TCRAP_Public/170329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, March 29, 2017, Vol. 20, No. 63


                            Headlines


A U S T R A L I A

MESOBLAST LTD: Announces Phase 2 Results of Cell Therapy


C H I N A

CBAK ENERGY: Cancels IP Agreement with Former Unit
PARKSON RETAIL: S&P Lowers CCR to 'B-' on Weak Performance


I N D I A

MK ROY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
MKHITARYAN SBL: Ind-Ra Assigns 'BB+' Rating on Series A2 PTCs
NORTHWAY INFRATECH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
OMEGA MARKETING: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
QUALIT AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

PRAJWAL PROMOTERS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
RATNAKAR ISPAT: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
RUNGTA IRRIGATION: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SAVITON LIVING: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SAVITON METPLAST: Ind-Ra Assigns 'B+' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: U.S. Nuclear Unit File for Bankruptcy by March 31


                            - - - - -


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A U S T R A L I A
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MESOBLAST LTD: Announces Phase 2 Results of Cell Therapy
--------------------------------------------------------
In a statement released with the Australian Securities Exchange
and the U.S. Securities and Exchange Commission, Mesoblast Limited
announced 36-month results from the randomized, placebo-controlled
100-patient Phase 2 trial of its proprietary allogeneic
Mesenchymal Precursor Cells (MPC) in patients with chronic low
back pain (CLBP) due to intervertebral disc degeneration. A single
intra-discal injection of 6 million MPCs resulted in meaningful
improvements in both pain and function that were durable for at
least 36 months.

"The sustained benefits on pain and function over three years seen
with a single injection of Mesoblast's cell therapy have the
potential to transform the treatment paradigm for chronic low back
pain due to disc degeneration," said trial investigator Dr Hyun
Bae, Professor of Surgery and Director of Education at the Cedars
Sinai Spine Center, and Director of the Spine Institute in Los
Angeles, CA. "Instead of replacing or fusing the disc, there is
mounting compelling evidence that we can use this regenerative
medicine to heal the disc. We are fast approaching this inflection
point in the treatment of low back pain, which is particularly
important in view of the epidemic of opioid abuse."

The durable outcomes seen from a single MPC injection in patients
with degenerative disc disease who have failed conservative
measures are consistent with an overarching mechanism of action
that may also be evident in treatment of other chronic diseases
where a single MPC dose has resulted in sustained benefits,
including advanced chronic heart failure and biological-resistant
rheumatoid arthritis. In each of these diseases, MPCs are thought
to be activated by signals in the damaged tissues to release
factors that both inhibit damaging inflammation and induce a
pro-reparative state.

The Phase 2 trial compared a single intra-discal injection of 6
million or 18 million MPCs against two placebo arms, saline or
hyaluronic acid, using a pre-specified Per Protocol (PP)
population analysis. The primary endpoint composite was the same
as is being used in the ongoing Phase 3 trial, a 50% reduction in
the Visual Analog Scale (VAS) pain score and a 15-point reduction
in the Oswestry disability index (ODI), with no additional
intervention, at both 12 and 24 months.

A full-text copy of the regulatory filing is available at:
https://is.gd/b42TfB

                       About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines. The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income tax
of $96.24 million for the year ended June 30, 2015.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.



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C H I N A
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CBAK ENERGY: Cancels IP Agreement with Former Unit
--------------------------------------------------
CBAK Energy Technology, Inc., and its wholly owned subsidiary,
Dalian CBAK Power Battery Co., Ltd entered into a termination
agreement with the Company's former subsidiary, Shenzhen BAK
Battery Co., Ltd, pursuant to which the parties agreed to
terminate the intellectual property license agreement that they
entered into on Aug. 25, 2014. Under the License Agreement,
Shenzhen BAK licensed to the Company and Dalian CBAK any and all
intellectual property rights that Shenzhen BAK owns for a term of
five years.

As a result of the execution of the IP Termination Agreement, the
License Agreement was terminated in its entirety and was deemed
null and void. The Company and Dalian CBAK may not use or transfer
to any third party any intellectual property right licensed to
them by Shenzhen BAK pursuant to the License Agreement. In
addition, Shenzhen BAK agreed to pay $1 million to the Company as
the termination fee no later than one month after the execution of
the IP Termination Agreement. Shenzhen BAK also agreed to
unconditionally transfer for free to Dalian CBAK any registered
trademark and logo containing the word "CBAK" owned by Shenzhen
BAK or its subsidiaries (including but not limited to the
trademark with the registration number of 5735737). Dalian CBAK
and Shenzhen BAK will enter into a separate transfer agreement to
govern this matter.

                        About CBAK Energy

CBAK Energy Technology, Inc., formerly known as China BAK Battery,
Inc., continued its business and continued to generate revenues
from sale of batteries via subcontracting the production to BAK
Tianjin, a former subsidiary before the completion of construction
and operation of its facility in Dalian. BAK Tianjin had become a
supplier of the Company until September 2016 when BAK Tianjin
ceased production, and the Company does not have any significant
benefits or liability from the operating results of BAK Tianjin
except the normal risk with any major supplier.

As of March 1, 2017, Mr. Xiangqian Li is no longer a director of
BAK International and BAK Tianjin. He remained as a director of
Shenzhen BAK and BAK Battery.

As of Dec. 31, 2016, CBAK Energy had US$92.11 million in total
assets, US$79.43 million in total liabilities and US$12.67 million
in total shareholders' equity.

China BAK Battery, Inc., filed Articles of Merger with the
Secretary of State of Nevada to effectuate a merger between the
Company and the Company's newly formed, wholly owned subsidiary,
CBAK Merger Sub, Inc. According to the Articles of Merger,
effective Jan. 16, 2017, the Merger Sub merged with and into the
Company with the Company being the surviving entity.


PARKSON RETAIL: S&P Lowers CCR to 'B-' on Weak Performance
----------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on China-based department store operator
Parkson Retail Group Ltd. to 'B-' from 'B'.  The outlook is
stable.  In line with the downgrade, S&P lowered its long-term
Greater China regional scale rating on Parkson to 'cnB' from
'cnB+'.

"We lowered the rating because we expect Parkson's profitability
to remain weak and its leverage to stay high over the next 12
months amid the challenging retail market in China and the
company's slow turnaround of its lossmaking stores," said S&P
Global Ratings credit analyst Shalynn Teo.

S&P expects Parkson's operating performance to remain weak due to
intensifying competition and rising labor costs, which will
continue to undermine the company's margins.  S&P expects
Parkson's EBITDA margin to decline to 28.0%-33.0% for the next 12
months, from 37.6% in 2015 and our estimate of about 33.6% in
2016.  While Parkson has been accelerating its strategic
transformation, with increasing direct sales and introduction of
lifestyle concepts, S&P sees limited benefits at this stage.  S&P
expects the company to continue to have lower margins due to high
operating costs.

The sales outlook for department stores remains subdued for the
next 12 months due to slower discretionary spending in China and
rising competition from online retailing.  As a result, S&P
expects Parkson's same-store sales to decline in 2017, despite a
marginal recovery of 1.4% in the fourth quarter of 2016.  In
addition, S&P anticipates that the company will continue to close
underperforming stores; about 40% of its stores are lossmaking as
of end-2016.  Nevertheless, S&P believes Parkson's satisfactory
brand name and nationwide store network will continue to support
its business risk profile.  Based on the above factors, S&P has
revised its assessment of the company's business risk profile to
weak from fair.

S&P forecasts that Parkson's debt-to-EBITDA ratio will remain high
at 9.0x-10.0x in 2017, higher than S&P's estimate of 8.5x in 2016,
due to weak operating cash flows that will not be sufficient to
cover capital expenditure and dividend payments.  However, S&P
expects the company to continue to refinance its debt obligations
and meet its interest payments.  S&P anticipates that Parkson's
EBITDA interest coverage will be 1.3x-1.8x in the next 12 months,
compared to S&P's estimate of 1.8x in 2016.

"We expect Parkson to have sufficient liquidity cushion over the
next 12-24 months, despite weaker cash flows.  The company
increased its cash balance to Chinese renminbi (RMB) 5.2 billion
due to its asset disposal in 2016.  In comparison, Parkson has
short-term debt maturities of RMB539 million at the end of 2016
and outstanding senior unsecured bonds worth US$500 million
(RMB3.3 billion) due on May 7, 2018.  We also expect Parkson to
remain prudent in capital spending--with slower expansion--and
disciplined in shareholder friendly measures, including dividends
and share repurchases.  The company raised RMB2.3 billion in cash
from the sale of Beijing Huadesheng Property Management Co. Ltd.
in December 2016," S&P said.

"The stable outlook reflects our view that Parkson will be able to
meet its financial commitments in the next 12 months despite weak
operating cash flows amid the challenging retail environment,"
said Ms. Teo.  "In addition, we anticipate that Parkson will
remain financially disciplined and not undertake material capital
expenditure, acquisitions, or shareholder-friendly measures in the
period."

S&P could lower the rating if Parkson's liquidity deteriorates,
which could happen if: (1) the company takes on more aggressive
expansion, acquisitions, or shareholder friendly measures; or (2)
Parkson's operating cash flows are substantially lower than S&P
anticipates, possibly due to more intense market competition or
material deterioration in its operating performance.  A lower
group credit profile could also constrain the rating on Parkson.

The rating upside for Parkson is limited in the next 12 months.
Over the longer term, S&P could raise the rating if the company
demonstrates prudent financial management and improves its
leverage profile, such that its debt-to-EBITDA ratio decreases to
below 5.0x on a sustained basis.


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I N D I A
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MK ROY: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M.K. Roy & Bros
Projects Private Limited (MKRBPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  Instrument-wise rating actions
are:

   -- INR81.5 mil. Fund-based limits assigned with IND BB/Stable
      rating; and

   -- INR75 mil. Non-fund-based limits assigned with IND A4+
      rating

                         KEY RATING DRIVERS

The ratings reflect MKRBPL's small scale of operations. In FY16,
the company reported revenue of INR442 million (FY15: INR363
million).  Liquidity has been tight as reflected by the company's
average of maximum utilization of working capital limits being 95%
in the 12 months ended February 2017.

The ratings factor in the company's presence in a highly
competitive industry coupled with the susceptibility to volatile
raw material prices and high customer concentration risks with the
top three customers accounting for over 90% of the revenue.

The ratings, however, benefit from three decades of experience of
the promoters in the fabrication and construction of petroleum
products storage facilities and MKRBPL's established customer base
which includes large public sector undertakings (PSUs) such as
Indian Oil Corporation Limited (IND AAA/Stable) and Hindustan
Petroleum Corporation Limited (IND AAA/Stable).

The company has moderate credit metrics with an EBITDA interest
coverage (EBITDA/interest) of 2.7x in FY16 (FY15: 3.0x) and net
financial leverage (net debt/operating EBITDA) of 1.8x (2.6x).
The EBITDA margins were 8.8% in FY16 (FY15: 8.7%).  The company
has currently a comfortable outstanding order book of around
INR665.10 million (around 1.5x of FY16 revenue), likely to be
executed by 1HFY19, thereby providing revenue visibility in the
near term.

                        RATING SENSITIVITIES

Positive: A positive rating action may result from substantial
improvement in the scale of operations resulting from timely
execution of contracts along with maintenance of the credit
metrics.

Negative: A negative rating action may result from decline in the
scale of operations along with deterioration in the credit
metrics.

COMPANY PROFILE

MKRBPL was established as a proprietorship firm M K Roy & Bros by
Mr. Mihir Kumar Roy in 1983.  In 1994, the entity was converted
into a partnership firm and again in 2000, it was converted into a
private limited company and the name changed to M K Roy & Bros
Projects Private Limited.  The company is engaged in the supply,
fabrication, erection, welding, testing and commissioning of MS
and SS high pressure petroleum and edible oil storage tanks and
pipelines used for the storage and distribution of petroleum
products, mainly petrol and diesel.


MKHITARYAN SBL: Ind-Ra Assigns 'BB+' Rating on Series A2 PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mkhitaryan SBL
IFMR Capital 2016 (an ABS transaction) final ratings as:

   -- INR1.432.8 bil. Series A1 Pass through certificates (PTCs)
      assigned with IND A+(SO)/Stable rating; and

   -- INR85.3 mil. Series A2 PTCs assigned with IND
      BB+(SO)/Stable rating

The microfinance loan pool assigned to the trust is originated by
Ujjivan Financial Services Limited.  The current pool comprises
mainly of individual loans.  Ujjivan transferred its business
undertaking as a going concern to Ujjivan Small Finance Bank
Limited (USFBL), effective February 2017.

                        KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of Ujjivan, the legal and
financial structure of the transaction, and the credit enhancement
(CE) provided in the transaction.  The final rating of Series A1
pass-through certificates (PTCs) addresses the timely payment of
interest on monthly payment dates and the ultimate payment of
principal by the final maturity date of Nov. 17, 2018, in
accordance with transaction documentation.

The final rating of Series A2 PTCs addresses the timely payment of
interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and the ultimate payment of principal
by the final maturity date of Nov. 17, 2018, in accordance with
transaction documentation.

The transaction benefits from the internal CE on account of excess
interest spread, subordination and over-collateralisation.  The
level of over-collateralisation available to Series A1 and Series
A2 PTCs is 16% and 11% of the initial pool principal outstanding
(POS), respectively.  The total internal CE (includes excess cash
flow and subordination) available to Series A1 and A2 PTCs is
28.8% and 23.1% respectively of the POS.  The transaction also
benefits from an external CE of 3.75% of the initial POS in the
form of fixed deposits with RBL Bank Limited, in the name of the
originator with a lien marked in favor of the trustee.  The
collateral pool assigned to the trust at par had the initial POS
of INR1.705.7 billion as of the pool cut-off date of Dec. 31,
2016.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) the monthly interest payment to Series A1 investors, c)
the monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors, and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                       RATING SENSITIVITIES

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

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of
Series A1 PTCs will be downgraded by one notch; the rating of
Series A2 PTCs will not be affected.

Ind-Ra believes that demonetisation would have a short-term impact
on the cash flows from the underlying pool.  To include the impact
of demonetisation, the agency had a discussion with the originator
on the prevailing collection scenario.  Ind-Ra analyzed the
monthly collection trends of the originator for the month of
November 2016 and December 2016 based on the collections done up
to Jan. 19, 2017; the trends were provided by the issuer.  Based
on these facts, the agency has included the assumptions of lower
collection efficiency (both for current and overdue collections)
than the long-term average for the three months starting the first
collection month.

COMPANY PROFILE

Incorporated in 2005, Ujjivan commenced operations in January
2006.  On Nov. 11, 2016, Ujjivan received final approval and
licence from the Reserve Bank of India to set up a small finance
bank.  Ujjivan set up USFBL, which commenced operations on 1
February 2017.  Ujjivan has duly transferred, conveyed, assigned
and delivered, all its rights, title and interest in the business
undertaking (including all assets and liabilities forming part
thereof) to USFBL.  USFBL provides financial services to the
economically active poor in the urban and semi-urban areas.  USFBL
will introduce savings account, fixed and recurring deposit
facilities, along with services such as mobile and internet
banking, debit cards and access to biometric ATMs.

Mr. Samit Ghosh, founder of Ujjivan, is CEO and managing director
of USFBL.  USFBL is headquartered in Bengaluru and has regional
offices in New Delhi, Kolkata and Pune.

As of June 2016, the active customer base was 3.38 million.  The
loan portfolio was INR58.51 billion at end-1QFY17 (end-1QFY16:
INR35.13 billion).  Gross NPA and net NPA were 0.18% and 0.04%,
respectively, at end-1QFY17.  Net profit was INR0.71 billion at
end-1QFY17 (end-1QFY16: INR0.35 billion).  Capital adequacy ratio
was 29% at end-1QFY17 (end-1QFY16: 22%).  Return on average assets
improved to 4.9% in 1QFY17 from 3.6% in 1QFY16.


NORTHWAY INFRATECH: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Northway
Infratech Private Limited (NIPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
action is:

   -- INR67.7 mil. Fund-based limits assigned with IND BB-/Stable
      rating;

                         KEY RATING DRIVERS

The ratings reflect NIPL's small scale of operations and moderate
credit profile.  During FY16, revenue improved to
INR161.26 million (FY15: INR78.02 million) on account of healthy
execution of work orders.  Consequently, interest coverage also
improved to 3x in FY16 (FY15: 2.2x), whereas the net leverage
deteriorated to 6.8x (5.1x) due to a decline in the EBITDA margins
along with an increase in the total debt.  EBITDA margin declined
to 4.8% in FY16 (FY15: 5.8%), due to an increase in its direct
expenses.

The liquidity position of NIPL is moderate, with maximum average
use of its fund-based limits being 92.9% during the 12 months
ended February 2017.

The ratings are supported by the company's directors' over two
decades of experience in the civil construction business.

                        RATING SENSITIVITIES

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

Negative: Deterioration in the overall credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in August 2008 in Bhubaneswar, Odisha, NIPL is headed
by Mr. Biswajeet Nayak, Mr. Suresh Chandra Sahoo and Mrs. Sangeeta
Nayak.  NIPL executed civil construction projects such as
developing and building office spaces, residential spaces and
government properties, industrial properties, roads and urban
infrastructure projects.  NIPL is also involved in logistic
services for the transportation of petroleum coke.


OMEGA MARKETING: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Omega Marketing
Private Limited's Long-Term Issuer Rating to 'IND BB+' from
'IND BB'.  The Outlook is Stable.  The agency has taken these
rating actions on the company's fund-based limits:

   -- INR80 mil. Fund-based limit raised to IND BB+/Stable
      rating; and

   -- INR80 mil. Fund-based limit affirmed with IND A4+ rating

                        KEY RATING DRIVERS

The upgrade reflects the improvement in OMPL's revenue, operating
EBITDA margin and interest coverage ratio.  During FY16, the
company's revenue grew 21.87%% yoy to INR496.02 million.
Operating EBITDA margin remained moderate at 6.40% in FY16
(FY15: 4.73%).  The improvement in revenue and margins was on
account of sustained relationship of the company with its
customers and addition of new customers.  Interest coverage ratio
(operating EBITDAR/gross interest expense) increased and remained
comfortable at 5.02x (4.41x) on account of an increase in
operating EBITDAR of the company.

The ratings reflect over 30 years of experience of the company's
directors in the trading business, its long and established track
of operations and strong relationship with the customers &
suppliers.

The ratings, however, remain constrained by OMPL's small scale of
operations and deterioration in leverage ratio (total adjusted net
debt/operating EBITDAR) to 2.37x in FY16 (FY15: 1.97x).  Leverage
ratio deteriorated on account of working capital borrowings taken
by the company.  Moreover, the ratings reflect the tight liquidity
position of the company as evident from 91.32% average utilization
of its working capital limits during the 12 months ended February
2017.

                      RATING SENSITIVITIES

Positive: Substantial growth in revenue, while maintaining
profitability leading to a sustained improvement in credit profile
could lead to positive rating action.

Negative: Deterioration in overall credit metrics could lead to a
negative rating action.

COMPANY PROFILE

OMPL was incorporated in 1994 and is engaged in the trading of
adhesives, footwear chemicals, screen printing inks and graphics
products, and manufacturing of footwear at its facility located in
Haridwar.


QUALIT AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Qualit Agro
Processors a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR11.6 mil. Long-term loan assigned with IND B+/Stable
      rating; and

   -- INR215.6 mil. Fund-based working capital limits assigned
      with IND B+/Stable/IND A4 rating

                         KEY RATING DRIVERS

The ratings reflect Qualit's weak credit metrics with moderate
scale of operations.  In FY16, net leverage (total Ind-Ra adjusted
net debt/operating EBITDAR) was 8.5x (FY15: 8.1x), gross interest
cover (operating EBITDA/gross interest expense) was 1.0x (1.3x)
and revenue was INR1.183 billion (INR1.091 billion).  Revenue
growth was driven by an increase in orders.  Meanwhile, EBITDA
margin fluctuated between 1.78% and 3.27% during FY13-FY16 owing
to volatility in raw material prices.  Qualit booked INR1.060
billion in revenue for 10MFY17.

The ratings also reflect a tight liquidity position, indicated by
a full utilization of fund-based facilities during the last 12
months ended January 2017, and the proprietorship form of the
business.  The cash conversion cycle was stretched at 85 days in
FY16 (FY15: 71 days) due to high inventory holding days.

The ratings, however, are supported by the promoters' experience
of four decades in the processing and trading of pulses.

                       RATING SENSITIVITIES

Negative: A substantial decline in the top line or EBITDA margin
and a sustained deterioration in credit metrics will lead to a
negative rating action.

Positive: A significant increase in scale of operations and EBITDA
margin leading to a sustained improvement in credit metrics could
lead to a negative rating action.

COMPANY PROFILE

Formed in 2008, Qualit is engaged in the processing and trading of
pulses, along with peas and beans.  Qualit sells the products
under its own brand name Qualit Agro.  Qualit's processing
facilities are based at the SEZ unit in Tuticorin, a port city in
southern India.  The site has a daily production capacity of 25
tonnes.  It is the first entity in south India permitted by the
Ministry of Commerce to import and export all types of pulses.


PRAJWAL PROMOTERS: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prajwal Promoters
Private Limited a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The instrument-wise rating action is:

   -- INR195 mil. Term loan assigned with IND B/Stable rating

                         KEY RATING DRIVERS

The ratings reflect the funding risk associated with Prajwal's
ongoing project Adithya.  The project cost is INR706.38 million,
which will be funded by a debt of INR195 million, a promotor
contribution of INR150 million and a customer advance of
INR361.4 million.  The promoters have already infused
INR20 million in the project.  Any significant time or cost
overruns could lead to cash flow mismatches, as customer advance
(51%) is a major source of income.

The ratings also reflect the execution and saleability risks faced
by the project.  Adithya is a joint development project,
comprising 115 villas and 72 row houses, with a revenue sharing of
63% for Prajwal and 37% for landowners.  The company has sold
seven villas for INR40.83 million and collected INR2.9 million.
The management claims that 95% of the layout development has been
completed, and that the company has incurred INR9 million out of
the total construction cost of INR554 million.  The management
expects the project to be fully completed by November 2019.

The ratings, however, are supported by Prajwal's promoters'
extensive track record of 18 completed projects in Bengaluru and
their combined experience of over four decades in real estate.

                        RATING SENSITIVITIES

Negative: Project delays or weak sales affecting the company's
debt service ability could lead to a negative rating action.

Positive: The completion and sale of the villas and row houses as
planned leading to strong cash flow visibility could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2008, Bengaluru-based Prajwal is undertaking the
construction of Adithya, which covers a saleable area of 491,139
square feet.


RATNAKAR ISPAT: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ratnakar Ispat
India Private Limited's (RIIPL) Long-Term Issuer Rating at
'IND B+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR97 mil. (reduced from INR125.6) Long- term loan affirmed
      with IND B+/Stable rating; and

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

                         KEY RATING DRIVERS

The affirmation reflects RIIPL's continued weak credit profile in
FY16.  However, the company's credit metrics improved slightly in
9MFY17 with gross interest coverage (operating EBITDA/gross
interest expense) of 1.2x (FY16: negative 1.5x) and net financial
leverage of 10.3x (negative 7.1x).  EBITDA margin improved to 4.1%
in 9MFY17 from negative 6.4% in FY16 on account of a fall in raw
material cost and other operating expenses.  As of January 2017,
RIPL achieved revenue of INR500.8 million (FY16: INR525.5
million).

The ratings reflect the company's moderate liquidity situation
with maximum utilization of the fund-based limits being around
80.5% during the 12 months ended February 2017.

The ratings, however, are supported by over three decades of
experience of RIIPL's promoters in the steel industry.

                        RATING SENSITIVITIES

Positive: A substantial increase in the EBITDA margins, along with
an improvement in the credit metrics will be positive for the
ratings.

Negative: A further deterioration in the overall credit metrics
will be negative for the ratings.

COMPANY PROFILE

RIIPL was established in 2012 by Mr. Shankar Lal Jat, Mrs. Prem
Devi Jat and Mrs. Geeta Devi Jat.  The company's TMT bars and mild
steel billets manufacturing unit which has an installed capacity
of 80,000 MT per annum is located in Bhilwara (Rajasthan).  The
commercial operation of the entity started from April 2015.


RUNGTA IRRIGATION: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rungta Irrigation
Limited a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR140 mil. Fund-based limits assigned with
      IND BB-/Stable/IND A4+ rating; and

   -- INR80 mil. Non-fund-based limits assigned with IND A4+
      rating

                        KEY RATING DRIVERS

The ratings reflect Rungta's low and stagnant revenue on account
of its revenue dependence on government tenders.  Revenue remained
in the range of INR637 million-640 million during FY14-FY16.  The
ratings also reflect the company's weak credit metrics on account
of a high interest cost and dependence on interest-free unsecured
debt; the interest coverage (operating EBITDA/gross interest
expense) in FY16 was 1.37x (FY15: 1.39x) and leverage (adjusted
debt/operating EBITDAR) was 8.93x (18.72x).

The operating margins are volatile on account of fluctuations in
raw material costs; in FY16, the EBITDA margins were 4.05% (FY15:
2.52%).

However, the ratings are supported by Rungta's comfortable
liquidity position as reflected in its 82% average utilization of
the fund-based working capital limit during the 12 months ended
January 2017.  The ratings are also supported by the company's
promoter's more than two decades of experience in manufacturing
pipes.

                       RATING SENSITIVITIES

Positive: Substantial growth in the revenue along with improvement
in the overall credit metrics will be positive for the ratings.

Negative: Further deterioration in the overall credit metrics will
be negative for the ratings.

COMPANY PROFILE

Rungta manufactures, designs, assembles, and markets pipe-based
sprinkler irrigation systems.  It was converted to a public
limited company with the present name in 1994.  It has
manufacturing facilities in Ghaziabad (Uttar Pradesh), Pondicherry
(Union Territory of Pondicherry) and Jamshedpur (Jharkhand).


SAVITON LIVING: Ind-Ra Assigns 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saviton Living
Concepts (SLC) a Long-Term Issuer Rating of 'IND B'.  The Outlook
is Stable.  The instrument-wise rating actions are:

   -- INR2.25 mil. Term loan assigned with IND B/Stable rating;

   -- INR50.50 mil. Fund-based working capital limits assigned
      with IND B/Stable/IND A4 rating; and

   -- INR21.00 mil. Non-fund-based limit assigned with IND A4
      rating

                         KEY RATING DRIVERS

The ratings reflect SLC's declining revenue (on account of a fall
in demand) and volatile operating EBITDA margin over FY14-FY16
(owing to inability to pass on cost of raw materials to
customers).  Revenue was INR168.97 million in FY16 (FY15:
INR207.94 million; FY14: INR 247.51 million) and operating EBITDA
margin was 8.47% (12.59%; 11.15%).

The ratings also reflect moderate credit metrics.  In FY16,
interest coverage ratio (operating EBITDAR/net interest expense)
was 1.55x (FY15: 1.77x) and net leverage ratio (total adjusted net
debt/operating EBITDAR) was 4.15x (3x).

Moreover, SLC has a tight liquidity position, indicated by a
108.30% average utilization of fund-based bank facilities during
the six months ended January 2017.  However, it had a comfortable
operating cycle of 65 days in FY16 (FY15: 74 days).

The ratings, however, are supported by SLC's experienced
management and reputed client base.

                         RATING SENSITIVITIES

Negative: Deterioration in overall credit metrics will lead to
negative rating action.

Positive: A significant rise in revenue, along with an improvement
in credit metrics, will lead to positive rating action.

COMPANY PROFILE

SLC was initially established as a proprietorship concern named
Jaiswal Industries by Mr. P Jaiswal.  In 2009, it was renamed
Saviton Living Concepts.

The firm manufactures office furniture such as chairs and tables,
as well as chair components, at its site in Roorkee (Haridwar,
Uttarakhand).  Its corporate office is in New Delhi.  The firm
caters to private companies, banks, government departments and
others.


SAVITON METPLAST: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saviton Metplast
Private Limited (SMPL) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR18.35 mil. Term loan assigned with IND B+/Stable rating;

   -- INR37 mil. Fund-based working capital limit assigned with
      IND B+/Stable/IND A4 rating; and

   -- INR24.65 mil. Non-fund-based working capital limit assigned
      with IND A4 rating

                         KEY RATING DRIVERS

The ratings reflect SMPL's small and declining scale of
operations, elongated operating cycle, weak-to-moderate credit
metrics and fluctuating profitability.  In FY16, revenue declined
to INR116.92 million from INR153.81 million in FY15 due to the
company's management's greater focus on another group entity -
Saviton Living Concepts.  Operating cycle was 300 days in FY16
(FY15: 244 days), adjusted debt/operating EBITDAR was 5.56x in
FY16 (FY15: 4.71x), operating EBITDAR/gross interest expense +
rents was 1.38x (1.32x), and EBITDA margins were 11.05% (12.13%).

However, the ratings are supported by the company's comfortable
liquidity position as evident from its 89.67% utilization of the
working capital limits during the 10 months ended January 2017 and
the 30 years of experience in manufacturing plastic molded
components for furniture and complete furniture sets.

                       RATING SENSITIVITIES

Negative: A further decline in the revenue along with a decline in
operating profit margin could lead to a negative rating action.

Positive: An improvement in the revenue along with an improvement
in the credit profile will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1998, SMPL manufactures plastic moulded components
for furniture and complete furniture sets.  The company has a
manufacturing unit in Manesar.  SMPL is part of Saviton Group
promoted by Mr. P. Jaiswal.  The other group entity Saviton Living
Concepts is in a similar line of business.  SMPL achieved revenue
of INR72.7 million during April-December 2017.



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


TOSHIBA CORP: U.S. Nuclear Unit File for Bankruptcy by March 31
---------------------------------------------------------------
The American Bankruptcy Institute, citing Reuters, reported that
Toshiba Corp. has informed its main lenders it is planning for its
U.S. nuclear unit Westinghouse Electric Co LLC to file for
bankruptcy on March 31, people briefed on the matter said.

According to the report, citing the sources, Toshiba expects a
Chapter 11 filing for Westinghouse would expand charges related to
the U.S. unit in the current financial year to around 1 trillion
yen ($9 billion) from publicly flagged estimates of 712.5 billion
yen.

"Whether or not Westinghouse files for Chapter 11 is ultimately a
decision for its board, and must take into account the various
interests of all of its stakeholders, including Toshiba and its
creditors," it said in a statement, the Reuters report cited.
Toshiba is seeking to limit future losses at Westinghouse with a
Chapter 11 filing, the report said. Westinghouse has been plagued
by huge cost overruns at two U.S. nuclear projects, the report
added.

                    About Westinghouse Electric

Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S. based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components. Westinghouse manufactures and supplies the commercial
fuel products needed to run the plants, and it offers training,
engineering, maintenance, and quality management services. Almost
50% of nuclear power plants around the world and about 60% of U.S.
plants are based on Westinghouse's technology.

Westinghouse's world headquarters are located in the Pittsburgh
suburb of Cranberry Township, Pennsylvania. Westinghouse has
12,000 employees worldwide.

On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share). After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba now owns 87% of Westinghouse.

                               * * *

In December 2016, Toshiba said it is writing down its investment
In Westinghouse by several billions, adding that it was possible
that their investment in Westinghouse could ultimately have a
negative worth, due to cost overruns at U.S. nuclear reactors it
was building.

In February 2017, Toshiba revealed unaudited details of a JPY390
billion (US$3.4 billion) loss, mainly in its U.S. nuclear business
which was written down by JPY712 billion (US$6.3 billion).

On Feb. 14, 2017, Toshiba delayed filing financial results, and
Toshiba chairman Shigenori Shiga, formerly chairman of
Westinghouse, resigned.

In March 2017, Reuters reported that Westinghouse has hired
bankruptcy lawyers from Weil Gotshal & Manges as an "exploratory
step."

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'. Moody's has also downgraded Toshiba's
subordinated debt rating to 'Ca' from 'Caa3', and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's 'Caa1' CFR and long-term senior unsecured
bond rating, as well as its 'Ca' subordinated debt rating under
review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Japan-based capital goods and diversified electronics company
Toshiba Corp. two notches to 'CCC-' from 'CCC+' and lowered the
senior unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.


                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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