presence of more than a
decade in the cable industry has enabled the promoters to
establish strong relationship with various local cable operators.
The same is expected to support the business risk profile of the
company.

* Average financial risk profile: Gearing was healthy at 0.79
time as on March 31, 2017, and is likely to remain steady over
the medium term with expected equity infusion in fiscal 2018 to
fund capital expenditure (capex), and no additional term debt.

Outlook: Stable

CRISIL believes CCPL will benefit over the medium term from
promoters' experience and improved business risk profile post-
digitisation. The outlook may be revised to 'Positive' if
increase in subscriber base leads to better accrual and debt
protection metrics. The outlook may be revised to 'Negative' if
lower-than-expected revenue or sizeable, debt-funded capex
weakens financial risk profile.

Established in 2008, CCPL is an MSO operator based in Tamil Nadu.
Its day to day operations are managed by Mr P. R. Prakash and Mr
D. Vivekanandan, promoters of the company. The company commenced
its operation from April ' 2017.


DYNOMERK CONTROLS: CRISIL Removes 'Not Cooperating' Rating
----------------------------------------------------------
Due to inadequate information and in line with the guidelines of
Securities and Exchange Board of India, CRISIL Ratings had
migrated the ratings on the bank facilities of Dynomerk Controls
(DC) to 'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating' on
September 21, 2017. However, the DC's management subsequently
shared information necessary for a comprehensive review of the
ratings. Consequently, CRISIL is migrating the ratings from
'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       2.5      CRISIL A4 (Migrated from
                                 'CRISIL A4' Issuer Not
                                 Cooperating)

   Cash Credit          4.0      CRISIL B+/Stable (Migrated from
                                 'CRISIL B/Stable' Issuer Not
                                 Cooperating)

   Proposed Long Term   1.5      CRISIL B+/Stable (Migrated from
   Bank Loan Facility            'CRISIL B/Stable' Issuer Not
                                 Cooperating)

The rating reflects improvement in DC's business risk profile,
driven by increase in scale and stable profitability, supported
by healthy demand. Revenue rose to INR23.8 crore in fiscal 2017
from INR10.8 crore in fiscal 2016, while profitability remained
at 10.8% The financial risk profile also improved, with networth
and gearing of INR2.4 crore and 1.78 times, respectively, as on
March 31, 2017, as compared to INR0.8 crore and 7.98 crore a year
ago.

The ratings also continue to reflect a modest scale of
operations, an average financial risk profile, susceptibility to
sales in the automotive sector. These weaknesses are partially
offset by the experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With revenue of INR23.8 crore in
fiscal 2017, scale remains small, though expected to improve over
the medium term.

* Average financial risk profile: Networth was low at INR2.4
crore as on March 31, 2017, while gearing was moderate at 1.78
times. Interest coverage and net cash accrual to total debt
ratios were modest at 2.6 times and 0.28 time, respectively, in
fiscal 2017.

* Susceptibility to sales in automotive sector: The firm caters
mainly to the automobile industry and hence remains dependent on
the sector's sales and incurred capital expenditure.

Strength

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

Outlook: Stable

CRISIL believes DC will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised
to 'Positive' if substantial increase in revenue and
profitability strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if a significant decline
in revenue and margin, any large, debt-funded capital
expenditure, or a stretched working capital cycle weakens the
financial risk profile and liquidity.

DC was set up in 1996 as a partnership between Mr Kishor Raut and
his family. The firm manufactures vehicle engine-testing
equipment at its facility in Pune.


FASHION IMPEX: CARE Assigns B Rating to INR4.51cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Fashion Impex (FI), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities            4.51     CARE B; Stable Assigned

  Long-term/short-
  term Bank
  Facilities           11.50     CARE B; Stable/CARE A4
                                 Assigned

  Short-term Bank
  Facilities            2.50     CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FI are primarily
constrained on account of its modest scale of operations in the
highly fragmented and competitive textile industry. The ratings
further constrained on account of weak solvency and stressed
liquidity position, vulnerability of margins to fluctuation in
raw material prices and constitution as proprietorship concern.
The ratings, however, favorably take into account the experienced
promoters in the textile industry and strong group support.

The ability of the firm to Increase in the scale of operations
with maintaining profitability along with improvement in capital
structure would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations along with moderate profitability
margins in highly fragmented and competitive textile industry:
The scale of operation of the firm remained modest marked by
Total Operating Income of INR39.54 crore in FY17. Further, PBILDT
margins and PAT margins of the firm remained at 6.38% and 0.67%
respectively in FY17. Further, readymade garments industry in
India is highly fragmented and dominated by a large number of
independent and small scale unorganized players leading to high
competition among industry players.

Highly leveraged capital structure and stressed solvency position
and constitution as a proprietorship concern: The capital
structure of the firm stood highly leveraged marked by an overall
gearing of 9.56 times as on March 31, 2017. Further, debt service
coverage indicators stood weak with total debt to GCA of 51.37
times and interest coverage ratio of 1.22 times in FY17.

Further, the liquidity position of the firm remained stressed
marked by full utilization of working capital bank borrowing
during last 12 months ended December 2017. Since the firm is
engaged in the export business and gets payment within 5-6 month
from the customers, hence the operating cycle of the firm stood
elongated at 198 days mainly on account of higher debtors as on
balance sheet date.

Vulnerability of margins to fluctuations in raw material prices
and foreign exchange rate: The profitability of the firm is
vulnerable to any adverse movement in the raw material prices as
prices of cotton grey fabrics remain volatile. Further, FI is
exposed to foreign exchange fluctuation risk as the firm derives
majority of its revenue from the export sales.

Key Rating Strengths

Experienced management in the textile industry and strong group
support: Mr. Anupam Sethia, proprietor, is MBA in marketing by
qualification and has 7 years of experience in the textile
industry. He looks after the overall affairs of the firm and is
assisted by Mr. Jai Singh Sethia who has more than three decades
of experience in the same line of business through its group
concern, NFIL. Being present in the industry since long period of
time through NFIL, the management has established relationship
with the customers and suppliers. Further, FI also gets
assistance from NFIL in the form of raw material procurement as
well as designing of readymade garments. Furthermore, FI
purchases cotton grey fabrics from NFIL as well as sell readymade
garments to its group concern. During FY14, FI sells INR14.50
crore to NFIL.

Jaipur based (Rajasthan) FI was formed in 2012 as a
proprietorship concern by Mr. Anupam Sethia. FI is engaged in the
business of manufacturing and export of ladies readymade garments
as well as the trading of grey, finished and readymade garments
and low cost bed sheets. It purchases cotton grey fabric from
Tamil Nadu and printed fabrics from Ahmedabad and Surat as well
as its group entity, Nash Fashion India Limited (NIFL) and gets
printing on grey fabrics on job work basis from other process
house located in Ahmedabad and Jodhpur. After getting finished
fabrics, the firm does cutting, stitching and packing. The
manufacturing facility of the firm is located at EPIP, Sitapura,
Jaipur.

The promoter family has also promoted its group concern, Nash
Fashions India Limited, which is also engaged in the trading and
export of readymade garments. Further, the promoter family has
also running Dana Pani Multi Cuisine Restaurant located in
Jaipur.


FATTE GURU: CARE Assigns B+ Rating to INR6cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Fatte
Guru Govind Singh and Company (FGG), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities             6.00    CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of FGG is primarily
constrained on account of its financial risk profile marked by
fluctuating profitability margins, weak debt coverage indicators
and stressed liquidity position and constitution as a partnership
concern. The rating is, further, constrained on account of
operating margins susceptible to cotton price fluctuation with
seasonality associated with the cotton industry and presence in
highly fragmented and competitive cotton industry.

The rating, however, favorably takes into account the vast
experience of the promoters in cotton ginning industry coupled
with established relationship with customers and suppliers and
location advantage being located in the cotton growing region.

Improvement in the scale of operations while sustaining
profitability margins in light of volatile raw material prices
and efficient management of working capital is key rating
ensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial risk profile marked by fluctuating profitability
margins, stressed liquidity position and weak debt coverage
indicators and constitution as a partnership concern: The
profitability margins of the firm stood fluctuating and thin
mainly on account of highly fragmented and competitive cotton
industry. The firm has registered PBILDT and PAT margin of 1.50%
and 0.13% respectively.

The liquidity profile of the firm stood stressed marked by full
utilization of working capital bank borrowings in last 12 month
ended December, 2017. The operating cycle of the firm stood
elongated at 169 days due to higher collection period as well as
inventory holding.

The capital structure of the firm stood leveraged marked with an
overall gearing of 1.72 times as on March 31, 2017.  The debt
service coverage indicators of the firm stood weak with total
debt to GCA of 127.69 times as on March 31, 2017. However, the
interest coverage ratio stood at 1.21 times in FY17. Further, its
constitution as a partnership concern attributes to withdrawal of
capital. During FY17, the promoters of the firm have withdrawn
capital of INR 4.28 crore.

Operating margins susceptible to cotton price fluctuation with
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, the prices of raw
material are highly volatile in nature.

Key Rating Strengths

Long track record of operations with experienced proprietor in
the cotton ginning industry and established relations with
customers and suppliers: The firm was established in 1996, hence,
has a track record of more than two decades in the industry. The
partners have more than three decades of experience in the cotton
ginning industry and looks after overall affairs of the firm.
Being present in the industry since long period of time, the
partners has established relationship with the customers and
suppliers.

Burhanpur (Madhya Pradesh) based Fatte Guru Govind Singh and
Company (FGG) was formed in 1996 as a partnership concern by Mr.
Dilip Singh Bindra along with his family. The firm is engaged in
the business of cotton ginning and pressing along with the
production of cotton seed, oil and de-oiled cake and trading of
agro commodities and cotton seeds. The manufacturing unit of the
firm has installed capacity to manufacture cotton bales of 300
Bales per Day (BPD) as on March 31, 2017, cotton seeds of 1000
quintal per day as on March 31, 2017, cotton oil of 65 quintal
per day as on March 31, 2017 and De-oiled cake of 475 quintal per
day. FGG procures raw cotton directly from farmers and local
mandis and sells its finished products mainly in Madhya Pradesh,
Gujarat and South India.


GOPIMAL KAUR: CRISIL Lowers Rating on INR28MM LT Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Gopimal Kaur Sain Industries Private Limited
(GKSIPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          28       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The ratings action follows instances delay in payment of interest
obligation on term loan owing to liquidity stretch on back of
large working capital requirement.

GKSIPL 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

* Modest scale of operations amidst intense competition: Intense
competition in the knitted fabric manufacturing industry, limits
the scale of operations, (as reflected in net sales of INR11.7
crore in fiscal 2016) and constrains negotiating power with
suppliers and customers.

* Stretched working capital cycle: Operations are highly working
capital intensive, as indicated by the high gross current assets
of 461 days as on March 31, 2016, mainly due to the large
inventory.

Strength

* Extensive experience of the company's promoters: The decade-
long experience of the promoters, Mr Tarsem Mittal, Mr Gaurav
Mittal and Mr Gautam Mittal, in the yarn and knitted fabric
trading business, has helped the company record healthy revenue
growth and maintain healthy relationships with key suppliers and
customers.

Established in 2013, in Ludhiana, by Mr. Tarsem Mittal GKSIPL
started trading of textile yarns and knitted cloths. The company
later ventured into manufacturing of knitted cloths from fiscal
2017. The operations of the company is managed by Mr. Tarsem
Mittal, Mr. Gaurav Mittal and Mr. Gautam Mittal.


HANUMAN GINNING: CARE Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said that Hanuman Ginning & Pressing Factory (HGPF)
has not paid the surveillance fees for the rating exercise agreed
to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on HGPF's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank        7.00     CARE B; Issuer not cooperating;
  Facilities                      Based on best available
                                 information

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

The ratings have been taken into account on account of modest
scale of operations and profitability margins in highly
competitive industry. The ratings, further, constrained on
account of moderate solvency position and liquidity position
along with raw material price fluctuation risks. However, the
rating, take strength on account of experienced management in the
cotton ginning industry and favorably located in the cotton
growing region.

Detailed description of the key rating drivers
At the time of last rating on August 12, 2016, the following were
the rating strengths and weaknesses

Key Rating Weakness

Project implementation risk: HGPF has envisaged total cost of the
project of INR4 crore for setting up greenfield plant for cotton
ginning & pressing which is envisaged to be funded through term
loan of INR3 crore and proprietors' capital of INR1 crore. Till
August 1, 2016, HGPF has incurred total cost of INR2.91 crore
towards the project which constitutes 73% of the total cost of
the project. The project is funded through term loan of INR2.25
crore and proprietor's capital of INR0.66 crore. Further, the
project is expected to be completed by end of September, 2016.
Therefore, the risk of timely completion of the project is
limited with the firm as the firm already incurs 73% of the
project cost. Further, in initial year of operations, the overall
gearing is expected to remain high due to debt taken for project
funding as well as availment of working capital bank borrowing
for working capital funding.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during November to February and harvesting cycle (peak season) is
spread from March to July every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by government and inventory carried forward of the last year.
Ginners usually have to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers.
Furthermore, cotton being a seasonal crop, the inventory levels
of the entity generally remains high at the end of the financial
year. Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk.

Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of the industry
leading to intense competition amongst the players. As HGPF
operates in this highly fragmented industry wherein large numbers
of un-organised players are also present, it has very low
bargaining power against both its customers as well as its
suppliers. This coupled with limited value addition in cotton
ginning process results in the firm operating at very thin
profitability (PAT) margins.

Key Rating Strengths

Experienced management in the cotton ginning industry: The
overall affairs of the firm look after by Mr. Kailash Chandra
Bansal along with his son, Mr. Shubham Bansal. Mr Kailash Chandra
Bansal has around three decade of experience in the cotton
ginning & pressing industry whereas Mr. Shubham Bansal has around
more than a decade of experience in the industry through
associate concern. The management of the firm has also promoted
Radha Ginning Factory (partner, Mrs. Radhabai and Mr. Kailash
Chandra Bansal) which is engaged in ginning and pressing process.

Being present in the industry since long period of time, the
management has established their relationship with customers and
suppliers.

Favourably located in the cotton growing region: The plant of
HGPF is located in cotton producing belt of Khandwa (Madhya
Pradesh) which is one of the largest producer of raw cotton in
India. Madhya Pradesh produces around 13% of total national
production of cotton whereas Sendhwa region accounts for 27% of
total area under cotton cultivation in the state of Madhya
Pradesh. The presence of HGPF in cotton producing region results
in benefit derived from lower logistics expenditure (both on
transportation and storage),
easy availability and procurement of raw materials at effective
price.

Hunuman Ginning and Pressing Factory (HGPF) was formed in 2016 as
a proprietorship concern by Mr. Kailash Chandra Bansal to set up
cotton ginning unit at Khandwa district, Madhya Pradesh. HGPF has
envisaged total cost of the project of INR4.00 crore for setting
up greenfield plant which envisaged to be funded through term
loan of INR3 crore and remaining INR1 crore by proprietors
capital. Till August 1, 2016, HGPF has incurred total cost of
INR2.91 crore towards the project funded through INR2.25 crore of
term loan and INR0.66 of proprietors capital.

The plant of the firm will have installed capacity of 80300 bales
per annum. The firm will sells cotton bales to textile units
located in Madhya Pradesh as well exporters located in Mumbai.
The firm will sell cotton bales among the largest cotton bales
exporters of India namely Louis Dresus Pvt. Ltd. and Gill &
Company. It will procure raw material directly from farmers.


IKF TECHNOLOGIES: CRISIL B+ Ratings Continue to be on Watch Neg.
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of IKF Technologies
Limited (IKF) continue to be on 'Rating Watch with Negative
Implications'.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       2       CRISIL A4/Watch Negative
                                (Migrated from 'CRISIL B+/Stable'
                                 Issuer Not Cooperating)

   Cash Credit          7       CRISIL B+/Watch Negative
                                (Migrated from 'CRISIL B+/Stable'
                                 Issuer Not Cooperating)

   Term Loan            2       CRISIL B+/Watch Negative
                                (Migrated from 'CRISIL B+/Stable'
                                 Issuer Not Cooperating)

The ratings were placed on watch on Aug. 16, 2017 following IKF
being listed among the 331 suspected shell companies in
Securities and Exchange Board of India's (SEBI's) notification
dated August 7, 2017 to Bombay Stock Exchange (BSE), National
Stock Exchange of India Ltd and Metropolitan Stock Exchange of
India Ltd. SEBI's notification directed the exchanges to put
significant restrictions on the trading of shares for the listed
entities and initiate measures for verification of the
credentials and fundamentals of the companies. Though the
management has written and appealed against the above to BSE, the
eventual impact on operations from the SEBI order is not yet
ascertainable. Currently the operations are continuing normally
as per management.

CRISIL is closely monitoring the announcements from SEBI
pertaining to the above and will remove the ratings from watch
after the outcome of the proposed due diligence to be conducted
by the exchanges is released and CRISIL is able to ascertain the
impact of the same on the credit profile of the company.

CRISIL's ratings continue to reflect the company's working
capital-intensive operations due to stretched receivables,
significant advances to, and investments in, subsidiaries and
sister concerns, and exposure to intense competition. These
weaknesses are partially offset by the extensive experience of
its management and comfortable financial risk profile because of
healthy networth and low gearing.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: The operations of the
company have been working capital intensive as reflected in its
high gross current assets (GCAs) of around 717 days as on
March 31, 2017 and 417 days as on March 31, 2016.  The GCA days
are high mainly driven by the stretched debtors of the company
which stood at 537 days as on March 31, 2017 and 388 days as on
March 31, 2016. Efficiency in working capital management amidst
increase in scale shall continue to be key rating driver over the
medium term.

* Significant advances to, and investments in, subsidiaries and
sister concerns: IKF's financial profile and liquidity continues
to be significantly constrained due to significant advances and
investments made in its wholly owned subsidiaries and sister
concerns which stood at around INR85 crores as on March 31, 2017.
CRISIL believes that extension of any further such sizeable
advances or investments can adversely impact the liquidity
profile of the company.

* Exposure to intense competition: IKF's business risk profile is
constrained by the high degree of competition from several large
and medium sized players operating from various locations in
India. Other key factors affecting the performance of players
like IKF include acquiring and retaining new customers,
maintaining an efficient cost structure, and ensuring effective
labour retention and utilisation. Protectionist measures adopted
by the US remain yet another business challenge for Indian IT
companies. Despite having implemented and completed projects in a
timely manner in the past, CRISIL expects IKF to remain exposed
to intense competition from the larger players which could affect
the performance of the company over the medium term.

Strengths

* Extensive industry experience of management: Mr. Sunil Kumar
Goyal is the Director and CEO of IKF. Mr. Goyal have more than a
decade of experience in the BPO and IT industry through IKF. He
has over 15 years of experience in Business Management, strategic
alliance, business development and strategic planning and is
currently assisted by a professional team as well. The current
management has developed good relationship with the group's
customers over the years including telecom companies such as
Aircel Ltd, MTS and Idea Cellular Ltd amongst others. Due to
their strong networking in the BPO and IT/ITES sector, IKF has
been able to attract new customers like Dish TV. CRISIL believes
that IKF will continue to benefit from the management's extensive
industry experience over the medium term.

* Comfortable financial profile: IKF's financial profile remains
comfortable marked by healthy networth at around INR140 crores as
on March 31, 2017 against INR144 crores a year earlier. The
capital structure too was comfortable supported by the healthy
networth and absence of any significant debt on the books. The
financial profile is expected to improve further over the medium
term supported by gradual accretion to reserves.

IKF based in Kolkata (West Bengal) was incorporated in 2000 as
IKF Software.com Ltd to carry on the software development
business and provide IT-enabled services. The company got its
present name in 2001 following the initial public offering in
2001. In 2008, it got Internet Service Provider Category 'A'
license from the Department of Telecom, Government of India to
provide internet services across India.


KAAS FOOTWEAR: CRISIL Cuts INR6.71MM Loan Rating to D, Not Coop.
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kaas
Footwear Industries Private Limited (KFIPL) for obtaining
information through letters and emails dated January 23, 2017,
and February 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.67       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan             6.71       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KFIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
KFIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' category
or lower. Based on the last available information, CRISIL has
downgraded the rating on the bank facilities of KFIPL to 'CRISIL
D/Issuer Not Cooperating' from 'CRISIL B/Stable/Issuer Not
cooperating' as there are delays in the repayment of term loan
due to weak liquidity as confirmed by the banker.

KFIPL was incorporated in February 2014 and started its
commercial operations in June 2015. Promoted by Mr. Rajesh
Karande and his family, the company manufactures shoes for both
men and women in Khed city near Rajgurunagar, Pune district in
Maharashtra under its own brands, Kaas and Toechi.


KAMAL SUITINGS: CRISIL Lowers Rating on INR6.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kamal
Suitings Private Limited (KSPL) for obtaining information through
letters and emails (dated January 24, 2017, and February 14,
2017, among others), apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit       0.5       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL A4')

   Standby Letter
   of Credit              0.5       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B-/Stable')


   Term Loan              3.5       CRISIL D (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of KSPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL has downgraded its ratings on the bank
facilities of KSPL to 'CRISIL D/CRISIL D/Issuer Not Cooperating'
from 'CRISIL B-/Stable/CRISIL A4/Issuer Not Cooperating'.

The downgrade reflects delays in repayment of debt obligations,
because of its stretched liquidity position.

KSPL is a Bhilwara (Rajasthan)-based entity acquired in 2008 by
Mr. Kapil Maheshwari. The company manufactures and markets
synthetics blended suiting cloth, which it supplies to
wholesalers all over the country.


KARNATAKA RICE: CRISIL Assigns B+ Rating to INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Karnataka Rice Industries (KRI).

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

The rating reflects a small scale of operations in the highly-
fragmented rice industry, and an average financial risk profile.
These weaknesses are partially offset by the extensive industry
experience of the partners.

Analytical Approach

For arriving at the rating, CRISIL has taken a standalone view of
KRI as the cash flow of the firm is not fungible with that of any
other entity or project.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry
Revenue was low at INR14 crore in fiscal 2017, and the milling
and processing capacities are small compared with other players
in the industry. The rice industry is highly fragmented due to
low entry barriers as capital requirement is small and there is
limited value addition in operations.

* Average financial risk profile: The networth was low at INR2.25
crore as on March 31, 2017, and reduced from INR3.05 crore a year
earlier due to withdrawal of around INR1 crore by the partners.
Cash accrual is modest because of the small scale of operations.
The gearing was moderate at 1.60 times as on March 31, 2017. Debt
protection metrics were adequate, with the total outside
liabilities to tangible networth and interest coverage ratios at
2.17 times and 2.48 times, respectively, in fiscal 2017. While
the partners have indicated no further withdrawal, any sizeable
withdrawal will adversely impact the financial risk profile and
remain a key monitorable.

Strength

* Extensive industry experience of the partners: The partners'
experience of more than 10 years in the rice milling business has
enabled the firm to ramp up operations gradually over the past
few years. This has also helped to build a healthy relationship
with customers and suppliers.

Outlook: Stable

CRISIL believes KRI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if there is an increase in the scale of operations
along with a higher operating margin, leading to an improved
financial risk profile. The outlook may be revised to 'Negative',
if the financial risk profile is weakened by lower-than-expected
cash accrual, a stretched working capital cycle, or debt-funded
capital expenditure.

KRI is a partnership firm promoted by Mr Mohammed Shayub, Mr
Mohammed Yusuf, and Mr Mohammed Yunus. It mills and processes
non-basmati rice at its facility at Tumkur, Karnataka.


NASH FASHION: CARE Assigns B Rating to INR16.94cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nash
Fashion (India) limited (NFIL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities            16.94    CARE B; Stable Assigned

  Long-term/short-      15.50    CARE B; Stable/CARE A4
  term Bank                      Assigned
  Facilities

  Short-term Bank
  Facilities            9.00     CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NFIL are primarily
constrained on account of modest scale of operations in the
highly fragmented and competitive textile industry. The ratings,
further constrained on account of weak solvency and stressed
liquidity position and vulnerability of margins to fluctuation in
raw material prices. The ratings, however, favorably take into
account the experienced promoter in the textile industry and
strong group support.

The ability of the company to Increase in the scale of operations
with maintaining profitability along with improvement in capital
structure would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations in the highly fragmented and
competitive textile industry: The scale of operation of the firm
remained modest marked by Total Operating Income of INR39.54
crore in FY17. Further, PBILDT margins and PAT margins of the
firm remained at 6.38% and 0.67% respectively in FY17. Further,
readymade garments industry in India is highly fragmented and
dominated by a large number of independent and small scale
unorganized players leading to high competition among industry
players.

Leveraged capital structure, stressed solvency position: The
capital structure of the NFIL stood leveraged marked by an
overall gearing of 3.58 times as on March 31, 2017. Further, debt
service coverage indicators stood weak with total debt to GCA of
47.38 times and interest coverage ratio of 1.29 times in FY17.
Further, the liquidity position of the firm remained stressed
marked by full utilization of working capital bank borrowing
during last 12 months ended December 2017. NFIL maintains
inventory of 3-4 months attributes to elongated operating cycle
at 383 days.

Vulnerability of margins to fluctuations in raw material prices
and foreign exchange rate: The profitability of the company is
vulnerable to any adverse movement in the raw material prices as
prices of cotton grey fabrics remain volatile. Further, NFIL is
exposed to foreign exchange fluctuation risk as the firm derives
majority of its revenue from the export sales.

Key Rating Strengths

Experienced management in the textile industry and strong group
support: NFIL was incorporated in the year 1998 and hence, has a
track record of more than a decade in the industry. Mr. Jai Singh
Sethia, Chairman and Managing Director, has three decades of
experience in the textile industry and looks after overall
affairs of the company. He is assisted by Mr. Dashrath Singh and
Mr. Ramesh Chand Nischal, directors and both has more than 2
decades of experience in the industry. Further, NFIL has strong
group support from its group concern Fashion Impex (FI).

Jaipur based (Rajasthan) Nash Fashion (India) Limited (NFIL) was
incorporated in 1998 by Mr. Jai Singh Sethia, Mr Ramesh Chand
Nischal and Mr. Dashrath Singh. NFIL is engaged in the business
of manufacturing and export of ladies readymade garments as well
as the trading of grey, finished and readymade garments and low
cost bed sheets. is engaged in the business of trading of ladies
readymade garments as well as grey cotton fabrics and finished
cotton fabrics. The company sells its products to domestic market
mainly to export houses as well as export to European countries.

The promoters has also promoted, Fashion Impex which is engaged
in the business of manufacturing and export of ladies readymade
garments as well as trading of grey, finished and readymade
garments and Shiv Exports which is also engaged in same line of
business. Further, the promoter family are also running a multi
cuisine restaurant in the name of Sethia's Dana Pani.


NIKHIL TOBACCOS: CARE Assigns B+ Rating to INR23cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nikhil
Tobaccos (NT), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities           23.00     CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of NT are tempered by
modest scale of operations, leveraged capital structure and weak
debt coverage indicators, fluctuating PBILDT margins and
declining PAT margins, working capital intensive nature of
operations due to high inventory holding period, vulnerability to
government regulations, climatic risks and proprietorship nature
of constitution with inherent risk of withdrawal of capital. The
rating, however, derives strength by experience of the proprietor
for more than two decades in tobacco business, growth in total
operating income during the review period, reputed clientele
base, favorable location for doing tobacco business and stable
outlook of tobacco industry.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations: The scale of operations of the firm
is modest marked by total operating income (TOI) of INR55.36
crore in FY17. The networth of the company is small at INR6.55
crore as on March 31, 2017 as compared to other peers in the
industry.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by overall gearing has
been leveraged during the review period due to low networth base
and moderate debt levels. However, the overall gearing of the
firm improved from 3.82x as on March 31, 2015 to 3.14x as on
March 31, 2017 on account of infusion of capital of 1.05 crores
during FY 17 along with repayment of unsecured loans and vehicle
loan installments. The debt coverage indicators marked by
interest coverage and TD/GCA have been also weak however
fluctuating during the review period. The interest coverage ratio
has slightly deteriorated from 1.15x in FY 15 to 1.13x in FY17
due to increase in finance cost. The TD/GCA has deteriorated from
76x in FY 15 to 76.84x in FY17 due to decrease in PAT margins at
the back of increase in finance costs and increase in utilization
of working capital bank borrowings.

Fluctuating PBILDT margins and declining in PAT margins:
Profitability margins of the company are seen fluctuating during
the review period. The PBILDT margin of the firm has decreased
from 5.35% in FY15 to 4.46% in FY16 due to increase in raw
material cost. Furthermore, the PBILDT margin improved to 4.99%
in FY17 due to decrease in purchase cost of tobacco and increase
in sales volume supported by enhanced working capital bank
facilities. The PAT margin has been declining year-on-year from
0.40% in FY15 to 0.32% in FY17 due to increase in depreciation
and finance cost at back of purchasing vehicles and increase in
utilization of working capital bank facilities as the operations
of the firm are working capital intensive owing to trading nature
of business.

Vulnerability of the tobacco business to government regulations
and to climatic risks affecting tobacco availability: Tobacco
products form a major source of revenue in the form of taxes to
both central as well as state government and hence there are
regular modifications in taxation laws/tax rates with respect to
the same. Due to the harmful nature of the product, the various
state governments have banned Manufacture and sale of various
tobacco products under the Food Safety and Standards (Prohibition
and Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

Working capital intensive nature of operations due to high
inventory holding period: The firm has working capital intensive
nature of operations due to high inventory holding period. Owing
to trading nature of business and availability of tobacco is
seasonal in nature (susceptible to climatic risks), the firm has
to buy the tobacco depending on availability. Due to market
demand fluctuations, the firm holds the inventory till it gets
better pricing. Hence the inventory holding period of the firm is
elongated to 167 days in FY17.  As the firm is purchasing tobacco
on auction platforms, the average creditor's payment period is 5-
10 days during the review period. The average collection period
of the firm is 10-15 days during the review period. The operating
cycle of the firm is stood at 176 days in FY 17. Average working
capital utilization of the firm during the 12 months period ended
Dec. 31, 2017 is 85%.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a proprietorship has the
inherent risk and possibility of withdrawal of capital at a time
of personal contingency which can adversely affect the capital
structure of the firm. Furthermore, proprietorships have
restricted access to external borrowings as credit worthiness of
the proprietor would be a key factor affecting the credit
decision of lenders.

Key Rating Strengths

Experience of the Proprietor for more than two decades in tobacco
business: Nikhil Tobaccos (NT) was established in 2012 as a
proprietorship firm, by Mrs. Suma Gutta. Mrs.Suma Gutta is a
graduate and having 10 years of experience in same line of
business. Further, her husband Mr. Vasu Babu who is actively
involved in the business of NT has worked for 20 years in the
same line of business. Further, her father-in-law is also into
same line of business and successfully running a proprietorship
firm for last 30 years. The above factors helped the firm in
approaching tobacco boards for purchasing tobacco in auction
platforms and to establish relationship with customers.

Growth in total operating income during the review period: The
total operating income of the company increased steadily y-o-y at
a CAGR of 46.35% i.e., from INR25.85 crore in FY15 to INR55.36
crore in FY17, at back of increase in sales volume supported by
enhanced working capital limits as the operations of the firm are
working capital intensive coupled with repetitive orders from
existing customers. The firm is also deriving strength to
increase sales value by further processing the Virginia tobacco,
which involves conditioning of tobacco with heat and moisture,
and finally re-drying the Virginia tobacco. Through this process,
the firm can store the tobacco and sell the same when the market
demand is high.

Reputed Clientele base and favorable location for doing tobacco
business: The firm has reputed client base like ITC Limited,
Alliance One Industries Prtivate Limited , Premier Tobacco
Packers who are into the business of selling cigarettes and
exporting tobacco related products. The firm has ease of
approaching the suppliers of tobacco as the firm is having its
administrative office cum godown at Ongole which is located in
the major tobacco growing area in Andhra Pradesh.

Stable outlook of tobacco industry: Cigarettes currently
represent one of the most popular forms of tobacco, accounting
for nearly 90% of the global tobacco sales value. The global
cigarette market today represents a multi-billion dollar market
and according to IMARC group, its total revenues reached values
worth US$ 816 Billion in 2017, representing a CAGR of around 7%
during 2009-2017.

Despite falling volumes in developed markets as a result of an
increasing awareness on the harmful effects of cigarette
smoking, manufacturers have been able to increase value growth.
Factors driving the cigarette market include a continuous
increase in the prices of cigarettes and an increasing popularity
of premium products. Another major factor driving the growth is
the rising consumption of cigarettes in developing countries.
Owing to the aforementioned reasons, the outlook for tobacco
industry looks stable for the medium term.

Ongole based, Nikhil tobaccos (NT) was established in the year
2012 as a proprietorship concern by Mrs. Suma Gutta. Mr G Suma is
an authorized licensed holder from Government of Andhra Pradesh
for processing and selling of Virginia tobacco. NT is mainly
engaged in processing and selling of Virginia tobacco. The firm
purchases the raw material i.e., Wet Virginia tobacco through the
competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh location. The TB collects the tobaccos from
farmers, who are licensed holder to grow any particular tobacco.
Further, these tobaccos are put in tender process. After
successfully winning the tender, the firm processes the Virginia
tobacco manually by separating the tobacco leaves, with the help
of local contractual workers. After separation of tobacco leaves,
the firm outsources the process like threshing to its business
partner i.e. Maddi Lakshmaiah Agro Products located at Martur
District, Andhra Pradesh. Threshing process involves conditioning
of tobacco with heat and moisture, and finally re-drying the
Virginia tobacco. MLAP further pack these threshed tobaccos and
delivers to NT for selling to various clients. The processing
unit for separation of tobacco leaves is located at Tangutur
which is 20 km away from Ongole, where tobacco is one of the
major crops.

The firm has reputed client base like ITC Limited, Alliance One
Industries Private Limited, Premier Tobacco Packers, besides
others.


SHANKUS BIOSCIENCES: CRISIL Assigns B+ Rating to INR10MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Shankus Biosciences Private Limited
(SBPL).

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

The rating reflects a below-average financial profile with
constrained liquidity, an average scale of operations and
exposure to risks associated with tender-based businesses. These
weaknesses are partially offset by an established and
geographically diversified customer base.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial profile: The networth was modest at
INR11.7 crore and the total outside liabilities to tangible
networth ratio high at 2.46 times, as on March 31, 2017. The
ratio of operating profit to interest was 2.1 times for fiscal
2017. In fiscal 2018, with the increase in funding support to
group companies, the leverage and debt protection metrics are
estimated to have weakened. Such funding support has constrained
liquidity and resulted in a highly drawn bank limit (despite
doubling of the limit against a modest turnover growth) and
contraction of term loans.

* Average scale of operations and exposure to risks associated
with tender-based businesses: Revenue was INR37.8 crore in fiscal
2017 and is expected to grow marginally in fiscal 2018. The
tender-based nature of business results in significant
competition, which constrains revenue growth, pricing, and
profitability margins.

Strengths:

* Geographical diversification in revenue: The company caters to
a wide customer base in India across Gujarat, Karnataka,
Rajasthan, Punjab, and Haryana. The geographical diversification
is a shield against the spread of diseases endemic to end-user
industries.

* Established customer base: Customers include Karnataka Milk
Marketing Federation and Gujarat Cooperative Milk Marketing
Federation, among others.

Outlook: Stable

The company is expected to benefit from its established customer
base and orders in hand. The outlook may be revised to 'Positive'
if funding to group companies comes down significantly or there
is a significant and sustainable increase in cash accrual. The
outlook may be revised to 'Negative' in case of an increase in
funding to group companies, thus weakening liquidity.

SBPL was incorporated in March 2007, promoted by Mr Shankarbhai
Chaudhary and his family members. The company produces di calcium
phosphate (DCP) and mineral mixture of animal-feed grade. These
are used as food/dietary supplements for cattle and poultry.


SHRI JAGRITI: CRISIL Reaffirms B+ Rating on INR6MM Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Shri Jagriti Solvex Private Limited (SJSPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft               9        CRISIL A4 (Reaffirmed)
   Term Loan               6        CRISIL B+/Stable (Reaffirmed)

CRISIL had migrated its rating to 'CRISIL B+/Stable' from 'CRISIL
B/Stable/Issuer Not Cooperating' on 12th January 2018 &
reassigned the short term rating at 'CRISIL A4'

The rating continues to reflect SJSPL's nascent stage of
operations in intensely competitive industry, below-average
financial risk profile marked by expected aggressive capital
structure and average debt protection metrics and Susceptibility
of operating margin to volatility in raw material prices. These
weaknesses are partially offset by extensive experience of its
promoters in the solvent extraction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations in intensely competitive industry:
The edible oil industry is highly fragmented, with numerous
small-scale unorganized players catering to local demands. This
coupled with nascent stage of operations will lead to modest
scale of operations and limits SJSPL's ability to bargain with
its suppliers and customers.

* Modest financial risk profile: Nascent stage of operations is
expected to result in modest networth of INR4.5-4.75 crore and
high Total outside liabilities to tangible networth ratio at 3.0-
3.5 times as on March 31, 2018. Debt protection metrics is
expected to remain average due to high interest costs and average
operating margins

* Susceptibility of operating margin to volatility in raw
material prices: SJSPL's operating margin is vulnerable to
adverse movements in the prices of its raw material, rice bran,
which is dependent on the rice production which is affected by
changes in weather and monsoon.

Strengths

* Extensive industry experience of the promoters: The promoters
have been in the solvent extraction business for a decade, and
have established strong relationships with customers and
suppliers, and has helped them to have understanding of the
dynamics of the local market, anticipating price trends and
calibrating purchasing and stocking decisions.

Outlook: Stable

CRISIL believes SJSPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and profitability improve,
leading to higher cash accrual and better financial risk profile.
The outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability or stretch in working capital cycle
weakens financial risk profile or liquidity.

Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice
bran oil extraction plant and refinery at Mahasamund
(Chhattisgarh). The company commenced operations from April 2017.


SIGNATURE AUTO: CARE Reaffirms B+ Rating on INR10.47cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Signature Automobiles India Private Limited (SAIPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities           10.47     CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SAIPL continues to
be tempered by limited track record of operations of the company,
modest scale of operations, concentrated in Kerala, geographical
concentration risk and highly competitive business leading to low
profitability, working capital intensive nature of operations
along with leveraged capital structure and weak debt protection
metrics.

The rating, however, continue to derive strength from technically
qualified promoters albeit limited experience in dealership
business, promoters support in the form of unsecured loans,
organized after-sales services along with growth in total
operating income and achievement of net profit during FY17 (FY
refers from April 01 to March 31).

Going forward, the ability of the company to improve its scale of
operations, improve profitability margins and capital structure
along with effective management of working capital requirements
remains the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Limited track record of operations of the company: SAIPL was
incorporated in the year 2010 and operating for a period less
than ten years however the promoters have started Signature
Motors India Pvt Ltd in 2006 which is an authorized dealers of
Suzuki bikes. As a result, the promoters have an experience of 8
years in dealership business.

Modest scale of operations concentrated in Kerala: The scale of
operations of the company marked by total operating income (TOI),
remained small at INR76.53 crore in FY17 coupled with negative
net worth base of INR3.79 crore as on March 31, 2017. However TOI
improved by 4% on back of increased sale of cars along with
quality and timely after sale services.

Geographical concentration risk and highly competitive business
leading to low profitability: SAIPL's operation is restricted to
Kerala state. As such, it is exposed to the geographical
concentration risk. In order to capture the market, the auto
dealers offer better buying terms like allowing discounts on
purchases. Such discounts offered to the customers result in
pressure on the PBILDT margin.

Furthermore, competition is intense with number of passenger car
makers and new models being launched to meet the customers taste
and budget. With a number of dealers in the region, the pressure
on pricing and the need to provide lucrative offers the
consequent pressure on margins, are expected to continue.

Working capital intensive nature of operations: The company
normally receives orders for 70-90 cars on a monthly basis. In
order to meet the growing demand and customer needs the entity
keeps inventory of 10-20 cars. Therefore the average inventory
period stood at 27 days in FY17. SAIPL allows a credit period of
12 days to its customers and avails 5 days credit from its
suppliers. All these factors led to moderate operating cycle of
35 days in FY17. The company uses Electronic Dealer Financing
Scheme (e-DFS) to manage working capital requirements. The
average utilization of the above facility stood at 71% for the
last 12 months ended December 31, 2017. Liquidity position of the
company stood stressed in FY17 on account of higher utilization
of working capital facility as on accounts closing date. The
current ratio stood at 0.68x as on March 31, 2017.

Leveraged capital structure and weak debt protection metrics: The
company has weak capital structure due to negative net worth on
back of accumulated losses in the previous financial years. Total
debt/GCA improved from 19.39x in FY16 and stood at 9.21x in FY17
due to improvement in cash accruals on back of accretion of
profit. Interest coverage ratio marginally improved and stood at
1.93x in FY17 as against 1.62x in FY16 due to decrease in
interest cost on the back of decrease in debt levels in the
nature of working capital facility.

Key Rating Strengths

Technically qualified promoters albeit limited experience in
dealership business: The promoter Mr. Naziruddin is a diploma
holder in automobile engineering, and has an experience of 20
years having worked as General Manager in Eagle international,
Dubai which was into Electrical Power Projects. Mr. Shaad
Naziruddin, (s/o. Mr. Naziruddin) MBA worked with Regional Sales
Manager-Titan as Southern Region head in the sales department for
2.5 years. The promoters have started Signature Motors India Pvt
Ltd in 2006 which is an authorized dealers of Suzuki bikes. As a
result, the promoters have an experience of 8 years in dealership
business.

Promoters support in the form of unsecured loans: The debt
profile of the firm is made up of unsecured loans from promoters
(51% as at March 31, 2017). The unsecured loans from partners
have been infused based on requirement. The unsecured loans from
the promoters are non-interest bearing. Growth in total operating
income and achievement of net profit during FY17 (FY refers from
April 1 to March 31): TOI in FY17 improved by 4% on back of
increased sale of cars along with quality and timely after sale
services. PBILDT marginally improved by 45% to INR 2.36 crore in
FY17 compared to FY16. SAIPL has turned around at net level,
whereas in FY16 the company has incurred net loss to the extent
of INR 0.47 crore mainly due to high depreciation cost associated
with fixed assets. The company has achieved PAT of INR 1.22 crore
in FY17.

Signature Automobiles India Private Limited (SAIPL) is a Kerala
based company incorporated in 2010 by Mr. P. Naziruddin and his
wife Mrs. Sujatha Naziruddin. SAIPL is engaged in the business of
exclusive automobile dealership for Honda Cars India Limited
(HCIL), passenger cars in the Kannur region. Besides, it has a
service centre which provides after-sales services, spare parts
and accessories for Honda cars. SAIPL's showroom covers an area
of about 6,357 sq. ft. in Kannur, wherein it has space for 10
passenger cars for display apart from 10 cars in its back yard.
Apart from this, SAIPL also has a stock yard (approx. 2-3 kms
away) from the showroom which can accommodate 60-70 cars. SAIPL
has a service facility (self-owned) in close proximity to the
showroom, which provides repair and refurbishment services for
Honda cars. At present, SAIPL's product portfolio consists of
popular Honda cars like 'City', 'Brio', 'Amaze', 'Mobilio','CR-
V', 'Jazz' 'WRV', 'BRV' in different models and colours. The day
to day operations are managed by Mr. Shaad Naziruddin (s/o. Mr.
Naziruddin).

SAIPL is part of the 'The Business House' group established in
the year 2003 by Mr. Naziruddin and his son. Signature Motors
India Pvt Ltd (2006) and Signature Motors Kasargod Pvt Ltd (2011)
are the other two companies which are authorised dealers for
Suzuki Motor Bikes.


SILVER SIGN: CARE Assigns B/A4 Rating to INR8cr Bank Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Silver
Sign Private Limited (SSPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term/Short-
  Term Bank
  Facilities            8.00     CARE B; Stable/CARE A4 Assigned

  Short-term Bank
  Facilities           12.00     CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSPL are primarily
constrained by its modest scale of operations coupled with low
net worth base, low profitability margins, leveraged capital
structure, weak debt coverage indicators and elongated operating
cycle. Further, the ratings are also susceptible to foreign
exchange fluctuation risk and its presence in highly competitive
nature of industry. The ratings, however, draw comfort from
experienced management with established distribution network of
the company. Going forward; ability of SSPL to profitably
increase its scale of operations while improving its capital
structure along with efficient management of its working capital
requirements shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations coupled with low net worth base:
SSPL's scale of operations remained modest as evident: from total
operating income (TOI) and gross cash accruals of INR64.02 crore
and INR0.29 crore, respectively, in FY17 (refers to the period
April 1 to March 31). Further, the company's net worth base was
relatively small at INR4.12 crore as on March 31, 2017. The
modest scale and small net worth base limits the company's
financial flexibility in times of stress and deprives it of scale
benefits. During 8MFY18 (refers to the period April 1 to November
30; based on provisional results), the company has achieved the
total operating income of ~Rs.40.00 crore. Though, the risk is
partially mitigated by the fact that the total operating income
has grown by 14.80% in FY17 over previous year.

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the
company remained low during the past three years (FY15-FY17) on
account of trading nature of the business and intense market
competition given the highly competitive nature of the industry.
Further, high interest burden on its bank borrowings also
restricts the profitability of the company. PBILDT margin
improved and stood at 4.26% in FY17 as against 3.71% in FY16 on
account of change in product mix and trade of products having
better profitability in FY17. Further, PAT margin of the company
stood around 0.37% during past 2 financial years (FY16-FY17).

The capital structure of the company stood leveraged as on past
three balance sheet dates (FY15-FY17) on account of low net worth
base and high dependence on external borrowing to meet its
working capital requirements. Overall gearing stood high at 6.19x
as on March 31, 2017. Furthermore, debt service coverage
indicators as marked by interest coverage and total debt to GCA
stood weak for the past three financial years (FY15-FY17) on
account of high debt levels and low profitability position.
Interest coverage and total debt to GCA stood around 1.17x and
below 90x respectively, during past two financial years (FY16-
FY17).

Elongated operating cycle: Owing to large product portfolio
(different design, sizes etc.), the company is required to
maintain adequate inventory of all the traded products to cater
the immediate demand of its customers accompanied with high lead
time for procurement resulting into an average inventory holding
period of around 65 days during FY17. Further, being in highly
competitive nature of industry and having low bargaining power
with its customers, the company has liberal credit policies
wherein it allow credit around 3 months to its customers
resulting into average collection period of 80 days in FY17. On
the contrary, the company receives payable period of around a
month from its suppliers. The average utilization of the working
capital limits remained 70% utilized for the last 12 months
period ended November, 2017.

Foreign exchange fluctuation risk: The company's procurement is
mainly in the form of imports from China, Korea, Vietnam &
Taiwan. The traded goods are completely sold in the domestic
market. With initial cash outlay for procurement in foreign
currency and significant chunk of sales realization in domestic
currency, the company is exposed to the fluctuation in exchange
rates. However, the company has a policy of hedging around 40-50%
of its foreign currency payable which still exposes the company
to any sharp depreciation in the value of rupee against foreign
currency for the uncovered portion.

Highly fragmented nature of industry characterized by intense
competition: The spectrum of the trading industry in which the
company operates is highly fragmented and competitive marked by
the presence of numerous players in India. Hence, the players in
the industry do not have any pricing power and are exposed to
competition induced pressures on profitability. Moreover, the
value addition is low on account of trading nature of business
operations which further impacts the profitability margins.

Key Rating Strengths

Experienced management with established distribution network:
SSPL's is a family run business, Mr. Arun Kumar Bhaiya, Mr.
Nishant Gattani and Ms. Megha Bhaiya are the directors of the
company having considerable experience in trading industry
through their association with this entity and other associates.
They collectively look after the overall operations of the
company.
Further, the company has an established distribution network of
more than 100 distributors/dealers spread all over India.
Established distribution network aids the company in better
market penetration and reaching the customers which further
establishes the brand image.

Delhi based Silver Sign Private Limited (SSPL) was incorporated
in June, 2009. The company is currently managed by Mr. Arun Kumar
Bhaiya, Mr. Nishant Gattani and Ms. Megha Bhaiya. SSPL is engaged
in the trading of PVC (Poly vinyl chloride) & LED products such
as PVC flexible plastic sheets (Flex), PVC lamination films, PVC
vinyl, LED modules, LED lighting bars and strips. The company
imports the traded products from countries like China, Korea,
Vietnam & Taiwan. It sells the products under its own brands "Hi-
Sign" and "Neo Flex" through distributors located across India.
Vrion Global Private Limited (Rated 'CARE BB-; Stable/ CARE A4')
(incorporated in 2011) and Silver Fibres Private Limited
(incorporated in 1994) are associate concerns of SSPL engaged in
the trading of plastic granules and trading of garments
respectively.


SOMNATH ENTERPRISES: CARE Ups Rating on INR9.35cr Loan to BB-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Somnath Enterprises (SE), as:

                       Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Long term Bank
  Facilities             9.35     CARE BB-; Stable Revised from
                                  CARE B+; Stable

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of SE
takes into account the growth in total operating income,
improvement in profitability margins, cash accruals and operating
cycle. However, the rating continues to remain constrained by its
small scale of operation with low profitability margins, working
capital intensive nature of business and high gearing ratio,
partnership nature of constitution and intense competition in the
industry. However, the rating continues to derive strength from
the extensive experience of the partners, moderate track record
of operations, wide distribution network and adequate warehousing
arrangement.

Going forward, the ability of the entity to further increase in
its scale of operations along with an improvement in the profit
margins, improvement in capital structure and effective
management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margin: The
total operating income witnessed year on year growth with a
compounded annual growth rate of 40.58% during last three years
(FY15-FY17) on the back of stable demand of its products in the
market and its established distribution network in the state of
Bihar. However, the scale of operations of the firm remained
small marked by total operating income of INR72.87 crore
(INR52.75 crore in FY16), PBILDT of INR2.65 crore (INR1.84 crore
in FY16), and PAT of INR0.60 crore (INR0.25 crore in FY16) in
FY17. Due to improvement in total operating income, the profit
levels improved which lead to improvement in cash accruals to
INR0.72 crore in FY17. Due to its trading nature of operations,
the profitability margins of the firm remained low during last
three years. However, the operating margin improved marginally
due to better management of cost of operations and the same
remained at 3.63% in FY17. Furthermore, the PAT margin also
improved due to higher increase in PBILDT level vis-a-vis
increase in capital charges and the same remained low at 0.82% in
FY17. In 8MFY18, the firm has reported turnover of INR58.32
crore.

Working capital intensive nature of business: SE's business,
being dealership of automobile parts is working capital intensive
mainly due to moderately high inventory period. The average
inventory holding period remained moderately high in the range of
50-75 days during FY15-FY17 on the back of its strategy to
maintain trading stocks in its warehouse for supply to its
dealers as per requirements.

High gearing ratio: The capital structure of the entity remained
leveraged owing to its working capital intensive nature of
operations resulting in higher dependence on bank borrowings
marked by the overall gearing of 3.94x as on March 31, 2017. The
debt coverage indicators remained moderate marked by interest
coverage of 1.36x (1.26x in FY16) and total debt to GCA of 20.95x
(28.94x in FY16) in FY17.

Intense competition: The automotive components industry in which
the firm operates is highly fragmented and competitive marked by
the presence of numerous players across India. Hence, the players
in the industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strength

Experienced partners with moderate track record of operations: SE
is currently managed by Mr. Surendra Kumar Agarwal and Mrs. Jaya
Agarwal of Patna, Bihar. Mr. Surendra Kumar Agarwal, the Managing
Partner, having around thirteen years of experience in the
automobile spare parts industry, looks after the overall
management of the firm with active support from other partner and
team of experienced personnel. Further, SE commenced commercial
operation since 2008 and accordingly has a moderate track record
of operations of around nine years.

Wide distribution network and increasing trend in sales: SE deals
in distribution of automobile spare parts and accessories through
a chain of 300 sub distributors scattered across various
locations in the state of Bihar. SE has witnessed a continuous
increase in revenues over the past three years on the back of
continuously increasing demand of its products in the market
place.  The firm reported sales of about INR52.75 crore in FY16
which jumped to INR72.87 crore in FY17. Further, during 8MFY17,
the management has maintained to have achieved total operating
income of INR58.32 crore.

Adequate warehousing arrangement: SE has four warehouses Patna
which store all the automobile spare parts products that SE deals
in. The aggregate area of all the warehouses is 23,690 sq. ft.
which is adequate for storing the products. Further, the
warehouses are well connected to their respective channels of
delivery.

SE was established as a partnership firm in 2008 by Mr. Surendra
Kumar Agarwal (50% stake) and Mrs. Jaya Agarwal (50% stake),
based out of Patna, Bihar. The firm is engaged in trading of
automobile components in the state of Bihar. SE has entered into
dealership agreement with Escorts Ltd. (EL) in May, 2014,
Mahindra & Mahindra Limited (MML) in August, 2015, Tata Motors
Ltd. (TML) in July, 2015, Bajaj Auto Ltd. (BAL) in July, 2015,
Bosch Ltd. (BL) in July, 2015. Further, the entity has entered
into dealership agreements with few relatively smaller entities
also.


SRI RAMA: CARE Assigns B+ Rating to INR8cr LT Loan
--------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Rama Ginning Industries (SRGI), as:

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long-term Bank
  Facilities           8.00    CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRGI are tempered
by short track record of the entity and nascent nature of
operations, partnership nature of constitution with inherent risk
of withdrawal of capital, highly fragmented industry with intense
competition from large number of players. The rating, however,
derives benefit from experience of the promoters for three
decades in cotton industry, location advantage and stable outlook
of cotton industry.  Going forward, ability of the firm to
stabilize the operations and generate the revenue and profit
levels as envisaged, and expand its customer base would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the entity and nascent nature of
operations: The firm started its commercial operations from
October, 2017 and completed only 3 months of operations in FY18.
Since it was the first year of operations, the scale of operation
marked by overall gearing was on lower side and remained at INR
16 crore as compared to other peers in the industry. Furthermore,
the firm has short track record of operation of around one year.

Partnership nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for
the lenders.

Highly fragmented industry with intense competition from large
number of players: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand supply scenario, export quota decided by the government
and inventory carry forward of the previous year. The cotton
processing operators procure raw materials in bulk quantities to
avail discount from suppliers to mitigate the seasonality
associated with availability of cotton resulting in higher
inventory holding period. Further, the profitability margins of
the firm are susceptible to fluctuation in raw material prices.

Key Rating Strengths

Experience of the promoters for three decades in cotton industry:
SRGI is promoted by Mr. Bikkumalla Satyanarayana, Mr. Kakkirala
Ramesh and other partners from Family & Friends circle. All the
partners are having around three decades of experience through
working in other entities engaged in cotton ginning business like
Kaveri Ginning Mills Private Limited, Sri Kaveri Cotton
Industries, Kaveri Ginning Industries Private Limited among
others. Due to long term presence of the partners in this
business, the firm has good relation with customer and supplier
which is expected to benefit the firm in long-term.

Location advantage: SRGI is located in one of the major cotton
growing areas of Karimnagar in Telangana. Availability of raw
material is not expected to be an issue as the firm procures raw
material (raw cotton) from the farmers and traders located in and
around Karimnagar. SRGI enjoys proximity to the cotton producing
belt of Telangana which results in ease of access to raw material
with low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide
spectrum of variations from 24% to 42%.There are over 3500
factories in India dispersed in nine major cotton-growing states.
Out of these, over 2600 factories perform only ginning operation
and over 2000 factories has installed capacity of as small as 6-
12 double roller gins. It is reported that as many as 860 ginning
& pressing factories have completed modernization out of 1000
projects approved by Technology Mission on Cotton during its
implementation. With these developments, ginning infrastructure
in the country seems to be well on its way to secure a firm
foundation. The cotton textile industry in India can look forward
to meet its major raw material requirements through indigenous
supply of clean cotton.

Sri Rama Ginning Industries (SRGI) was established as a
partnership firm in the year 2016. SRGI was promoted by Mr.
Bikkumalla Satyanarayana, Mr. Kakkirala Ramesh and other partners
from family & friends circle. The firm is engaged in cotton
ginning and pressing with a total installed capacity of 500
quintals per day. The firm purchases its raw materials like raw
cotton from local farmers located in and around Karimnagar
(District). The firm processes the raw cotton and separates the
lint and cotton seeds from raw cotton. Later on, the firm does
pressing and compressing cotton lint into bales along with
packing the bales. SRGI sells cotton bales to dealers and cotton
seeds to oil mills located in Coimbatore, Tamil Nadu, Telangana
and Andhra Pradesh. Though SRGI was established in 2016, it
started its commercial operations from October 2017 due to
overhaul of machinery & renovation of the plant. Project cost of
the firm INR3.5 crore which includes purchase machinery from
Vijayalaxmi Ginning and Pressing Industries for a purchase
consideration of INR2 crore and renovation cost of INR 1.5 crore


SRINIVASA COTTON: CARE Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CARE has been seeking information from Srinivasa Cotton
Industries (SCI) to monitor the rating vide e-mail communications
dated November 2, 2017, December 12, 2017 and December 16, 2017
and numerous phone calls. However, despite our repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Srinivasa Cotton Industries bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term Bank
  Facilities            6.40     CARE B+; 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.

Detailed description of the key rating drivers

At the time of last rating in September 23, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness

Project implementation risk: SCI has proposed to set-up a
manufacturing unit of cotton ginning. The project was started in
June 2016 and likely to start the commercial operations by
November 2016. The total proposed cost of project is INR4.84
crore which is proposed to be funded through bank term loan of
INR2.40 crore and partners' capital of INR2.44 crore. As on
July 31, 2016, the firm has incurred expenses of INR1.00 crore
(around 20.64% of total project cost) towards the civil works,
working capital margin and the same is funded by the partners'.
The banker (Andhra Bank) has also sanctioned term loan of INR2.40
crore and cash credit facilities of INR4.00 crore during August
2016. Therefore, the ability of the firm to complete the project
without any cost or time over run will remain critical from
credit perspective.

Highly fragmented industry and regulated by government: The
ginning and pressing of cotton which involves very limited value
addition and hence results in thin profitability. Moreover, on
account of large number of units operating in the cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers. Furthermore, the
cotton prices in India are regulated by government through MSP
(Minimum Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government
through quota systems to suffice domestic demand for cotton.
Hence, any adverse change in government policy, i. e, higher
quota for any particular year, ban on the cotton or cotton yarn
export may negatively impact the prices of raw cotton in the
domestic market and could result in lower realizations and
profit.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from October to February every year. Prices of raw material, i.
e, raw cotton are highly volatile in nature and depend upon
factors like monsoon condition, area under production, yield for
the year, international demand supply scenario, export policy
decided by government and inventory carried forward of the last
year. Ginners usually have to procure raw materials at
significantly higher volume to bargain bulk discount from
suppliers. Furthermore, cotton being a seasonal crop, the
inventory levels of the entity generally remains high at the end
of the financial year. Thus, aggregate effect of both the above
factors results in exposure of ginners to price volatility risk
and high dependence on working capital bank borrowings.

Constitution of the entity as partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency which can adversely affect its capital structure.
Furthermore, partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders.

Key rating strengths

Experience of the partners for three decade in cotton industry
SCI is promoted by Mr B Ramesh and their relatives. Mr B Ramesh
has two decades of experience in cotton industry. He is also
actively involved in the associate concerns Tirumula Cotton
Industries and Saptagiri Cotton Industries. Due to long term
presence in the market, the partners have established relations
with the customer and supplier which will enable the firm to get
the customers easily once the commercial operations starts.

Location advantage with presence in cotton growing belt of
Telangana: SCI's manufacturing facilities are located in Medak
district of Telangana. This place enjoys good road connectivity
leading to better lead time and facilitating delivery of finished
products in a timely manner. The manufacturing unit is located
near the raw material producing region, which ensures easy raw
material access and smooth supply of raw materials at
competitive prices and lower logistic expenditure (both on the
transportation and storage).

Srinivasa Cotton Industries (SCI) was established on June 20,
2016 and promoted by Mr B Ramesh, his friends and
relatives/family members. The firm has proposed to set-up a
manufacturing unit of cotton ginning and pressing unit of 24
cotton gin (machines) with total installed capacity of 13536 MT
of cotton/year. After the commencement of business operations,
the firm is planning to purchase the raw cotton from the farmers
and dealers located in and around Medak.

The firm is planning to sell the products like cotton bales and
seeds to the spinning mills located at within Telangana and
other states.


SUPER MAX: CARE Assigns B Rating to INR25cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Super
Max Affordable Housing Private Limited (SMPL), as:

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long-term Bank
  Facilities          25.00    CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SMPL are
constrained by its project execution risk associated with ongoing
sole residential real estate project with high dependence on
customer advances and bank borrowings for funding and
marketability risk. The rating is further constrained by the
inherent risks associated with the real estate industry and
exposure to local demand-supply dynamic in the highly competitive
market. The ratings, however, draw comfort from experienced
promoters. Going forward, the ability of the company to execute
the project within the time and cost estimates while achieving
envisaged sales of its projects at projected sales price shall be
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Project Execution risk associated with its on-going sole project:
SMPL is developing a residential project under the name of 'New
Town' at Kundli, Sonipat (Haryana) with a total project cost of
INR162.00 crore and proposed to be funded through customer
advances of INR117 crore term loan of INR25.00 crore and balance
from the promoters' contribution in the form of equity capital
and unsecured loans. The term loan for the same has been tied up.
The company is already in possession of the project land cost and
majority of the planning work in terms of initial project
preparedness has already been done by the company. However, in
terms of project execution, only 12% of the total cost has been
incurred as on December 2017 and the construction is at very
nascent stage. As on December, 2017 the company has incurred a
total expenditure of INR20.00 crores which was financed through
promoter's contribution. Furthermore, timely completion of the
project remains a risk given dependency on customer advances.

Marketability Risk and competitive nature of industry: Total
expected sales realization would be INR175 crore and the company
has yet to start the booking and realization of customer
advances. These advances are further dependent on the company's
ability of timely execution of projects and market response. The
risk of marketing and selling of the flats is high as per
construction and booking of the same is yet to commence.
Moreover, the Indian real estate industry is highly fragmented in
nature with the presence of a large number of organized and
unorganized players spread across various regions. Many real
estate projects emerging in the same area being on the outskirts
of Delhi NCR as the land cost is comparatively lower, thereby
increasing competition. Furthermore, small players are also
coming with projects in these areas due to this advantage.

Inherent risk associated with real estate industry and exposure
to local demand-supply dynamic: The company is exposed to the
cyclicality associated with real estate sector which has direct
linkage with the general macroeconomic scenario, interest rates
and level of disposable income available with individuals. In
case of real estate companies, the profitability is highly
dependent on property markets. This exposes these companies to
the vagaries of property markets. A high interest rate scenario
could discourage the consumers from borrowing to finance the real
estate purchases and may depress the real estate market.
Furthermore, SMHL's business risk profile is constrained by its
exposure to any adverse changes in local laws. Also the sales of
real estate projects are dependent on dynamics of local demand
supply of real estate in that area and state government
regulations.

Key Rating Strengths

Experienced promoters: Super Max Affordable Housing Private
Limited is currently being managed by Mr. Jawahar Lal (Chairman),
Mr. Anil Kumar Garg (Director), Mr. Ankit Kumar (Director) and
Mr. Deepak Goel (Director). Mr. Jawahar Lal (Chairman) has an
experience of around two decades in the real estate industry
through his association with other group concerns engaged ion
treal estate development and other family run business. Mr. Anil
Kumar Garg (Director) has an experience of more than one and half
decade through his association with family run business. Both Mr.
Ankit Kumar (Director) and Mr. Deepak Goel (Director) have an
experience of around half a decade through his association with
family run business.

Super Max Affordable Housing Private Limited is incorporated in
June, 2015 as Private Limited Company. The company is engaged in
in real estate development The company is currently developing a
residential project under the name 'The New Town' in Kundli,
Haryana. The project involves construction of commercial space
and residential apartments, spread across 11.43 acres of land.
The project would have 695 2-BHK flats, 48 2-BHK+Study flats and
also a commercial space of 7,000 sqft.


SUPREME MOBILES: CRISIL Removes B+ Rating From Not Cooperating
--------------------------------------------------------------
Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated
the rating on the long-term bank facility of Supreme Mobiles
Private Limited (SMPL) to 'CRISIL B+/Stable/Issuer Not
Cooperating'. However, the company management has started sharing
information necessary for a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable'
                                    Issuer Not Cooperating)

   Working Capital
   Demand Loan             .59      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable'
                                    Issuer Not Cooperating)


   Working Capital
   Term Loan              4.76      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable'
                                    Issuer Not Cooperating)

Operating income is expected to decline to INR120-125 crore in
fiscal 2018 from INR137.76 crore in fiscal 2017 because of the
impact on demand due to higher goods and service tax (GST) rate
on automobiles. Operating profitability was low at 2.08% in
fiscal 2017 and is expected at a similar level over the medium
term because of limited bargaining power with the principal
supplier, and intense competition in the automobile industry.

Liquidity is supported by moderate cash credit utilisation of 84%
over the 12 months through December 2017. Net cash accrual is
expected at INR75-85 lakh against term debt obligation of INR69
lakhs over the medium term. Liquidity is supported by financial
support from the promoters by way of unsecured loans, which stood
at INR2.68 crore as on March 31, 2017.

Analytical Approach

Unsecured loans of INR2.68 crore from the promoters have been
treated as 75% equity and 25% debt. The loans are expected to
remain in the business and interest on them is ploughed back
completely.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in the automobile dealership
industry: SMPL's business growth is likely to remain subdued over
the medium term due to the intense competition in the automobile
dealership industry. SMPL is an authorised dealer for M&M and has
to compete with dealers of other brands such as Maruti Suzuki
India Ltd (MSIL; 'CRISIL AAA/Stable/CRISIL A1+') Tata Motors Ltd
(TML; 'CRISIL AA/Positive/CRISIL A1+), and Chevrolet Sales India
Pvt Ltd. Intense pricing pressure has forced automobile players
to cut costs, leading to reduced commissions for dealers (such as
SMPL).

* Average financial risk profile: The financial risk profile is
constrained by modest adjusted net worth of INR8.06 crore as on
March 31, 2017, and weak debt protection metrics with adjusted
interest coverage and net cash accrual to adjusted debt ratio of
1.54 times and 0.04 time, respectively, for fiscal 2017. Total
outside liabilities to adjusted networth ratio was moderate at
3.03 times as on March 31, 2017. The ratios are expected to
remain at similar level due to weak profitability leading to low
accretion to reserves.

Strengths

* Extensive experience of the promoters in the automobile
dealership industry, and association with Mahindra and Mahindra
Ltd (M&M; 'CRISIL AAA/Stable/CRISIL A1+'): The promoters'
experience of 35 years helped SMPL generate operating income of
INR137.76 crore in fiscal 2017. Furthermore, the scalability of
the operations is indicated by the vast operative area in Hisar,
Bhiwani, Charkhi Dadri, and Loharu (all in Haryana). While the
nature of the business renders operations and profitability
depend on the principal supplier, M&M, the strong relationship
with the supplier should support SMPL's business risk profile.

Outlook: Stable

CRISIL believes SMPL will continue to benefit from the extensive
industry experience of its promoters and its established
relationship with M&M. The outlook may be revised to 'Positive'
if there is a substantial improvement in capital structure, debt
protection metrics, and liquidity, driven by increase in revenue
and operating margin, or significant equity infusion. The outlook
may be revised to 'Negative' if sluggish demand results in a
significant decline in sales and profitability, and leads to a
pile-up in inventory, or if the company undertakes large, debt-
funded capital expenditure, weakening the financial risk profile,
especially liquidity.

SMPL, incorporated in 1981 and promoted by Mr Ram Bhagat Gupta,
Mr Sanjay Gupta, and Ms Sunita Gupta, is a dealer of M&M's
vehicles. The company has four showrooms and service centres in
Haryana.


TIRUMALA COTTON: CARE Moves B+ Rating to Not Cooperating Cat.
-------------------------------------------------------------
CARE has been seeking information from Tirumala Cotton Industries
(TCI) to monitor the rating vide e-mail communications dated
November 2, 2017, December 12, 2017 and December 16, 2017 and
numerous phone calls. However, despite our repeated requests, the
firm has not provided the requisite information for monitoring
the rating. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Tirumala Cotton Industries bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term Bank
  Facilities            6.50     CARE B+; 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.

Detailed description of the key rating drivers

At the time of last rating in September 23, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness

Project implementation risk: TCI has proposed to set-up a
manufacturing unit of cotton ginning. The project was started in
June 2016 and likely to start the commercial operations by
November 2016. The total proposed cost of project is INR4.89
crore which is proposed to be funded through bank term loan of
INR2.50 crore and partners' capital of INR2.39 crore. As on July
31, 2016, the firm has incurred expenses of INR1.00 crore (around
20.43% of total project cost) towards the civil works and working
capital margin advance and the same is funded by the partners.
The banker (Andhra Bank) has also sanctioned term loan of INR2.50
and cash credit of INR4.00 during August 2016Therefore, the
ability of the firm to complete the project without any cost or
time over run will remain critical from credit perspective.

Highly fragmented industry and regulated by government: The
ginning and pressing of cotton which involves very limited value
addition and hence results in thin profitability. Moreover, on
account of large number of units operating in the cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers. Furthermore, the
cotton prices in India are regulated by government through MSP
(Minimum Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government
through quota systems to suffice domestic demand for cotton.
Hence, any adverse change in government policy, i. e, higher
quota for any particular year, ban on the cotton or cotton yarn
export may negatively impact the prices of raw cotton in the
domestic market and could result in lower realizations and
profit.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from October to February every year. Prices of raw material, i.
e, raw cotton are highly volatile in nature and depend upon
factors like monsoon condition, area under production, yield for
the year, international demand supply scenario, export policy
decided by government and inventory carried forward of the last
year. Ginners usually have to procure raw materials at
significantly higher volume to bargain bulk discount from
suppliers. Furthermore, cotton being a seasonal crop, the
inventory levels of the entity generally remains high at the end
of the financial year. Thus, aggregate effect of both the above
factors results in exposure of ginners to price volatility risk
and high dependence on working capital bank borrowings.

Constitution of the entity as partnership firm: Constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency which can adversely affect its capital structure.
Furthermore, partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders.

Key rating strengths

Experience of the partners for three decade in cotton industry:
TCI is promoted by Mr B Ramesh and their relatives. Mr B Ramesh
has two decades of experience in cotton industry. He is also
actively involved in the associate concerns Srinivasa Cotton
Industries and Saptagiri Cotton Industries. Due to long term
presence in the market, the partners have established relations
with the customer and supplier which will enable the firm to get
the customers easily once the commercial operations starts.

Location advantage with presence in cotton growing belt of
Telangana: TCI's manufacturing facilities are located in Medak
district of Telangana. This place enjoys good road connectivity
leading to better lead time and facilitating delivery of finished
products in a timely manner. The manufacturing unit is located
near the raw material producing region, which ensures easy raw
material access and smooth supply of raw materials at competitive
prices and lower logistic expenditure (both on the transportation
and storage).

Tirumala Cotton Industries (TCI) was established on June 20, 2016
and promoted by Mr B Ramesh, his friends and relatives/family
members. The firm has proposed to set-up a manufacturing unit of
cotton ginning and pressing unit of 36 cotton gins (machines)
with total installed capacity of 20304 MT of cotton/year. After
the commencement of business operations, the firm is planning to
purchase the raw cotton from the farmers and dealers located in
and around Medak.

The firm is planning to sell the products like cotton bales and
seeds to the spinning mills located at within Telangana and
other states.


VASANI COLD: CARE Assigns B+ Rating to INR6.53cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vasani
Cold Chains Private Limited (VCCPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term Bank
  Facilities            6.53     CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VCCPL is
constrained on account of nascent stage of operations, weak debt
coverage indicators along with moderate liquidity position,
competition from other local players, business prospects which
depends on vagaries of nature and seasonality of business. The
ratings, however, derives strength from experienced promoters
with established track record in the business, moderate capital
structure and comfortable operating margin. VCCPL's ability to
increase its scale of operations, improvement in debt coverage
indicators, liquidity position and optimum capacity utilization
of storage facility will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Nascent stage of operations: 5MFY17 (5MFY refers to period from
November 1, 2016 to March 31, 2017), being the first year of
operation of the company, it has registered TOI of INR0.97 crore.
Further, the company registered a turnover of INR5.30 crore till
December 31, 2017. Hence the company has very short track record
of operations coupled with small scale of operations.

Weak debt coverage indicators along with moderate liquidity
position: As on March 31, 2017, TDGCA remained weak at 19.92x on
account of lower cash accruals while the interest coverage ratio
stood at 1.36x. Further, current ratio and quick ratio has
remained moderate at 1.44x and 0.62x respectively. Working
capital utilization for trailing 12 months ended December, 2017
remained around 70%. During FY17, operating cycle of VCCPL
remained elongated mainly due to higher inventory level, the same
has been cleared subsequently after March, 2017.

Competition from other local players: VCCPL operates in the cold
storage services industry which is highly fragmented with
presence of numerous independent small-scale enterprises owing to
low entry barriers leading to high level of competition in the
segment.

Business prospects depends on vagaries of nature and seasonality
of business: The operations of the company will be seasonal in
nature since it has direct linkage with agriculture sector.
Further, lower output of agro commodities (i.e Dates, Chana,
Moong, Yellow peas etc) may have an adverse impact on the rental
collections as the cold storage units collect rent on the basis
of quantity stored and the production is highly dependent on
vagaries of nature.

Key Rating Strengths

Experienced promoters with established track record in the
industry: VCCPL is promoted by Mr. Prakashkumar, aged 55 years,
hold experience of around 3.5 decades. He is proprietor of firm
"Vipul Coconuts" and Mr. Vipul Vasani, aged 27 years, graduate by
qualification, hold experience of around 8 years through
his association with "Vipul Coconuts".

Readily available market base: VCCPL is benefitted by the
customer/farmer base which is established by Mr.Prakashkumar
Vasani since last 3.5 decades through his association with "Vipul
Coconuts". Vipul Coconuts deal only in coconuts while VCCPL is
engaged in multi commodity storage as both are doing different
business but the market remains the same which will eventually
help VCCPL.

Comfortable operating margin and moderate capital structure:
VCCPL commenced its operations in November 2016 and registered
turnover of INR0.97 crore with PBILDT margin of 52.80% in the
first five months of operations ending March 31, 2017. Further,
VCCPL's capital structure remained moderate marked by debt to
equity ratio of 1.24x and overall gearing ratio of 1.59x as on
March 31, 2017.

Rajkot (Gujarat) based, Vasani Cold Chains Pvt. Ltd. (VCCPL) was
incorporated in 2014 by Mr. Vipul Vasani and Mr. Prakashkumar
Vasani, and became operational from November 2016. The company is
engaged in trading of agrocommodities and cold storage services
with installed capacity of 5000 MTPA. GCCPL deals in Dates,
Chana, Potatoes, Yellow Peas etc as per seasonal requirement.


VISHAL CONSTRUCTION: CRISIL Hikes Rating on INR3.55MM Loan to B-
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facilities of Vishal Construction (VC) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        3.45       CRISIL A4 (Reaffirmed)

   Cash Credit           3          CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

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

   Proposed Long Term    3.55       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that VC's business
risk profile will improve over medium term backed by healthy
order book. Firm has reported revenue of INR20 crore as on
December 31, 2017 and has moderate order book of INR45 Cr to be
executed over the next 18 months. Rating upgrade also factors in
the expected synergies to be derived from the joint ventures of
the firm which has healthy order book.

These ratings continue to reflect below average financial risk
profile and modest scale of operations. These rating strengths
are partially offset by the extensive experience of its promoters
in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Modest networth and high
total outstanding liabilities to adjusted networth (Rs 3.49 crore
and 4.04 times as on March 31, 2017) represent below average
financial risk profile. Interest coverage ratio was comfortable
at 4.03 times for fiscal 2017.

* Modest scale of operations: Although on improving trend, firm
has modest scale of operations marked by revenues of Rs. 23.72
crores in fiscal 2017 against INR16.6 crore in fiscal 2016.

Strength:

* Extensive experience of promoters: Firm is promoted by Mr.
Vikas Kakad, a first generation entrepreneur, is a civil engineer
by qualification. Mr. Vikas Kakad has been in this industry for
around 2 decades. CRISIL believes that the business risk profile
would continue to benefit over the medium term on account of the
promoter's extensive experience in the industry.

Outlook: Stable

CRISIL believes that VC will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive'
in case of significant improvement in the firm's scale of
operations and profitability resulting in higher-than-expected
cash accruals. The outlook may be revised to 'Negative', if the
firm undertakes any significant debt-funded capital expenditure
or on account of lower cash accruals leading to weakening of
liquidity.

VC is a partnership firm set up in 1996 by Mr Vikas Kakad and Ms
Shakuntala Kakad. Based in Mumbai, the firm primarily undertakes
construction of bridges in Maharashtra.


* Ex-Lehman Banker Sees Gold Mine in India Bankruptcy Overhaul
--------------------------------------------------------------
Denise Wee at Bloomberg News reports that Edwin Wong, the chief
investment officer of Hong Kong-headquartered SSG Capital
Management and an ex-Lehman Brothers Holdings Inc. banker, sees a
multitude of opportunities in India as the nation pushes ahead
with a bankruptcy system overhaul.

Bloomberg says there was further evidence of that last week, with
the Reserve Bank of India introducing a time line for the
country's banks to recast bad loans and also scrapping previous
methods.  Prime Minister Narendra Modi's government has been
trying to clean up $210 billion of bad loans on banks' balance
sheets and that's attracting global funds.

"The whole world is looking at India now," the report quotes
Mr. Wong as saying. "It could be a once-in-a-lifetime
opportunity."

Since India passed its new insolvency and bankruptcy code in May
2016, the nation's so-called dirty dozen -- 12 large debtors that
have been ordered through the bankruptcy courts -- have been a
focus for funds. Under the new bankruptcy rules, the balance has
shifted in favor of the creditor from the borrower, creating
greater accountability for family owners of India's major
companies, according to billionaire Uday Kotak.

"It's getting a lot of attention because there is a timetable for
the bankruptcy process," said Wong, notes Bloomberg News. "If the
government sticks to what they say they will do, things have to
happen."

Well-positioned investors should be able to make money, he added.
SSG Capital raised $2.5 billion across secured lending and
special situations and India is one of the firm's core markets,
according to Wong, says the report.

There has been an upswing of foreign capital interested in
investing in India. A few big distressed situations such as
mobile phone operator Reliance Communications Ltd. and steel
companies are attracting attention from global investors,
according to Damien Whitehead, partner at Ashurst, notes the
report.

India's new bankruptcy regime "created a buzz" for distressed
investors when it first came into force, but much remains to be
tested under the regime and the infrastructure that supports it,
according to Naomi Moore, financial restructuring partner at Akin
Gump Strauss Hauer & Feld LLP, says Bloomberg News.



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


TRUE FOOD: Yoga and Wellness Centre Placed Into Liquidation
-----------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that an Auckland waterfront
wellness centre started by an award-winning chef was placed in
liquidation last week.

Skycity's Japanese restaurant Masu's chef Nic Watt opened True
Food and Yoga Wellness Centre in 2016, with his wife, Kelly Watt,
a qualified yoga teacher, the report discloses.

According to the report, liquidator Tony Maginness --
tony.maginness@staplesrodway.com -- from Staples Rodway said most
of the creditors were shareholders in the business. While he
could not reveal the amount owed, he said it was "substantial".

Stuff relates that Mr. Maginness said there had been an interest
from a number of buyers and a deal would be signed by the end of
this week.

The property combines two studios, a bistro, beauty room,
chiropractic services and a shop in the restored heritage pumping
station.

Mr. Maginness said while the yoga facilities and restaurant was
closed, the physiotherapist, chiropractor and beautician were
still operating on the premises to appeal to buyers, Stuff
relays.

As most employees were contracted yoga teachers, Mr. Maginness
could not comment on how many employees were affected, the report
says.

Stuff notes that the wellness centre on Auckland's Tamaki Drive
was formerly the Hammerheads restaurant building and underwent an
extreme make over.

When it first opened, Nic Watt said the wellness centre combined
his and Kelly's talents.

"True is based on our true story. It combines what we do at home,
our love of good, natural and nutrition-dense food, our own yoga
and healthy practice," the report quotes Mr. Watt as saying.

The couple separated in July last year, the report adds.



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


GENERAL MOTORS: Shutdown a Blow to Regional Economy, Moon Says
--------------------------------------------------------------
Reuters reports that South Korean President Moon Jae-in said on
Feb. 19 that General Motors' decision to shut down a factory
south of Seoul will be a blow to the region and asked relevant
government ministries to take measures to shore up economic
activity there.

According to Reuters, GM announced last week it will shutter the
plant in Gunsan, in South Korea's southwest, by May and decide
within weeks on the fate of the remaining three plants in the
country.

"Especially, the decline in employment (at GM) and subcontractors
will be difficult to bear for Gunsan City and North Jeolla
province," Moon told his aides at a regular meeting, Reuters
relays.

Moon also asked his government to act sternly in trade talks with
the United States, expressing worry over curbs on imports from
other countries recently imposed by Washington, Reuters adds.

GM Korea Co. is the South Korean unit of General Motors Co.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week Feb. 12 to Jan. 16, 2018
-----------------------------------------------------

Issuer                    Coupon    Maturity    Currency   Price
------                    ------    --------    --------   -----


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19    USD      0.06
ARTSONIG PTY LTD            11.50     04/01/19    USD      0.06
CLIME CAPITAL LTD            6.25     11/30/21    AUD      1.01
KEYBRIDGE CAPITAL LTD        7.00     07/31/20    AUD      0.94
LAKES OIL NL                10.00     05/31/18    AUD      7.50
MIDWEST VANADIUM PTY LT     11.50     02/15/18    USD      0.19
MIDWEST VANADIUM PTY LT     11.50     02/15/18    USD      0.31
QUINTIS LTD                  8.75     08/01/23    USD     70.63
QUINTIS LTD                  8.75     08/01/23    USD     70.63
QUINTIS LTD                  8.75     08/01/23    USD     70.63
TREASURY CORP OF VICTOR      0.50     11/12/30    AUD     69.67


  CHINA
  -----

ANQING URBAN CONSTRUCTI      6.76     12/31/19    CNY     40.54
ANYANG INVESTMENT GROUP      8.00     04/17/19    CNY     40.57
BAYANNUR URBAN DEVELOPM      6.40     03/15/20    CNY     60.17
BAYINGUOLENG INNER MONG      7.48     09/10/18    CNY     25.29
BEIJING BIOMEDICINE IND      6.35     07/23/20    CNY     60.10
BEIJING GUCAI GROUP CO       6.60     09/06/20    CNY     60.57
BEIJING JINLIYUAN STATE      7.00     10/28/20    CNY     60.65
BIJIE XINTAI INVESTMENT      7.15     08/20/19    CNY     41.18
BORALA MONGOL AUTONOMOU      7.18     08/09/20    CNY     60.58
CHANGRUN INVESTMENT HOL      6.88     09/16/20    CNY     60.70
CHANGSHA CITY CONSTRUCT      6.95     04/24/19    CNY     40.40
CHANGSHA ECONOMIC & TEC      8.45     04/13/22    CNY     74.01
CHANGYI ECONOMIC AND DE      7.35     10/30/20    CNY     55.85
CHENGDU CITY DEVELOPMEN      6.18     01/14/20    CNY     60.95
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18    CNY     25.11
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18    CNY     26.10
CHENGDU HI-TECH INVESTM      6.28     11/20/19    CNY     40.30
CHINA CITY CONSTRUCTION      5.55     12/17/17    CNY     10.00
CHINA CITY CONSTRUCTION      4.93     07/14/20    CNY     10.00
CHINA DEVELOPMENT BANK       3.50     11/04/46    CNY     74.43
CHINA SECURITY & FIRE C      4.45     11/11/19    CNY     66.00
CHIZHOU CITY MANAGEMENT      7.17     10/17/19    CNY     40.50
CHONGQING BEICHENG CONS      7.30     10/16/20    CNY     60.57
CHONGQING DAZU DISTRICT      6.75     04/26/20    CNY     60.53
CHONGQING FULING STATE-      6.39     01/21/20    CNY     40.41
CHONGQING HECHUAN INDUS      6.19     06/17/20    CNY     60.32
CHONGQING HONGYE INDUST      6.30     06/03/20    CNY     60.30
CHONGQING JINYUN ASSET       6.75     06/18/19    CNY     41.00
CHONGQING MAIRUI CITY I      6.82     08/17/19    CNY     40.42
CHONGQING SHUANGQIAO EC      6.75     04/26/20    CNY     60.22
CHONGQING XINGRONG HOLD      8.35     04/19/19    CNY     40.95
CHONGQING YONGCHUAN HUI      7.33     10/16/19    CNY     41.00
CHUZHOU TONGCHUANG CONS      7.05     01/09/20    CNY     60.00
DANYANG INVESTMENT GROU      8.10     03/06/19    CNY     40.51
DAYE CITY CONSTRUCTION       7.95     11/27/20    CNY     61.29
DONGTAI COMMUNICATION I      7.39     07/05/18    CNY     25.00
DONGTAI UBAN CONSTRUCTI      7.10     12/26/19    CNY     60.00
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21    CNY     61.00
FENGCHENG CITY CONSTRUC      8.65     01/14/21    CNY     81.50
FUJIAN NANPING HIGHWAY       6.69     01/28/20    CNY     40.40
FUXIN INFRASTRUCTURE CO      7.55     10/10/19    CNY     40.42
FUZHOU INVESTMENT DEVEL      7.75     02/28/18    CNY     50.00
GANZHOU CITY DEVELOPMEN      6.40     07/10/18    CNY     25.00
GUANG ZHOU PANYU COMMUN      6.30     04/12/19    CNY     50.07
GUANGZHOU DEVELOPMENT Z      6.70     08/14/22    CNY     71.63
GUIYANG PUBLIC RESIDENT      6.70     11/06/19    CNY     40.50
GUIYANG PUBLIC RESIDENT      6.70     11/06/19    CNY     60.93
HAIAN COUNTY CITY CONST      8.35     03/28/18    CNY     25.10
HAILAR URBAN INFRASTRUC      6.20     05/14/20    CNY     58.20
HAINAN HARBOR & SHIPPIN      6.80     10/18/19    CNY     70.70
HAIYAN COUNTY STATE-OWN      7.00     09/04/20    CNY     61.08
HANJIANG STATE-OWNED-AS      8.12     01/12/19    CNY     40.50
HARBIN HIGH-TECH INDUST      7.00     09/16/20    CNY     61.95
HARBIN WATER INVESTMENT      5.70     05/06/20    CNY     60.20
HEFEI CONSTRUCTION INVE      6.60     08/28/18    CNY     40.30
HEFEI HAIHENG INVESTMEN      7.30     06/12/19    CNY     40.35
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19    CNY     40.55
HUAIBEI CITY CONSTRUCTI      6.68     12/17/18    CNY     25.17
HUAIHUA CITY CONSTRUCTI      8.00     03/22/18    CNY     25.08
HUANGGANG CITY CONSTRUC      7.10     10/19/19    CNY     41.05
HULUDAO INVESTMENT GROU      7.05     10/18/20    CNY     60.52
HUNAN ZHAOSHAN ECONOMIC      7.00     12/12/18    CNY     25.13
JIAN CITY CONSTRUCTION       7.80     04/20/19    CNY     40.40
JIANAN INVESTMENT HOLDI      7.68     09/04/19    CNY     40.72
JIANGDONG HOLDING GROUP      6.90     03/27/19    CNY     40.26
JIANGSU SUHAI INVESTMEN      7.20     11/07/19    CNY     40.40
JIANGYIN LINGANG NEW CI      7.10     11/07/20    CNY     61.62
JIASHAN STATE-OWNED ASS      6.80     06/06/19    CNY     40.30
JINGJIANG BINJIANG XINC      6.80     10/23/18    CNY     25.00
JINGJIANG BINJIANG XINC      6.80     10/23/18    CNY     25.18
JIUJIANG CITY CONSTRUCT      8.49     02/23/19    CNY     40.52
KARAMAY URBAN CONSTRUCT      7.15     09/04/19    CNY     40.64
KUNMING CITY CONSTRUCTI      7.60     04/13/18    CNY     25.09
KUNMING WUHUA DISTRICT       8.60     03/15/18    CNY     25.04
KUNSHAN HUAQIAO INTERNA      7.98     12/30/18    CNY     20.47
LANZHOU CITY DEVELOPMEN      8.20     12/15/18    CNY     68.05
LU'AN CITY CONSTRUCTION      8.00     12/02/20    CNY     61.96
NANCHANG COUNTY URBAN C      6.50     07/17/19    CNY     50.34
NANCHANG MUNICIPAL PUBL      5.88     02/25/20    CNY     60.20
NANCHONG DEVELOPMENT IN      6.69     01/28/20    CNY     40.38
NANJING PUKOU ECONOMIC       7.10     10/08/19    CNY     40.34
NANNING URBAN CONSTRUCT      8.20     12/26/20    CNY     83.54
NANTONG ECONOMIC & TECH      5.80     05/17/20    CNY     60.03
NANYANG INVESTMENT GROU      7.05     10/24/20    CNY     60.90
NANYANG INVESTMENT GROU      7.05     10/24/20    CNY     61.06
NINGBO URBAN CONSTRUCTI      7.39     03/01/18    CNY     25.13
NINGBO ZHENHAI HAIJIANG      6.65     11/28/18    CNY     25.17
PANJIN CONSTRUCTION INV      7.42     03/01/18    CNY     60.05
PIZHOU RUNCHENG ASSET O      7.55     09/25/19    CNY     40.70
PULANDIAN CITY CONSTRUC      7.60     11/19/20    CNY     61.20
PULANDIAN CITY CONSTRUC      7.74     04/21/21    CNY     82.40
QIANAN URBAN CONSTRUCTI      8.88     01/23/21    CNY     61.92
QIANAN XINGYUAN WATER I      6.45     07/11/18    CNY     25.05
QIANXI NANZHOU HONGSHEN      6.99     11/22/19    CNY     40.07
QIANXI NANZHOU HONGSHEN      6.99     11/22/19    CNY     40.45
QINGYUAN TRANSPORTATION      8.20     12/19/20    CNY     61.71
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19    CNY     19.90
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18    CNY     25.00
QINZHOU CITY DEVELOPMEN      7.10     10/16/19    CNY     70.80
RUDONG COUNTY DONGTAI S      7.45     09/24/19    CNY     39.30
RUGAO COMMUNICATIONS CO      6.70     02/01/20    CNY     60.81
RUIAN STATE OWNED ASSET      6.93     11/26/19    CNY     39.94
RUSHAN CITY STATE-OWNED      6.90     09/11/20    CNY     60.44
SANMING STATE-OWNED ASS      6.99     06/14/18    CNY     40.19
SHANDONG RENCHENG RONGX      7.30     10/18/20    CNY     60.99
SHANDONG TAIFENG HOLDIN      5.80     03/12/20    CNY     57.21
SHANGHAI FENGXIAN NANQI      6.25     03/05/20    CNY     60.02
SHANGHAI JIADING INDUST      6.71     10/10/18    CNY     25.32
SHANGHAI SONGJIANG TOWN      6.28     08/15/18    CNY     25.05
SHANTOU CITY CONSTRUCTI      8.57     03/23/22    CNY     72.87
SHIYAN CITY INFRASTRUCT      7.98     04/20/19    CNY     40.59
SHOUGUANG CITY CONSTRUC      7.10     10/18/20    CNY     61.18
SHOUGUANG JINCAI STATE-      6.70     10/23/19    CNY     61.00
SHUANGLIU SHINE CHINE C      8.48     03/16/19    CNY     71.13
SHUANGYASHAN DADI CITY       6.55     12/25/19    CNY     40.07
SICHUAN COAL INDUSTRY G      7.70     01/09/18    CNY     45.00
SUIZHOU DEVELOPMENT INV      8.50     12/20/20    CNY     61.83
SUZHOU WUJIANG EASTERN       8.05     12/05/18    CNY     40.81
TAIAN TAISHAN INVESTMEN      6.76     01/25/20    CNY     40.67
TAIXING ZHONGXING STATE      8.29     03/27/18    CNY     25.10
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19    CNY     40.30
TIANJIN BINHAI NEW AREA      5.00     03/13/18    CNY     39.98
TIANJIN JINNAN CITY CON      6.95     06/18/19    CNY     40.20
TONGLING CONSTRUCTION I      8.20     04/28/22    CNY     72.74
TONGXIANG CITY CONSTRUC      6.10     05/16/20    CNY     59.50
TONGXIANG CITY CONSTRUC      6.10     05/16/20    CNY     60.15
URUMQI CITY CONSTRUCTIO      6.35     07/09/19    CNY     40.01
URUMQI CITY CONSTRUCTIO      7.20     11/06/18    CNY     50.48
URUMQI GAOXIN INVESTMEN      6.18     03/05/20    CNY     60.22
WAFANGDIAN STATE-OWNED       6.20     06/20/20    CNY     60.18
WUHAN CAIDIAN URBAN CON      7.24     05/28/21    CNY     34.69
WUHAN METRO GROUP CO LT      5.70     02/04/20    CNY     60.20
WUHAN URBAN CONSTRUCTIO      5.60     03/08/20    CNY     59.90
WUHU CONSTRUCTION INVES      6.89     03/26/19    CNY     70.38
WUHU JINGHU CONSTRUCTIO      6.68     05/16/20    CNY     59.75
WUXI XIDONG TECHNOLOGY       5.98     10/26/18    CNY     40.23
XI'AN HI-TECH HOLDING C      5.70     02/26/19    CNY     51.03
XI'AN URBAN INDEMNIFICA      7.31     03/18/19    CNY     70.67
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19    CNY     40.18
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19    CNY     40.79
XIANGTAN JIUHUA ECONOMI      7.15     10/15/20    CNY     60.24
XIANNING CITY CONSTRUCT      7.50     08/31/18    CNY     25.20
XINXIANG INVESTMENT GRO      5.85     04/15/20    CNY     59.80
XINXIANG INVESTMENT GRO      5.85     04/15/20    CNY     60.25
XINZHENG NEW DISTRICT D      6.52     06/28/19    CNY     50.34
XINZHOU ASSET MANAGEMEN      7.39     08/08/18    CNY     25.19
XUZHOU XINSHENG CONSTRU      7.48     05/08/18    CNY     25.13
YAAN DEVELOPMENT INVEST      7.00     09/13/20    CNY     60.62
YANCHENG CITY DAFENG DI      7.08     12/13/19    CNY     60.59
YANCHENG CITY DAFENG DI      8.70     01/24/21    CNY     84.00
YANCHENG CITY TINGHU DI      7.95     11/15/20    CNY     80.90
YANGZHONG URBAN CONSTRU      7.10     03/26/18    CNY     50.02
YANGZHOU HANJIANG URBAN      6.20     03/12/20    CNY     60.10
YICHANG URBAN CONSTRUCT      8.13     11/17/19    CNY     53.70
YILI STATE-OWNED ASSET       6.70     11/19/18    CNY     25.00
YINING CITY STATE OWNED      8.90     01/23/21    CNY     90.00
YIXING CITY DEVELOPMENT      6.90     10/10/19    CNY     40.26
YUEYANG CITY CONSTRUCTI      6.05     07/12/20    CNY     59.60
ZHENJIANG CULTURE AND T      6.60     01/30/20    CNY     39.78
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18    CNY     25.00
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18    CNY     40.30
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19    CNY     40.35
ZIBO CITY PROPERTY CO L      6.83     08/22/19    CNY     40.78
ZIYANG WATER INVESTMENT      7.40     10/21/20    CNY     61.10
ZUNYI STATE-OWNED ASSET      6.98     12/26/19    CNY     40.90


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35     07/03/17    CNY     69.88


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25     03/13/17    USD     52.17
BERAU COAL ENERGY TBK P      7.25     03/13/17    USD     52.17
DAVOMAS INTERNATIONAL F     11.00     12/08/14    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     12/08/14    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     05/09/11    USD      0.50
DAVOMAS INTERNATIONAL F     11.00     05/09/11    USD      0.50


INDIA
-----

3I INFOTECH LTD              2.50     03/31/25    USD     12.88
BLUE DART EXPRESS LTD        9.40     11/20/18    INR     10.68
CORE EDUCATION & TECHNO      7.00     05/07/49    USD      0.59
EDELWEISS ASSET RECONST      2.00     11/20/27    INR     54.35
JAIPRAKASH ASSOCIATES L      5.75     09/08/17    USD     55.25
JAIPRAKASH POWER VENTUR      7.00     02/13/49    USD      4.95
JCT LTD                      2.50     04/08/11    USD     26.63
PRAKASH INDUSTRIES LTD       5.25     04/30/15    USD     21.00
PYRAMID SAIMIRA THEATRE      1.75     07/04/12    USD      1.00
REI AGRO LTD                 5.50     11/13/14    USD      0.34
REI AGRO LTD                 5.50     11/13/14    USD      0.34
RELIANCE COMMUNICATIONS      6.50     11/06/20    USD     63.45
SVOGL OIL GAS & ENERGY       5.00     08/17/15    USD      1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20    USD     59.88


JAPAN
-----

TAKATA CORP                  0.58     03/26/21    JPY      5.13
TAKATA CORP                  0.85     03/06/19    JPY      5.13
TAKATA CORP                  1.02     12/15/17    JPY      8.75

KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00     09/13/18    KRW     73.66
DOOSAN CAPITAL SECURITI     20.00     04/22/19    KRW     60.75
KIBO ABS SPECIALTY CO L      5.00     12/25/19    KRW     69.98
KIBO ABS SPECIALTY CO L      5.00     08/29/19    KRW     70.94
KIBO ABS SPECIALTY CO L      5.00     02/26/19    KRW     72.12
KIBO ABS SPECIALTY CO L      5.00     02/25/19    KRW     72.39
KOREA TREASURY BOND          1.50     09/10/66    KRW     68.48
OKC SECURITIZATION SPEC     10.00     01/03/20    KRW     35.52
SAMPYO CEMENT CO LTD         7.50     04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15    KRW     70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15    KRW     70.00
SINBO SECURITIZATION SP      5.00     10/30/19    KRW     66.57
SINBO SECURITIZATION SP      5.00     03/15/20    KRW     69.34
SINBO SECURITIZATION SP      5.00     02/28/21    KRW     69.68
SINBO SECURITIZATION SP      5.00     01/27/21    KRW     69.92
SINBO SECURITIZATION SP      5.00     12/22/20    KRW     70.19
SINBO SECURITIZATION SP      5.00     09/23/20    KRW     70.92
SINBO SECURITIZATION SP      5.00     08/26/20    KRW     71.14
SINBO SECURITIZATION SP      5.00     07/28/20    KRW     71.37
SINBO SECURITIZATION SP      5.00     06/24/19    KRW     71.46
SINBO SECURITIZATION SP      5.00     03/13/19    KRW     72.25
SINBO SECURITIZATION SP      5.00     02/25/20    KRW     72.62
SINBO SECURITIZATION SP      5.00     01/28/20    KRW     72.84
SINBO SECURITIZATION SP      5.00     12/30/19    KRW     73.08
SINBO SECURITIZATION SP      5.00     09/30/19    KRW     73.86
SINBO SECURITIZATION SP      5.00     07/29/18    KRW     74.00
SINBO SECURITIZATION SP      5.00     08/27/19    KRW     74.14
SINBO SECURITIZATION SP      5.00     06/25/18    KRW     74.28
SINBO SECURITIZATION SP      5.00     07/29/19    KRW     74.37
SINBO SECURITIZATION SP      5.00     05/26/18    KRW     74.51
SINBO SECURITIZATION SP      5.00     06/25/19    KRW     74.66
WISE MOBILE SECURITIZAT     20.00     09/17/18    KRW     73.22


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35     03/01/26    LKR     73.69


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50     09/15/20    MYR      1.19
ASIAN PAC HOLDINGS BHD       3.00     05/25/22    MYR      0.72
BARAKAH OFFSHORE PETROL      3.50     10/24/18    MYR      0.26
BERJAYA CORP BHD             2.00     05/29/26    MYR      0.32
BERJAYA CORP BHD             5.00     04/22/22    MYR      0.44
BRIGHT FOCUS BHD             2.50     01/22/31    MYR     73.56
ELK-DESA RESOURCES BHD       3.25     04/14/22    MYR      0.97
HIAP TECK VENTURE BHD        5.00     06/27/21    MYR      0.51
I-BHD                        3.00     10/09/19    MYR      0.36
IRE-TEX CORP BHD             1.00     06/10/19    MYR      0.02
LAND & GENERAL BHD           1.00     09/24/18    MYR      0.13
PERODUA GLOBAL MANUFACT      0.50     12/17/25    MYR     66.91
PUC BHD                      4.00     02/15/19    MYR      0.22
REDTONE INTERNATIONAL B      2.75     03/04/20    MYR      0.12
SENAI-DESARU EXPRESSWAY      1.35     06/30/31    MYR     54.26
SENAI-DESARU EXPRESSWAY      1.35     12/31/30    MYR     55.60
SENAI-DESARU EXPRESSWAY      1.35     06/28/30    MYR     57.04
SENAI-DESARU EXPRESSWAY      1.35     12/31/29    MYR     58.45
SENAI-DESARU EXPRESSWAY      1.35     12/29/28    MYR     61.38
SENAI-DESARU EXPRESSWAY      1.35     06/30/28    MYR     62.86
SENAI-DESARU EXPRESSWAY      1.35     12/31/27    MYR     64.32
SENAI-DESARU EXPRESSWAY      1.35     06/30/27    MYR     65.76
SENAI-DESARU EXPRESSWAY      1.35     06/30/26    MYR     68.60
SENAI-DESARU EXPRESSWAY      1.15     06/30/25    MYR     70.37
SENAI-DESARU EXPRESSWAY      1.15     12/31/24    MYR     71.98
SENAI-DESARU EXPRESSWAY      0.50     12/31/38    MYR     73.06
SENAI-DESARU EXPRESSWAY      1.15     06/28/24    MYR     73.70
SENAI-DESARU EXPRESSWAY      0.50     12/30/39    MYR     74.89
SOUTHERN STEEL BHD           5.00     01/24/20    MYR      2.16
THONG GUAN INDUSTRIES B      5.00     10/10/19    MYR      3.10
UNIMECH GROUP BHD            5.00     09/18/18    MYR      0.97
VIZIONE HOLDINGS BHD         3.00     08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT       3.00     10/31/21    MYR      0.45


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW      4.80     09/27/21    NZD      1.01

PHILIPPINES
-----------

BAYAN TELECOMMUNICATION     13.50     07/15/06    USD     22.75
BAYAN TELECOMMUNICATION     13.50     07/15/06    USD     22.75
PHILIPPINE GOVERNMENT B      3.63     03/21/33    PHP     70.71


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      5.50     03/28/20    SGD     46.88
ASL MARINE HOLDINGS LTD      5.85     10/01/21    SGD     46.88
AUSGROUP LTD                 8.45     10/20/18    SGD     62.50
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD      1.01
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD      1.01
BERAU CAPITAL RESOURCES     12.50     07/08/15    USD     52.22
BERAU CAPITAL RESOURCES     12.50     07/08/15    USD     52.38
BLD INVESTMENTS PTE LTD      8.63     03/23/15    USD      5.00
BLUE OCEAN RESOURCES PT      4.00     12/31/20    USD     25.00
ENERCOAL RESOURCES PTE       9.25     08/05/14    USD     38.25
EZION HOLDINGS LTD           4.88     06/11/21    SGD     14.88
EZION HOLDINGS LTD           4.70     05/22/19    SGD     15.00
EZION HOLDINGS LTD           4.60     08/20/18    SGD     15.00
EZION HOLDINGS LTD           5.10     03/13/20    SGD     15.00
EZION HOLDINGS LTD           4.85     01/23/19    SGD     15.00
EZRA HOLDINGS LTD            4.88     04/24/18    SGD      6.63
INDO INFRASTRUCTURE GRO      2.00     07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00     12/11/24    USD     70.57
MICLYN EXPRESS OFFSHORE      8.75     11/25/18    USD     34.63
ORO NEGRO DRILLING PTE       7.50     01/24/19    USD     53.00
OSA GOLIATH PTE LTD         12.00     10/09/18    USD      1.50
PACIFIC RADIANCE LTD         4.30     08/29/18    SGD     11.13
RICKMERS MARITIME            8.45     05/15/17    SGD      5.00
SWIBER CAPITAL PTE LTD       6.50     08/02/18    SGD      4.20
SWIBER CAPITAL PTE LTD       6.25     10/30/17    SGD      4.20
SWIBER HOLDINGS LTD          7.75     09/18/17    CNY      7.75
SWIBER HOLDINGS LTD          7.13     04/18/17    SGD      7.75
SWIBER HOLDINGS LTD          5.55     10/10/16    SGD     12.25
TRIKOMSEL PTE LTD            5.25     05/10/16    SGD     16.00
TRIKOMSEL PTE LTD            7.88     06/05/17    SGD     16.00


THAILAND
--------

G STEEL PCL                  3.00     10/04/15    USD      0.53
MDX PCL                      4.75     09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00     10/10/25    USD     70.38
DEBT AND ASSET TRADING       1.00     10/10/25    USD     71.75




                             *********

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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