TCRAP_Public/170426.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, April 26, 2017, Vol. 20, No. 82

                            Headlines


A U S T R A L I A

M.J. HARRIS: First Creditors' Meeting Set for May 4
NATIONWIDE DEMO: Second Creditors' Meeting Set for May 2
NIMBLE ASSET: Second Creditors' Meeting Set for May 1
ORTEGA PUBLISHING: Second Creditors' Meeting Set for May 2
REPUBLIC CONSULTING: Second Creditors' Meeting Set for May 4

SAVANNA ENERGY: Enters Into Temporary Waiver Agreement w/ Lenders


C H I N A

* CHINA: Banks Face Stress to Keep Growth in 2017


H O N G  K O N G

I-CABLE COMM: Consortium Proposes HK$1BB Equity Injection


I N D I A

3G TELECOM: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
ANANTNATH SILK: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
ARYAN PACKAGING: ICRA Lowers Rating on INR9.25cr Loan to B+
B.A.S.S. MINERALS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
BNR EGG: CRISIL Reaffirms 'B' Rating on INR5.40MM LT Loan

BOGEASHAVARA POLYMERS: CRISIL Reaffirms D INR19.5MM Loan Rating
BOSS COTTON: ICRA Assigns B- Rating to INR5.0cr Cash Loan
CHEERS INTERACTIVE: ICRA Withdraws BB Rating on INR9.90cr Loan
CHOOSY FASHIONS: CRISIL Reaffirms 'B' Rating on INR10MM Loan
CIBER INC: To Sell U.S. & India Operations to CapGemini for $50M

CITY MAX: CRISIL Issues B- Issuer Not Cooperating Rating
DSS BUILDTECH: ICRA Reaffirms B+ Rating on INR16.11cr LT Loan
EDWARD FOOD: ICRA Downgrades Rating on INR36cr Loan to B+
HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR8MM Loan
J.K. TRANSFORMERS: ICRA Assigns 'B' Rating to INR3.0cr LT Loan

KALYANPUR CEMENTS: Ind-Ra Affirms 'C' Rating on NCDs
L&T CHENNAI: ICRA Reaffirms 'D' Rating on INR475cr Term Loan
L&T HALOL: ICRA Reaffirms 'D' Rating on INR1,014.93cr Loan
LAXMI BUILDERS: CRISIL Raises Rating on INR14MM Cash Loan to B+
MAGADH CONSTRUCTION: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

MEENAMANI REAL: ICRA Assigns B+ Rating to INR20cr LT Loan
MEGHDOOT GINNING: ICRA Reaffirms 'B' Rating on INR30cr Loan
MINITEK SYSTEM: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
OXINA CARS: CRISIL Assigns 'B' Rating to INR9.9MM Term Loan
PARATUS REAL: ICRA Lowers Rating on INR18cr Loan to B+

PVN TEX: Ind-Ra Migrates 'D' Rating to Non-Cooperating
R MISRILAL: CRISIL Issues B- Issuer Not Cooperating Rating
RAJNISH STEELS: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
ROYALE MANOR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
S.S. CONSTRUCTION: ICRA Reaffirms B- Rating on INR5.95cr Loan

SAVITA CONSTRUCTION: Ind-Ra Migrates B- Rating to Non-Cooperating
SAVITRI POLYESTERS: ICRA Assigns 'B' Rating to INR5.75cr Loan
SHREE SIDHBALI: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan
SIMHAPURI TRANSPORT: CRISIL Assigns B+ Rating to INR5MM Loan
SN NIRMAN: ICRA Lowers Rating on INR37.21cr Loan to 'D'

SRE VENKATACHALAPATHY: ICRA Reaffirms B+ Rating on INR4cr Loan
SRI LAXMI: CRISIL Assigns 'B' Rating to INR7.5MM Overdraft
SRI SAI AGRO: ICRA Reaffirms 'B' Rating on INR4.0cr LT Loan
STEELHACKS INDUSTRIES: Weak Fin. Strength Cues ICRA SP 3D1 Grade
SULTANPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

SURYA CHARITABLE: CRISIL Reaffirms 'B' Rating on INR1MM LT Loan
THEIVA EXIM: Ind-Ra Assigns 'B' Long-Term Issuer Rating
VISMIT INFRASTRUCTURE: Ind-Ra Migrates Rating to Non-Cooperating
VJR POULTRY: CRISIL Reaffirms 'B' Rating on INR4.9MM LT Loan
VS LIGNITE: ICRA Lowers Rating on INR203.19cr Loan to 'D'


N E W  Z E A L A N D

EROAD LIMITED: Warns Annual Net Loss to Widen Up to NZ$6.5MM


P H I L I P P I N E S

RURAL BANK OF ILIGAN: Placed Under PDIC Receivership


S I N G A P O R E

EZRA HOLDINGS: Not Making Interest Payment on $150MM Notes


                            - - - - -


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


M.J. HARRIS: First Creditors' Meeting Set for May 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of M.J.
Harris Group Pty Ltd will be held at the offices of PPB Advisory
Level 21, 181 William Street, in Melbourne, Victoria, on May 4,
2017, at 11:00 a.m.

Andrew Scott and Nicholas Martin of PPB Advisory were appointed
as administrators of M.J. Harris on April 24, 2017.


NATIONWIDE DEMO: Second Creditors' Meeting Set for May 2
--------------------------------------------------------
A second meeting of creditors in the proceedings of Nationwide
Demo Pty Ltd has been set for May 2, 2017, at 10:30 a.m., at the
offices of Veritas Advisory, 'Angel Place' Suite 2, Level 5
123 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 1, 2017, at 4:00 p.m.

David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of Nationwide Demo on March 17, 2017.


NIMBLE ASSET: Second Creditors' Meeting Set for May 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of Nimble Asset
Management (Aust) Pty Ltd has been set for May 1, 2017, at
11:00 a.m., at the offices of Grant Thornton, The Rialto, Level
30, 525 Collins Street, in Melbourne, Victoria.

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 April 28, 2017, at 4:00 p.m.

Stephen Dixon and Ahmed Bise of Grant Thornton Australia were
appointed as administrators of Nimble Asset on Feb. 27, 2017.


ORTEGA PUBLISHING: Second Creditors' Meeting Set for May 2
----------------------------------------------------------
A second meeting of creditors in the proceedings of Ortega
Publishing Pty Ltd has been set for May 2, 2017, at 11:0 a.m., at
the offices of FTI Consulting, Level 15, 50 Pitt Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 1, 2017, at 4:00 p.m.

Joseph Ronald Hansell and Quentin James Olde of FTI Consulting
were appointed as administrators of Ortega Publishing on
March 23, 2017.


REPUBLIC CONSULTING: Second Creditors' Meeting Set for May 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Republic
Consulting Pty Ltd has been set for May 4, 2017, at 10:00 a.m.,
at the offices of Woodgate & Co., Level 8, 6 - 10 O'Connell
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 May 1, 2017, at 4:00 p.m.

Giles Geoffrey Woodgate of Woodgate & Co was appointed as
administrator of Republic Consulting on March 21, 2017.


SAVANNA ENERGY: Enters Into Temporary Waiver Agreement w/ Lenders
-----------------------------------------------------------------
Savanna Energy Services Corp. (SVY) on April 24, 2017, disclosed
that, in connection with the acquisition by Total Energy Services
Inc. of more than 50% of the outstanding common shares of Savanna
pursuant to Total's offer to purchase all of the common shares of
Savanna (the "Change of Control"), Savanna has issued a Notice of
Change of Control and Change of Control Offer (the "Offer") to
repurchase the outstanding Cdn. $107.085 million aggregate
principal amount of 7.00% senior unsecured notes of Savanna due
2018 (the "Notes") at a price equal to 101% of the aggregate
principal amount of the Notes repurchased, plus accrued and
unpaid interest on such Notes up to, but excluding, the date of
purchase.

The Offer is open for acceptance by the holders of the Notes
until 4:00 p.m. (Calgary time) on Thursday, June 22, 2017.

Savanna has entered into an agreement with Phillips, Hager &
North Investment Management ("PH&N"), which holds Cdn. $60
million aggregate principal amount of Notes, whereby PH&N has
agreed that it will not tender its Notes to the Offer.

Should a holder of Notes elect not to tender its Notes to the
Offer, such Notes will remain outstanding as obligations of
Savanna and will mature as originally set out in the indenture
governing such Notes.

The Board of Directors of Savanna has not made any
recommendations with respect to whether holders of the Notes
should tender their Notes under the Offer.  Each holder must
decide whether to tender their Notes under the Offer.  Holders
are urged to evaluate carefully all information regarding the
Notes at http://www.sedar.com/and to consult their own
investment, legal, tax and other professional advisors and to
make their own decision whether to tender their Notes.

Savanna is continuing to review its refinancing options,
specifically through engagement with Total with respect to all
possible options, and expects that any such refinancing required
for the repurchase of any Notes tendered to the Offer prior to
expiry of the Offer will be available to Savanna.

Savanna also disclosed it has entered into a temporary waiver
agreement (the "Waiver") with the lenders of its syndicated
credit facilities (the "Credit Facilities").  Pursuant to the
Waiver, such lenders have: (a) acknowledged certain defaults
under the Credit Facilities that have occurred as a result of the
Change of Control and the previously announced demand for payment
pursuant to Savanna's second lien credit facility; and (b) waived
such defaults until the earliest to occur of: (i) 2 business days
immediately preceding the date of any repayment or redemption of
the Notes, (ii) the occurrence of any other default or event of
default under the Credit Facilities or other credit document, and
(iii) May 15, 2017.

                         About Savanna

Savanna is a contract drilling and oilfield services company
operating in North America and Australia providing a broad range
of drilling, well servicing and related services with a focus on
fit for purpose technologies and industry-leading Aboriginal
relationships.



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


* CHINA: Banks Face Stress to Keep Growth in 2017
-------------------------------------------------
ShanghaiDaily.com reports that Chinese banks will face pressure
to keep their growth in 2017 amid tighter rules on their off-
balance sheet activities as the regulator bids to prevent an
asset bubble, PricewaterhouseCoopers said on April 24.

The banks may exercise caution on the growth in off-balance sheet
credit to meet the requirement from the regulator, which might
curb profitability, analysts at PwC China said, ShanghaiDaily.com
relates.

"There are a number of areas where banks need to adjust their
business strategies in 2017," the report quotes Jimmy Leung,
financial services leader for PwC China, as saying.  "They will
need to focus on their core banking business while better
reflecting risk profiles amid recent regulatory tightening."

ShanghaiDaily.com notes that the China Banking Regulatory
Commission has been targeting shadow banking products and lending
between financial institutions in the interbank market.

Small and medium-sized banks, which rely heavily on off-balance
sheet wealth-management products and interbank business, will be
hardest hit from the crackdown, PwC said.

PwC analysts added that banks are likely to increase housing
loans in second or third-tier cities even as some big cities have
imposed strict credit policies to cool property prices, reports
ShanghaiDaily.com.



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


I-CABLE COMM: Consortium Proposes HK$1BB Equity Injection
---------------------------------------------------------
The South China Morning Post reports that troubled pay-television
provider i-Cable Communications dropped 21% on April 21 as it
resumed trading after announcing that it had found a white
knight.

Shares of i-Cable dived to 46 Hong Kong cents shortly after
market open, down 21% from its previous close of 61 Hong Kong
cents, the report discloses.  SCMP relates that the company had
suspended trading for three days pending the release of an
announcement that involves "inside information". By 10:00 a.m.,
shares had erased some losses and fallen 13% to 53 Hong Kong
cents.

According to the report, the decline came after i-Cable announced
April 20 that it had been rescued by a consortium of white
knights led by property tycoon David Chiu Tat-cheong together
with New World Development chairman Henry Cheng Kar-shun and
others, who plan to use the broadcaster as a foundation on which
to build a new media company.

"The share price dropped as the market is not sure if the HK$1
billion injection is sufficient to help with a turnaround for i-
Cable, which has suffered losses for many years. In addition, the
rescue plan involves right issues which require existing
shareholders to pay for the offer of shares. That is not welcomed
by investors," the report quotes Ben Kwong Man-bun, director of
KGI Asia, as saying.

But Mr. Kwong said the future share price of the company should
become more stable with the help of the white knight, SCMP
relays.

"It all depends on what the next business plan of the new buyers
will be. If the white knight has a good development plan for i-
Cable, it would be positive for the future of the company."

In a statement on April 20, Forever Top said it had agreed on a
deal with i-Cable's parent, Wharf (Holdings), for an equity
injection of HK$1 billion to strengthen the broadcaster's
financial position, the report adds.

In addition to Chiu, other backers of the consortium include New
World Development chairman Henry Cheng Kar-shun, Guangzhou R&F
Properties chairman Li Sze-lim, John Zhao Huan, president of
private equity firm Hony Capital, and conglomerate Chow Tai Fook
Enterprises, SCMP discloses.

Chiu is the second son of Deacon Chiu Te-ken, who founded ATV,
the free-to-air broadcaster that went off the air in May 2016.

Under the agreement, about HK$704 million will come from an open
offer to existing shareholders, fully underwritten by Forever
Top. A further HK$300 million will come from the conversion of
debt due to Wharf into an equity stake in i-Cable, according to
SCMP.

SCMP adds that an open offer allows existing qualifying
shareholders to increase their stake in the company.

According to a filing to the Hong Kong stock exchange, five
shares will be offered for every three existing shares held by
qualifying shareholders at 21 HK cents each, notes the report.

Following completion of the offer, Forever Top will hold 40 to 54
per cent of i-Cable's issued share capital, depending on the
take-up of the offer by the public shareholders.

"Upon completion of the transaction, Forever Top will use i-Cable
as the platform to drive its media business," Chiu said in the
statement, notes the report.  "Hong Kong has been known as
Hollywood of the Orient and I believe television talent, whether
back-stage or front-stage, are abundant here. I am hoping that
all these talent will be given the chance to bring into play in
the most flexible manner of co-operation with i-Cable."

He also said Forever Top would strive to strengthen the scope of
financial news in the region as well, reports SCMP.

The report says the announcement comes just in time to save i-
Cable and its 2,176 employees from the axe.

Last year, i-Cable made a loss of HK$313 million and Wharf had
indicated it would cease funding the broadcaster and exit the
unprofitable business of providing pay television and broadband
internet, SCMP recalls.

The Communications Authority had said i-Cable must fulfil its
financial responsibilities before its pay-television licence
matured on May 31, adds SCMP.

"With the new equity injection, i-Cable's capital structure and
operation outlook will be significantly improved increased
equity, reduced debt and possibly expanded services," Chiu, as
cited by SCMP, said.

Forever Top, which had previously applied for a domestic free-
television licence, said in the statement that it had requested
the Communications Authority put on hold the processing of this
application until the outcome of the equity injection into i-
Cable became clearer.

The injection plan will require approvals from the independent
shareholders of i-Cable, the Securities and Futures Commission,
the Hong Kong stock exchange and the Communications Authority.

Forever Top said it hoped the deal would be completed in
September, adds SCMP.

Hong Kong-based i-CABLE Communications Limited --
http://www.i-cablecomm.com/about/profile/index.php-- is an
investment holding company principally engaged in the provision
of television services. The Company operates through two business
segments. The Television segment is engaged in the provision of
subscription, advertising, channel carriage and relay of
television services, as well as the program licensing, network
maintenance and miscellaneous television related businesses. The
Internet and Multimedia segment is engaged in the provision of
broadband Internet access services, voice over Internet protocol
telephony services, as well as the portal operation, mobile
content licensing and other Internet access related businesses.



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


3G TELECOM: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated 3G Telecom Infra
India Private Limited's (3G) Long-Term Issuer Rating to the non-
cooperating category.  The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency.  Therefore, investors and other users are advised to take
appropriate caution while using these ratings.  The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR30 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category;

   -- INR30.4 mil. Non-fund-based working capital limits migrated
      to Non-Cooperating Category;

   -- INR10 mil. Proposed fund-based working capital limits
      migrated to Non-Cooperating Category; and

   -- INR29.6 mil. Proposed non-fund-based working capital limits
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, 3G is an infrastructure provider of fibre
optic networks in Telangana and Andhra Pradesh.


ANANTNATH SILK: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anantnath Silk
Mills Private Limited's (ASMPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  Instrument-wise rating
actions are:

   -- INR231.3 mil. (increased from INR191.5) Fund-based limits
      affirmed with IND BB+/Stable/ rating;

   -- INR40.1 mil. (increased from INR39) Term loans affirmed
      with IND BB+/Stable rating

                         KEY RATING DRIVERS

The affirmation reflects ASMPL's continued moderate credit
profile and volatile profitability margin.  As per the
provisional financials for FY17, revenue declined to INR999.3
million (FY16: INR1.092.9 billion; FY15: INR1,013.2 million) due
to a general slowdown in the domestic and export markets leading
to lower orders.  EBITDA margin was 7.8% in FY17 (FY16: 8.6%;
FY15: 8.9%) and ranged between 5.8% and 8.9% over FY12-FY16 on
account of volatility in prices of raw materials such as
polyester and viscose.  Interest coverage (operating EBITDA/gross
interest expense) was 3.0x in FY16 (FY15: 2.8x) and net leverage
(net adjusted debt/operating EBITDAR) was 2.6x (2.7x).

The ratings also factor in the company's moderate liquidity
position with 78% average use of fund-based facilities during the
12 months ended March 2017.

The ratings, however, are supported by ASMPL's established
operational track record coupled with the promoters more than
three-decade-long experience in the suiting fabric manufacturing
business, leading to well-established relationship with customers
and suppliers.

                        RATING SENSITIVITIES

Negative: A substantial decline in the operating profitability
resulting in a sustained deterioration in the credit metrics will
lead to a negative rating action.

Positive: A substantial growth in the top line while maintaining
the operating profitability, leading to a sustained improvement
in the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, ASMPL manufactures suiting fabric.  The
company is equipped with in-house fabric weaving facilities and
manufactures 7.2 million meters of fabric per annum.  ASMPL
operates with a capacity of 102 looms.


ARYAN PACKAGING: ICRA Lowers Rating on INR9.25cr Loan to B+
-----------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB- to [ICRA]B+
assigned to the INR9.25 crore term loans and the INR3.00 crore
cash credit long term fund based facilities of Aryan Packaging
Products Private Limited (APPPL). The outlook on the long term
rating is 'Stable'. ICRA reaffirmed the short term rating of
[ICRA]A4 assigned to the INR1.00 crore letter of credit. ICRA has
also revised the ratings of [ICRA]BB-(Stable)/A4 to
[ICRA]B+(Stable)/A4 to the INR4.00 crore unallocated limits of
APPPL. ICRA has revised the medium term rating of MB+ to MB
assigned to the INR4.00 crore fixed deposit programme. The
outlook on the rating is 'Stable'.


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash
  Credit                  3.00      Revised from [ICRA]BB-
                                    (Stable) to [ICRA]B+ (Stable)


  Fund Based-Term
  Loans                   9.25      Revised from [ICRA]BB-
                                    (Stable) to [ICRA]B+ (Stable)

  Non Fund Based-
  Letter of Credit        1.00      [ICRA]A4; Reaffirmed

  Long term/short
  term unallocated        4.00      Revised from [ICRA]BB-
                                    (Stable) to [ICRA]B+
                                    (Stable); [ICRA]A4 Reaffirmed

  Medium Term-Fixed       2.50      Revised from MB+ (Stable) to
  Deposit Programme                 MB (Stable)

Detailed Rationale

The rating revision takes into account APPL's slower than
anticipated ramp up of operations, leading to suboptimal capacity
utilization levels, thereby revenue. The ratings are further
constrained by APPPL's stretched financial risk profile
characterized by net losses, high gearing levels and inadequate
debt protection metrics. The company hence would depend on timely
funding support from the promoters over the short term to meet
its debt obligations. The ratings further factors in the
vulnerability of profitability to the adverse movements in kraft
paper and the pricing pressure emanating from highly fragmented
and competitive industry structure.

The ratings, however continues to favorably factor in the long
standing experience of the promoters in the paper and packaging
industry, the benefits arising from the backward integrated
operations of associate concerns - Aryan Paper Mills Private
Limited and Shah Paper Mills Limited and the favourable location
of the plant in the vicinity of suppliers and customers of
corrugated boxes.

Key rating drivers

Credit Strengths

* Long standing experience of promoters in the paper and
   packaging industry

* Backward linkages with associate concerns (Aryan Paper Mills
   Private Limited and Shah Paper Mills Limited) expected to
   provide operational synergies in terms of raw material
   availability and pricing

* Favourable location of the plant in the vicinity of suppliers
   and customers

Credit Weakness

* Relatively nascent and small operations coupled with high
   interest costs and debt repayment, which is expected to keep
   credit profile constrained over the near to medium term

* Capital structure is expected to remain highly leveraged due
   to debt funded capital expenditure and net losses in the
   initial years

* Profitability is expected to remain under pressure in the
   initial years due to high competitive intensity, fragmented
   industry structure and high interest charges

* Vulnerability of profitability to adverse fluctuations in
   waste paper prices which determine kraft paper prices

Detailed description of key rating drivers highlighted above:

Aryan Packaging Products Private Limited (APPPL) is engaged in
manufacturing of printed corrugated boxes having an installed
capacity of 36,000 MTPA and became operational from March 2016.
The company is promoted and managed by promoters of the Aryan
group and the Shah group, which are reputed players in the paper
manufacturing industry with longstanding experience and
established clientele and dealership networks.

The capacity utilization remained low (10.76%) during 9M FY2017,
however, with stabilization of operations and set-up of printing
machine, the capacity utilization from Q4 FY2017 has witnessed
some increase. Kraft paper being the major raw material for
corrugated box manufacturers is procured through associate
concern Aryan Paper Mills Pvt. Ltd and Shah Paper Mills Limited,
almost 76% of the paper procured from group companies during 9M
FY2017. The group companies have provided extended credit period
to APPL in order to fund the losses and support debt repayment
obligations. Further, during the initial years of operations,
majority of sales are directly to its associate concern - Aryan
Packaging Industries (~73% sales during 9M FY2017).

The company started commercial operation from March 2016 and
accordingly the operating income remained low at INR0.21 crore
for FY2016. The operating income continued to remain low at
INR4.85 crore during 6M FY2017, due to lower capacity utilisation
and initial years of operations. Further, the operating margin
also remained low at 0.38% in 6M FY2017, due to slow ramp up of
operations coupled with late installation of the printing
machine, pending to which the realizations remained low.
Consequently, due to low OPM and high interest and depreciation
charges the company reported net loss of INR1.33 crore during H1
FY2017. The total debt of INR13.20 crore as on September 30, 2016
consisted of INR8.53 crore of term loans from bank (65% of total
debt) and INR4.67 crore (35% of total debt) through unsecured
loans from directors and their relatives and ICD. The gearing
increased from 1.77 times as on FY 2016 end to 2.15 times as on
H1 FY2017 end owing to increased unsecured debt to support
repayments of term loans. The working capital intensity of the
company has remained low during H1 FY2017 supported by stretched
creditors.

Going forwards, ICRA expects the scale of operations to improve
during FY2018 due to expected improvement in capacity utilization
levels post installation of printing machine. The profitability
would remain vulnerable to the fluctuations in kraft paper prices
which is the primary raw material for APPPL. Funding support from
the promoters over the short term remains critical to meet its
debt obligations. Going forward, the ability of the company to
scale up in a profitable manner amidst intense competition,
prudent working capital management and improvement in its
financial risk profile will be the key rating sensitivities.

Incorporated in December 2012, Aryan Packaging Products Private
Limited (APPPL) is engaged in manufacturing of printed corrugated
boxes. The company's manufacturing facility is located at Vapir
(Guajarat) having an installed capacity of 36,000 MTPA and became
operational from March 2016. The company is promoted and managed
by the members of the Aryan group and the Shah group, both of
which are reputed players in the paper manufacturing industry
with longstanding experience and established clientele and
dealership networks.

For H1 FY 2017 (provisional financials), the company reported an
operating income of INR4.85 crore and net loss of INR1.33 crore.


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

   -- INR40 mil. Fund-based working capital limits migrated to
      Non-Cooperating Category; and

   -- INR10 mil. Non-fund-based working capital limits migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1998, B.A.S.S. Minerals is an Andhra Pradesh-based
company engaged in the processing of barite ores.  The company
receives barite lumps from Andhra Pradesh Mineral Development
Corporation through tenders valid for two years and processes
these lumps into powder before selling it to the end users,
mainly oil drilling, chemical and paint manufacturing companies.


BNR EGG: CRISIL Reaffirms 'B' Rating on INR5.40MM LT Loan
---------------------------------------------------------
CRISIL has been consistently following up with BNR Egg Farms
(BNR) for obtaining information through letters and emails dated
January 20, 2017 and February 09, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.72      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          5.40      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash           0.38      CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BNR Egg Farms. 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 BNR Egg Farms is consistent with 'Scenario 1'
outlined in 'Framework for Assessing Consistency of Information
with CRISIL B rating category or lower. Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at CRISIL B/Stable.

Established in 2005 as a partnership firm, BNR is engaged in
production of commercial eggs. The firm is promoted by Mr.P.
Seshagiri Rao and his associates. Based out of Vishakhapatnam in
Andhra Pradesh.


BOGEASHAVARA POLYMERS: CRISIL Reaffirms D INR19.5MM Loan Rating
---------------------------------------------------------------
CRISIL has been consistently following up with Bogeashavara
Polymers Private Limited (BPPL) for obtaining information through
letters and emails dated January 20, 2017 and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          19.5       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Cash           3.60       CRISIL D (Issuer Not
   Credit Limit                       Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bogeashavara Polymers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Bogeashavara Polymers Private
Limited is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at CRISIL D.

BPPL was set up in 2013 by Mr. Mr.Balaji Reddy and his family
members. The company manufactures polypropylene woven sacks,
which are used for packaging in various industries. Its
manufacturing unit is located in Hyderabad (Telangana).


BOSS COTTON: ICRA Assigns B- Rating to INR5.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR5.00
crore cash credit, INR1.95 crore term loan and INR1.55 crore
unallocated facilities of Boss Cotton and Oil Industries (BCOI).
The Outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash credit             5.00      [ICRA]B- (Stable) assigned
  Term loan               1.95      [ICRA]B- (Stable) assigned
  Unallocated limits      1.55      [ICRA]B- (Stable) assigned

Rationale

The assigned rating is constrained by the firm's small scale of
operations and weak financial risk profile marked by steep de-
growth in sales and cash loss in 9M FY2017, adverse capital
structure and weak debt-coverage indicators. The rating also
factors in the vulnerability of the firm's profitability to agro-
climatic risks, the inherently low value-adding ginning business
and the firm's exposure to stiff competition in a fragmented
industry caused by the presence of numerous small and unorganised
players. ICRA also notes that as BSOI is a partnership firm, any
significant withdrawals from the capital account by the partners
could adversely affect its net worth and thereby its capital
structure.

The rating, however, continues to draw comfort from the long
experience of the promoters in the cotton industry and the
locational advantage by the firm by virtue of its location in the
cotton-producing region, giving it easy access to quality raw
cotton.

Key rating drivers

Credit Strengths

* Long experience of promoters in the cotton ginning industry

* Favorable location of the unit in Rajkot (Gujarat), a cotton
   producing belt of India, giving easy access to quality raw
   cotton

Credit Weakness

* Weak financial risk profile marked by adverse capital
   structure and poor debt-coverage indicators

* Small scale of operations; significant revenue de-growth
during
   9M FY2017 leading to cash loss

* Low profitability because of limited value addition and highly
   competitive and fragmented industry structure given the low
   entry barriers

* Vulnerability of profitability to fluctuations in raw cotton
   prices, which are subject to seasonality and crop harvest

* Exposure to regulatory risks with regards to Minimum Support
   Price (MSP) for raw cotton as well as imposition of any
   restriction on cotton exports by Government of India (GOI)

* Partnership firm; any substantial withdrawal from capital
   account could impact the net worth and thereby the capital
   structure of the firm


Description of key rating drivers highlighted above:

BCOI is engaged in ginning and pressing of raw cotton and
crushing of cotton seeds with the product profile comprising
cotton bales, cotton seeds, cotton seed oil and cake. During
first full year FY2016, the ginning capacity utilization remained
low at around 9% and the crushing capacity utilisation remained
at 27%. The production facility of the firm remained suspended
from June 2016-Dec 2016 in the current fiscal, which resulted
into steep decline in operating income to INR1.4 crore during 9M
FY2017 as against INR19.4 crore in FY2016. The operating
profitability of the firm remained low at 3.2% and 4.2% in FY2015
and FY2016 respectively. The firm reported net loss in FY2015 and
FY2016 owing to higher interest and depreciation expenses due to
initial debt funded capex and further during 9M FY2017, it
reported cash loss due to significant revenue de-growth. The
capital structure of the firm remained adverse as reflected by
gearing at 11.5 times as on March 31, 2016 owing to initial debt
funded capex and high working capital debt requirements coupled
with erosion of net worth due to net losses.

The cotton ginning industry is highly fragmented due to the
presence of numerous players operating in Gujarat, resulting in
high competition. The industry is also exposed to regulatory
risks with the government imposing MSP on purchase of raw cotton
during over supply in the market and restricting export of cotton
bales in order to support the domestic cotton textile industry.
The firm is expected to report significant revenue de-growth in
FY2017 due to suspension of production facility during June 2016
to Dec 2016. Given the cash loss during 9M FY2017, the partners'
ability to support the timely debt repayments would remain key
rating sensitivities. Furthermore, the firm's ability to improve
its scale of operations, manage its working capital requirements
efficiently and improve its capital structure would remain
important from credit perspective.

Established in 2014 as a partnership firm, Boss Cotton and Oil
Industries (BCOI) is engaged in cotton ginning and cotton seed
crushing operations to produce cotton bales, cotton seeds, cotton
seed oil and cotton seed oil cake. The manufacturing facility of
the firm is located at Rajkot, Gujarat and is equipped with 40
ginning machines, 1 pressing machines and 5 crushing machines.
The total intake capacity for raw cotton is 26,880 MTPA and the
intake capacity for expellers is 14,400 MTPA of cotton seeds.


CHEERS INTERACTIVE: ICRA Withdraws BB Rating on INR9.90cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]BB with 'Stable'
outlook for the INR9.90 crore fund based limits and the INR0.10
crore unallocated limits of Cheers Interactive (India) Private
Limited as the company has fully redeemed the instrument. There
is no amount outstanding against the rated instrument.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long Term Fund
  Based Limits-
  Cash Credit             9.90        [ICRA]BB(Stable) Withdrawn

  Long Term
  Unallocated Limits      0.10        [ICRA]BB(Stable) Withdrawn

Rationale

The company has fully redeemed the instrument and hence the
ratings are being withdrawn. There is no amount outstanding
against the rated instrument.

Cheers Interactive (India) Private Limited ('CIIPL' or 'the
company'), set up in the year 2000, is a Knowledge Processing
Outsourcing (KPO) company offering customised research and
analytics services, market intelligence, R&D and intellectual
property insights for international clients looking to exploit
cost arbitrage opportunities. The company is promoted by Mr.
Hitesh Shah and Mr. Nayan Shah, who are first generation
entrepreneurs. The company is based in Navi Mumbai, India and has
a sales office in London, UK. The client portfolio comprises of
companies in chemicals, electronics, tele-communications,
mechanical, pharmaceutical, biotechnology, life sciences and food
technology industry. CIIPL primarily caters to clients in the
United Kingdom and other European countries, apart from companies
based in United States, Middle East and the Asia Pacific region.


CHOOSY FASHIONS: CRISIL Reaffirms 'B' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Choosy Fashions
(CF) for obtaining information through letters and emails dated
January 20, 2017 and February 09, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Choosy Fashions. 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 Choosy Fashions is consistent with
'Scenario 1' outlined in 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is reaffirming the rating at CRISIL B/Stable.

CF was established in 1985 as a proprietorship firm by Mr. Daljit
Singh Chadha. The Mumbai-based firm trades in men and ladies
garments. It also has a retail showroom in Goregaon (East) with
an area of 2000 square feet.


CIBER INC: To Sell U.S. & India Operations to CapGemini for $50M
----------------------------------------------------------------
Following months of negotiations, CIBER, Inc., a company engaged
in providing computer programming services worldwide, and
CapGemini America, Inc., have decided to enter into a stalking
horse asset purchase agreement pursuant to which CapGemini will
acquire CIBER's remaining business for $50 million in cash plus
the assumption of certain liabilities.

CIBER, Inc., and two of its subsidiaries sought protection from
creditors as they effectuate the sale through Section 363 of the
Bankruptcy Code.  The Debtors have filed a motion seeking to
establish bidding and sale procedures and permission to undertake
a post-petition marketing process.  The Debtors intend to pay
their key employees, vendors, and servicers during this process.

Founded in 1974 and headquartered in Greenwood Village, Colorado,
CIBER is an IT consulting, services, and outsourcing company.  In
the mid-1980s and 1990s, CIBER embarked on a growth strategy that
included expanding its range of computer-related services,
developing a professional sales force, and selectively acquiring
other companies within the IT staffing industry.  CIBER's growth
was fueled largely by making over 60 acquisitions at a cost of
more than $1 billion.  CIBER operates its businesses in the U.S.,
the U.K., and Denmark, with offshore delivery centers in India,
Vietnam, and Poland.  Until recently, CIBER also operated its
business in Finland, Germany, the Netherlands, Norway, Spain, and
Sweden.

CIBER, the direct parent of the other two Debtors, goes to market
with two core service offerings: (a) an integrated digital
transformation offering, which encompasses IT staffing, custom
application development and management, and business consulting;
and (b) independent software vendor relationships, which include
long-standing partnerships with Microsoft and Oracle.  These
focused offerings align with the needs of Global 2000 blue-chip
companies in industries such as discrete manufacturing, retail
and consumer products, public sector and education, healthcare
and life sciences, energy and utilities, financial services,
process manufacturing, and distribution, logistics and
transportation.  In addition to these key service offerings,
CIBER also offers IT services for other emerging technologies.

At the height of its operations, CIBER employed over 8,600
employees and consultants, and generated over $1 billion in
worldwide revenues.  As of the Petition Date, CIBER employs
approximately 2,200 employees, including billable employees and
support staff, and 315 independent contractors.  In addition,
CIBER's subsidiaries in India and Poland employ approximately
1,350 and 210 employees, respectively. CIBER's total revenues in
2016 were approximately $610 million.

           Consultants Gain Bonuses for 'Negative' Performance

According to Jonathan P. Goulding, proposed chief restructuring
officer of CIBER and each of its subsidiaries that have filed
voluntary petitions under Chapter 11 of the Bankruptcy Code on
April 9, 2017, due in large part to the varied nature of the
Debtors' services and geographic locations, CIBER had difficulty
managing and monitoring its business operating performance.  This
challenge has been particularly acute with CIBER's acquisitions
in Europe, and has contributed to significant operating losses.

Since 2013, the market for information technology consulting
services in Europe has been relatively soft and, in 2014, a
series of significant defections by critical European employees
led to reduced contracted revenue with CIBER's key customers and
new customers, and made it difficult for CIBER to right-size its
European operations, Mr. Goulding disclosed.

Mr. Goulding said that in 2016, CIBER had to pay approximately
$14 million in bonuses to its European consultants for negative
performance as result of a bonus structure that is tied solely to
utilization, not performance or profit.  The Company also faced
additional challenges, including the termination of a large
customer contract, rising legal costs, and continued operating
losses in large part from its European operations.

After engaging in years of internal restructurings, CIBER began a
process of divesting substantially all of its non-core assets,
including much of its European operations, beginning in the
second quarter of 2016, in an effort to improve and preserve
critical liquidity necessary to fund core operations and pay
employees.

                  Default Under ABL Facility

According to court papers, CIBER was in default under an
asset-based revolving credit facility with Wells Fargo, N.A. as
of the Petition Date.  CIBER entered into the ABL Facility with
Wells Fargo in 2012, which had an initial availability of $60
million.  The ABL Facility provided CIBER with a source of
liquidity, when needed, to cover costs, pay employees, and
generally fund operations.  As a result of operating losses and
business challenges over the last few years, CIBER had engaged in
a series of internal restructurings intended to manage its costs
and maintain compliance with the covenants in the ABL Facility.
Ultimately, however, CIBER was unable to lower its cost structure
fast enough to avoid the application of the fixed charge coverage
ratio in the ABL Facility, which required CIBER to maintain at
least $15 million of excess availability under the ABL Facility.

CIBER first defaulted on the Fixed Charge Coverage Ratio in March
2016.  As a result of this default, Wells Fargo gained the right
to declare all outstanding debt under the ABL Facility
immediately due and payable.  Although Wells Fargo later waived
this default, CIBER's operating and restructuring expenses have
exceeded total revenues for each subsequent fiscal quarter,
leaving CIBER with insufficient liquidity to comply with the
Fixed Charge Coverage Ratio and causing additional defaults under
the ABL Facility.  In this context, CIBER and Wells Fargo have
been engaged in good faith discussions regarding CIBER's
strategic alternatives for over a year.

Shortly after its initial default, CIBER undertook a strategy to
create liquidity through asset sales, which resulted in the sale
of its operations in the Netherlands and Norway to subsidiaries
of the ManpowerGroup, and its operations in Sweden to Bouvet.
These sales temporarily improved CIBER's liquidity position and
provided breathing room for Ciber to consider all of its
strategic alternatives.  In June 2016, CIBER retained A&M to
evaluate its business plan, assist with its cash flow forecast
and liquidity management, and identify cost reduction
opportunities.  In September 2016, CIBER retained Houlihan Lokey
Capital, Inc. to explore, among other things, the sale of
substantially all of its European operations.

Beginning in November 2016, Houlihan contacted approximately 150
prospective purchasers and merger partners, but failed to locate
a purchaser for CIBER's European business as a whole, due largely
to the lack of synergies between the various European businesses.
Instead, CIBER sold its Spanish operations to a subsidiary of the
ManpowerGroup and entered into an agreement to sell its German
subsidiaries to Allgeier SE.  Concurrently with the sale of its
Spanish assets, CIBER discussed additional transactions with
numerous parties, including a refinancing of the ABL Facility.
During the course of these discussions, CIBER determined that it
would be difficult to refinance the ABL Facility without
consummating an additional asset sale.  To that end, CIBER began
discussions with Infor (US), Inc. regarding the terms of a sale
of CIBER's independent software vendor business for Infor's
software platform and subsequently sold that business to Infor
for an aggregate purchase price of $15 million on March 31, 2017.
In addition to providing CIBER with additional liquidity, the
sale of the Infor ISV Business preserved the jobs of
approximately 200 employees who now work for Infor.

                  Agreement with CapGemini

As negotiations and discussions with strategic partners and
lenders continued through the first quarter of 2017, CIBER
received an indication of interest from an affiliate of CapGemini
S.A. on Feb. 20, 2017, and agreed to negotiate exclusively with
CapGemini for a period of four weeks regarding the terms of a
potential sale of substantially all of its operations in the
United States and India (other than the Infor ISV Business),
subject to a "fiduciary out" that permitted CIBER to cease
negotiations if a higher, better, and unsolicited offer
materialized.  The exclusivity agreement also permitted CIBER to
explore all potential alternatives for restructuring and to
consummate the sale to Infor.

On March 31, 2017, after extensive negotiations with and due
diligence by CapGemini regarding the structure of a transaction,
CIBER received a detailed term sheet from CapGemini for the
Purchased Assets through a bankruptcy court-supervised process
for $50 million plus the assumption of certain liabilities.
Between March 31, 2017, and the Petition Date, CIBER and
CapGemini engaged in good faith, arm's-length negotiations over
the terms and conditions of a stalking horse asset purchase
agreement, which was executed shortly before the Petition Date
and provides for the sale of the Purchased Assets to Capgemini,
subject to higher and better offers.  An auction, if necessary,
is proposed to be held on May 15, 2017.  The sale is expected to
preserve more than 2,000 jobs.

                 Wells Fargo DIP Facility

Wells Fargo, in its capacity as debtor-in-possession lender, has
agreed to provide the Debtors with up to $41 million secured
revolving credit facility.  The DIP Facility is necessary to fund
operating losses during these Chapter 11 cases.  The Budget shows
that, beginning on the Petition Date, the Debtors' borrowings,
which currently stand at approximately $29 million under the
Prepetition Credit Agreement, will increase by as much as $7
million during the budget period.

Given the extent of these projected operating losses and the
expected costs and risks of these Chapter 11 cases, the DIP
Lenders have agreed to provide the DIP Facility for approximately
45 days, which is a sufficient amount of time to permit the
Debtors to complete a sale of their assets and the repayment of
their loans.  The Debtors said that without the DIP Lenders'
support, they would be required to terminate substantially all of
their employees.


CITY MAX: CRISIL Issues B- Issuer Not Cooperating Rating
--------------------------------------------------------
CRISIL has been consistently following up with City Max Hospital
and Research Centre (CMHR) for obtaining information through
letters and emails dated January 20, 2017 and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                 8       CRISIL B-/Stable/Issuer
                                     Not Cooperating

'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 City Max Hospital and Research
Centre. 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 City Max Hospital and Research
Centre is consistent with 'Scenario 1' outlined in 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at CRISIL B-/ Stable.

Incorporated in 2011, CMHR is a multi-specialty hospital in
Tohana (Haryana). The construction of the hospital began in 2011;
it has been in operation since November 2012. With a capacity of
100 beds, CMHR is a multi-specialty hospital providing services
in several medical specialties including astroenterology,
neurology, fertility care, cardiology, and oncology.


DSS BUILDTECH: ICRA Reaffirms B+ Rating on INR16.11cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR16.11-crore non -fund based long-term facilities of DSS
Buildtech Private Limited (DSS). The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Non
  Fund-based-BG           16.11       [ICRA]B+/Stable; Reaffirmed

Rationale

The rating draws comfort from the group's brand name and track
record; the healthy build up of collections in DSS' project The
Melia; and the receipt of approvals and undrawn bank lines, which
is expected to expedite the execution. The ratings are, however,
constrained by the delayed status of the project, costs
escalations and weak sales velocity. This apart, the company has
extended advances to group entities, timely receipt of which will
be crucial for its execution and funding position.

Going forward, the pace of project construction, the incremental
bookings as well as the inflow of the advances made to group
concerns would be the key rating sensitivities.

Key rating drivers

Credit strengths

* Part of Silverglades Group, which has delivered high-end real
   estate projects in Gurgaon

* Healthy initial response with the company booking almost 64%
   of the saleable area; collection efficiency has been
   satisfactory at 90%

Credit weaknesses

* Delay in approvals resulting in cost escalations
* Weak sales progress
* Significant advances given to other group companies
Detailed description of key rating drivers:

DSS is developing a residential project - The Melia - in Sector
35, Gurgaon. DSS is a part of the Gurgaon-based Silverglades
Group, which has constructed and delivered multiple projects in
the past such as The Laburnum with ITC, The Peach Tree etc. The
group's established position enabled DSS to receive strong
bookings of INR278.0 crore after the launch of the project.
However, delayed approvals resulted in significant execution-
related delays. Furthermore, the project cost also witnessed 7.5%
escalation over this period. The sales velocity in the current
year has been slow, with the project facing few cancellations.
This resulted in the total net units sold to decline to 383 units
from 385 units last year.

Given the healthy sales in the initial phase, the company has
been receiving satisfactory customer advances in the construction
stage. However, the advances have partly been extended to group
companies and their recovery would be crucial. The company has an
undrawn loan, which can be used for funding the execution. ICRA
expects the execution progress to improve as all approvals are in
place now.

Analytical approach: While assigning these ratings, ICRA has
taken a standalone view of the financial and operational profile
of DSS.

DSS is a part of the Gurgaon-based Silverglades Group, which was
established in 1988. The group develops golf courses and luxury
apartments largely in and around the Gurgaon area. The group's
completed projects include Laburnum, Ivy etc. DSS is developing a
residential housing project called 'The Melia' in Sector 35 of
Sohna, Haryana on a 17-acre land parcel in a joint development
agreement with the landowners. The project, which was launched in
May, 2015, is estimated to cost around INR455 crore.


EDWARD FOOD: ICRA Downgrades Rating on INR36cr Loan to B+
---------------------------------------------------------
ICRA has revised downgraded the long-term rating assigned to the
INR36.00-crore Non-Convertible Debenture Programme of Edward Food
Research and Analysis Centre Limited from [ICRA]BB- to [ICRA]B+.
The outlook on the long-term rating is stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limit-      36.00       [ICRA]B+ (Stable) downgraded
  Non-Convertible                    from [ICRA]BB-(Stable)
  Debentures

Rationale

The downward revision in the rating action takes into account
deterioration in the financial risk profile with significant cash
losses incurred during H1FY2017 and also weakening of coverage
indicators. The rating also considers improvement in the scale of
the operations in current year though it still stood at a low
level. While ICRA notes that tie-up with reputed companies in the
food-testing business along with the planned investments to
further improve the product offering bodes well for the company
in the long term, the ability to substantially scale up the
business as envisaged and managing its working capital cycle will
be key rating sensitivities.

The rating continues to factor in the established track record of
the Keventer Group in the food-processing space, which supports
EFRAC's market position to an extent. The rating positively
considers the receipt of accreditation/certification from most of
the approving agencies in the foods and drugs space, which is
likely to support the operations going ahead. During the current
fiscal, EFRAC also received funding support from Mauritius-based
Mandala Capital in the form of equity stake (currently they hold
51% stake in EFRAC) and NCD. Although the coupon rate on the NCDs
is high at 18%; however, limited actual interest outgo in initial
years and scheduled principal repayment at the end of five years
eases liquidity position to some extent.

Key rating drivers

Credit strengths

* Established track record of the Keventer Group, of which
   EFRAC is a part, in the food-processing space

* Accreditation/ certification in place from most of the
   approving agencies to support the operations, going ahead

Credit weaknesses

* Deterioration in the financial risk profile with significant
   cash losses incurred during H1FY2017 and also weakening of
   coverage indicators

* Small scale of operations, notwithstanding an improvement in
   turnover witnessed in the current fiscal

* High coupon rate on the NCDs; however, limited actual interest
   outgo in the initial years and scheduled principal repayment
   at the end of 5 years ease liquidity position to some extent

Description of key rating drivers:

EFRAC is a part of the Keventer Group. The Keventer Group
comprises various entities involved in the diversified businesses
like dealing in fast moving consumer goods (FMCG), real-estate,
food products and agro-related businesses. EFRAC had initially
positioned itself as a complete solutions provider in the area of
food testing and research. It also intends to cater to drugs and
cosmetics, and environment sectors apart from food. In the food-
testing department, EFRAC has obtained most of the accreditation
required for carrying testing which includes NABL, APEDA, BIS,
Tea Board, FSSAI, AGMARK, etc. Even after receipt of the same,
internal audits are carried out by the clients which are a time-
consuming exercise. On account of delays in such approvals there
have been delays in receipt of orders from the client and scaling
up of the operations for EFRAC. The company also faces strong
competition from the established players in this line of
business.
EFRAC has executed orders from several reputed companies such as
Tata Global Beverages, Coca-Cola, Jubilant FoodWorks, Parle Agro,
Nestle, Zydus Pharmaceuticals, Sun Pharmaceuticals, etc. In
December 2016, EFRAC has received a large order worth INR6.01
crore from the Department of Agriculture, Haryana for carrying
out analysis of soil samples, data entry at soil health card
portal and preparation of soil health card for farmers. This is
likely to impact its top-line favourably in the current fiscal,
though the scale of operations still remains at a low level.

Mandala Food Co-Investments II Ltd. and Mandala Litmus SPV, based
out of Mauritius, have made an equity investment of INR18.42
crore in the current fiscal. After the equity investment, Mandala
Group holds an equity stake of 51% in EFRAC. Moreover, during the
current fiscal, EFRAC has issued NCD of INR35.18 crore, which was
subscribed by Mandala Food Co-Investment I Ltd. Out of the total
funds of INR53.60 crore received from the Mandala Group in the
form of equity and NCD, around INR20 crore has been primarily
used to pay off the outstanding loans (term loans, preference
shares, unsecured loans, debentures, etc.) whereas the balance is
to be utilised for expansion plans of the company, going forward.
The coupon rate on the NCDs was high at 18%; however, limited
actual interest outgo in initial years and scheduled principal
repayment at the end of 5 years eases liquidity position to some
extent.

The revenues generated by the company remained low, primarily on
account delay in receiving requisite approvals, which led to loss
of business. In FY2016, the management recorded a sale of INR7.10
crore. In the first half of FY2017, EFRAC posted a top-line of
INR4.47 crore, however, on account of execution of the large
soil-testing order received in December, 2016 the management
expects the turnover to remain at a higher side. Since the
business is fixed-cost intensive in nature, the inability of the
company to scale up its operations as anticipated led to
operating losses in the past few years. In FY2016, the company
posted nominal operating profit. However, in H1FY2017, primarily
due to large professional fees incurred for issue of NCD, the
company suffered operating losses. Further, on account of high
interest cost and depreciation, EFRAC suffered net losses over
the past few years. The capital structure of the company has
remained leveraged as reflected by gearing of 2.30 times as on
September 30, 2016. On account of leveraged capital structure and
cash losses, the coverage indicators remained at a depressed
level.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the debt-servicing track record of EFRAC, its
business risk profile, financial risk drivers and management
profile.

Edward Food Research and Analysis Centre Limited (EFRAC), a part
of the Keventer Group, was established in August 1921 by Edward
Keventer as Edward Keventer Private Limited. In 1986, the company
was acquired by Mr. M.K. Jalan, the current promoter and chairman
of the Keventer Group. Subsequently, the company's name was
changed to Edward Keventer Life Science Limited before being
further changed to Edward Food Research & Analysis Centre
Limited. The company operates a testing and research laboratory
to cater to the needs of food processors, pharmaceutical
companies etc. at Subhash Nagar in North 24 Parganas district,
West Bengal. EFRAC was also developing a residential project in
Kolkata, though the project division has demerged into Edward
Keventer Private Limited effective April 1, 2015. During the
current fiscal, Mandala Food Co-Investments II Ltd. and Mandala
Litmus SPV based out of Mauritius have made an equity investment
of around INR18.42 crore. After the equity investment, Mandala
Group now holds an equity stake of 51% in EFRAC.


HINDUSTAN HERBALS: CRISIL Reaffirms B- Rating on INR8MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Hindustan Herbals
Limited (HHL) for obtaining information through letters and
emails dated January 20, 2017 and February 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              8         CRISIL B-/Stable (Issuer
                                      Not Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       5         CRISIL B-/Stable (Issuer
   Bank Loan Facility                 Not Cooperating; Rating
                                      Reaffirmed)

   Term Loan                5         CRISIL B-/Stable (Issuer
                                      Not Cooperating; Rating
                                      Reaffirmed)

   Working Capital          2         CRISIL B- (Issuer Not
   Term Loan                          Cooperating; Rating
                                      Reaffirmed)

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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hindustan Herbals Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Hindustan Herbals Limited is consistent
with 'Scenario 1' outlined in 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower. Therefore, on account of inadequate information and lack
of management co-operation, CRISIL is reaffirming the rating at
CRISIL B-/ Stable.

HHL was incorporated in 2010 and is promoted by Mr. Radhe Shyam
Goel, Mr. Ved Parkash Goel, and Mr. Om Parkash Goel and their
sons. The company manufactures and processes herbal extracts and
phytochemicals, and caters to manufacturers of dietary
supplements.


J.K. TRANSFORMERS: ICRA Assigns 'B' Rating to INR3.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 on the INR6.00-crore bank facilities of J.K.
Transformers (JKT). The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  Based-Cash credit       3.00       [ICRA]B (stable), assigned

  Short-term non
  fund-based              3.00       [ICRA]A4, assigned

Rationale

ICRA's ratings take into account JKT's modest scale of operations
and high competition in transformer business resulting in range
bound margins. ICRA also takes note of the firm's modest
financial profile characterised by low profitability, high
gearing, weak coverage indicators and high working capital
intensity. JKT has high customer concentration risk as the firm's
customer profile consists of four power distribution companies.

The ratings, however, derive comfort from the long experience of
the management in the transformer industry and established
relationship with power distribution companies in U.P., Haryana
and Varanasi.

Going forward, the company's ability to increase its scale of
operations and profitability along with liquidity will be the key
rating sensitivities.

Key rating drivers

Credit strengths

* Promoter's experience of more than a decade in the
   transformers manufacturing business

* Favourable demand prospects for power transformers to continue
   over the medium to long term, primarily from state power
   utilities and industrial users

Credit weaknesses

* Intense competition from domestic established players

* Financial profile characterised by high gearing and moderate
   coverage indicators

* Business growth is dependent upon its ability to successfully
   bid for tenders

* High customer concentration risk

Detailed description of key rating drivers:

JKT was incorporated in 2002 and is in the business of
manufacturing and repairing of distribution transformers and has
its manufacturing unit in Meerut, U.P. JKT has a total installed
capacity of manufacturing 4800 distribution transformers per
annum.

The promoters have an experience of more than a decade in the
transformer manufacturing industry and have established
relationship with power distribution companies in U.P, Varanasi
and Haryana. The receivable risk for the firm is very low as the
client base of the firm consists of Government entities. The
company is significantly vulnerable to risk arising out of raw
material price escalation as the total input costs form about 70-
80% of the company's operating income; however, the transformer
sales are backed by price variation clauses, which protect the
firm's margins to some extent.

The transformer industry is largely unorganised with a few
organised players and JKT is a relatively small player in this
industry. With limited fixed capital intensity involved in the
business, competitive pressures are expected to remain intense.
JKT's scale of operations is moderate with an operating income of
INR15.26 crore in FY2016. The firm's financial profile is also
moderate, characterised by low profitability, high gearing of
2.34 times as on March 31, 2016, weak coverage indicators and
high working capital intensity. JKT faces high concentration risk
with top four customers contributing to 100% of the revenues. The
client profile of the firm consists of four discoms-Paschimanchal
Vidyut Vitran Nigam Limited (PVVNL), U.P, Paschimanchal Vidyut
Vitran Nigam Limited (PVVNL), Varanasi, Uttar Haryana Bijli
Vitran Nigam (UHBVN), Haryana and Dakshin Haryana Bijli Vitran
Nigam (DHBVN), Haryana.

JKT was incorporated in 2002 and is currently promoted by Shri
Nitin Ahuja, Shri Gaurav Ahuja and Smt. Anita Rani. The firm is
in the business of manufacturing and repairing of distribution
transformers and has its manufacturing unit in Meerut; U.P. JKT
has a total installed capacity of manufacturing 4800 distribution
transformers per annum.

The firm has reported a net profit of INR0.10 crore on an
operating income of INR15.26 crore in FY2016 compared to a net
profit of INR0.10 crore on an operating income of INR10.84 crore
in FY2015.


KALYANPUR CEMENTS: Ind-Ra Affirms 'C' Rating on NCDs
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kalyanpur
Cements Limited's (KCL) zero-coupon non-convertible debentures
(NCDs) at 'IND C'.  The rating action reflects the company's
performance and debt metrics in FY16.

The rating has simultaneously been migrated to the non-
cooperating category.  The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency.  Thus, the rating is on the basis of best
available information.  The rating will now appear as 'IND
C(ISSUER NOT COOPERATING)' on the agency's website.  The rating
action is:

   -- INR794.6 mil. Zero-coupon NCDs affirmed and migrated to
      Non-Cooperating Category

SSUER NOT COOPERATING: Issuer did not cooperate; Based on best
available information

                         KEY RATING DRIVERS

The affirmation reflects KCL's weak credit profile.  During FY16,
KCL reported EBITDA margins of negative 45.3% (FY15: negative
26.4%) resulting in negative interest coverage of 3.3x (negative
3.8x) and negative net leverage of 2x (2.9x).

                       RATING SENSITIVITIES

Positive: An improvement in the liquidity position and/or an
improvement in the operating performance could result in a
positive rating action.

COMPANY PROFILE

KCL commenced cement manufacturing in 1946.  It has a total
installed capacity of 1mtpa in Banjari, Bihar.


L&T CHENNAI: ICRA Reaffirms 'D' Rating on INR475cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating on the INR475.0 crore
term loans of L&T Chennai Tada Tollway Limited at [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loans             475.0        [ICRA]D; reaffirmed

Rationale

The rating reaffirmation reflects the continuing delays in
servicing of the project debt owing to the inadequacy of the toll
collections to meet the obligations. The company had terminated
the concession in June 2015 due to land acquisition related
issues with NHAI and the matter is currently under arbitration.
NHAI has subsequently taken over the project and engaged another
contractor for toll collection in the stretch; the toll is being
directed to the escrow account and being used for debt servicing
as per the defined waterfall mechanism. Nevertheless, the toll
collections are insufficient to cover the entire repayment
obligations and hence there is a continuing default on the
project debt.

Key Rating Drivers

Credit Weakness

* Continuing delays in debt servicing following the
   termination of the project by the concessionaire and
   inadequacy of the toll collections for debt servicing

* Delays in the arbitration process and uncertainty over the
   timing of the receipt of the termination payments available to
   the concessionaire as per the Concession Agreement

Description of key rating drivers highlighted above:

The project construction commenced in 2008 and the scheduled COD
was in 2011. The land acquisition on the stretch was long delayed
with Right of Way (RoW) for the initial 10 km stretch (23% of
overall length) still unavailable. Though the company had earlier
undertaken that the remaining project works would be completed
once the RoW is provided by NHAI, lack of clarity on escalation
had severely constrained the future viability of the project
considering that the project was bid based on 2009 prices. L&T
CTTL terminated the concession in June 2015 citing the breach of
the land acquisition clause as per the Concession Agreement and a
default ensued as the toll collections were insufficient relative
to the debt repayment obligations and due to cessation of
shortfall support (non-contractual) from the sponsor- L&T IDPL.
The total outstanding debt to the lenders as on March 2016 was
INR342.5 crore.

Given that NHAI has taken over the operations of the project, the
cash flows available to the lenders are the toll currently being
collected by the new contractor and the contractual termination
payments available as per the Concession Agreement.

L&T Chennai-Tada Tollway Limited is an SPV incorporated in March
2008 for implementing the Chennai-Tada Toll road project. L&T-
CTTL is subsidiary of L&T Infrastructure Development Projects
Limited. The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH 5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development
Programme (NHDP) Phase V, which involves six-laning of selected
high density corridors of national highways. The route is a part
of NH-5 corridor that connects Chennai and Kolkata.

The project was awarded by NHAI on Design Build Finance Operate
(DBFO) basis with a concession period of 15 years commencing from
April 2009. The scheduled commercial operation date of the
project was October 2011; however, the project execution has been
significantly delayed owing to problems in land acquisitions
(which is under the scope of NHAI). The overall project cost for
the project stands at INR903 crore which is to be funded through
a mixture of equity, bank debt, mezzanine debt from the promoters
and toll collections during construction.


L&T HALOL: ICRA Reaffirms 'D' Rating on INR1,014.93cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating on the INR1014.93 crore
term loans of L&T Halol Shamlaji Tollway Limited at [ICRA]D.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loans            1,014.93      [ICRA]D; reaffirmed

Rationale

The rating reaffirmation reflects the continuing delays in
servicing of the project debt owing to the inadequacy of the toll
collections to meet the obligations. The company had issued a
termination notice to GSRDC in April 2016. The termination notice
was then withdrawn and the lenders (known as Joint Lenders Forum
JLF) decided to invoke the Strategic Debt Restructuring scheme of
RBI.

The SDR reference date was July 2016 and the final conversion
sanction was received in February 2017. Through this, the lenders
have taken a 51% stake in the project by converting INR406 crore
outstanding debt as equity. The remainder of the project debt has
also been restructured under the 5/25 flexible structuring scheme
and the repayments commence only in April 2017. Nevertheless, the
company has been making delayed interest payments accrued between
the reference date and conversion date. Going forward, the
ability of the company to improve toll collections would be
critical in correcting the current delays and servicing the
reduced outstanding debt.

Key Rating Drivers

Credit Weakness

* Continuing delays in debt servicing owing to the insufficient
   toll collections due to the presence of a significant
   alternate route

* Delay in receipt of final approval for the Strategic Debt
   Restructuring (SDR) from the lenders; however, the conversion
   sanction has been received recently and the overall debt
   levels of the project have decreased significantly and
   repayment terms have been revised favourably

Description of key rating drivers highlighted above:

Since the beginning of tolling operations, the traffic volume
witnessed in this stretch (in three of the four Toll Plazas) has
been significantly lower than the initial estimates, due to
presence of a significant alternate route, resulting in lower
than anticipated cash accruals. The alternate route was
substantially improved by Govt. of Gujarat (GOG) into a competing
road subsequent to award of this bid leading to considerable
diversion of traffic from the Project stretch. The company was
actively pursuing various avenues with GSRDC to increase toll
revenues and to minimize the cash shortfall. In addition to
deferment of revenue share payments to GSRDC, the company had
also requested for a revenue shortfall loan from the Authority
(which is under active consideration). Further, the company was
looking at refinancing the existing borrowings, which would have
resulted in reduction of repayment commitments in the near to
medium term. Sizeable shortfall funding (Rs 259 crore till March
2016) was being infused by the sponsor, L&T IDPL, to meet the
debt obligations.

Since the relief measures were delayed, the company had served a
termination notice to GSRDC in April 2016. Considering the
uncertainty over the receipt of the termination payment, the
lenders initiated the Strategic Debt Restructuring scheme in July
2016 which was finally approved in February 2017. Through this
scheme, the lenders have taken 51% equity stake in the project by
converting INR406 crore of the project debt (out of total
outstanding of INR1004 crore). The remainder of the debt (Rs 598
crore) has been restructured under the 5:25 flexible
restructuring scheme of the RBI and the repayments commence in
April 2017. Since the lenders have not provided approval for
waiver of interest from the SDR reference date (July 2016) to
conversion date (February 2017), the company has been delaying on
its interest repayment obligations.

L&T-HSTL is a Special Purpose Vehicle (SPV) incorporated in
September 2008 as a 100% subsidiary of L&T Infrastructure
Development Projects Ltd. (L&T IDPL). The SPV has carried out the
four-laning of 173.06 Kms of SH 5 from Halol to Shamlaji in
Gujarat. The project was awarded by GSRDC (Gujarat State Road
Development Corporation) on BOT basis with a concession period of
20 years commencing from May 2009. The COD of the project,
achieved in April 2012, was delayed by three months vis-Ö-vis the
Scheduled COD (December 2011). The project road is a part of
State Highway-5 (SH-5 in State of Gujarat), which starts at Vapi
(border of Maharashtra) and runs through eastern part of Gujarat
and finally ends at Shamlaji (border of Gujarat with Rajasthan).
Therefore this road is called Eastern State Highway. The total
project cost is INR1305.0 crore, which was funded by equity of
INR261 crore and debt of INR1044 crore, i.e. in a debt equity
ratio of 4:1.

In February 2017, the lenders approved project debt restructuring
under the SDR scheme and have converted part of the outstanding
debt in lieu of a 51% stake. Post this, L&T IDPL holds a 49%
stake in the company.


LAXMI BUILDERS: CRISIL Raises Rating on INR14MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Laxmi Builders and Transport Co. (LBTC) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

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

The upgrade reflects an improvement in the firm's business risk
profile driven by healthy revenue growth at 3-year CAGR of 23%
ended fiscal 2017, to reach more than Rs 100.0 crore (Rs 53.04
crore in fiscal 2014). The growth was driven by repeat orders
from clients and addition of new customers, driven by healthy
demand from infrastructure sector. Healthy relationships with
civil contractors will continue to support its business risk
profile.

The rating reflects LBTC's modest scale and geographically
concentrated operations in the intensely competitive construction
materials trading business, and its average financial risk
profile because of subdued debt protection metrics and large
working capital requirement. These weaknesses are partially
offset by its partners' extensive industry experience and
established relationships with suppliers and customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and geographically concentrated operations: Though
LBTC started commercial operations two decades ago, its turnover
remains modest in a highly fragmented industry. Furthermore, the
firm derives its entire revenue from Uttar Pradesh. The real
estate industry is cyclical and any slowdown in real estate
development in the state will hit the firm's revenue.

* Average financial risk profile: Debt protection metrics are
subdued, with low but stable interest coverage ratio of 1.4 times
over the 4 fiscals through 2016. The TOLTNW ratio was moderate,
at 1.6 time, as on March 31, 2016.

* Large working capital requirement: Being a trader the firm
extends higher credit of around 3 months to its customers which
further stretches to more than 110 days as on March 2016, against
this firm receives minimal credit from suppliers, result in the
bank limit utilization remains full throughout the year.

Strength
* Partners extensive industry experience and established
relationships with suppliers and customers: Mr Vipul Giri and Mr
Vinod Goswami have experience of over two decades in the
construction materials trading business through LBTC and group
entities. Their experience has helped them establish
relationships with suppliers and customers, enabling the firm to
source products smoothly and supply to established customers.

Outlook: Stable

CRISIL believes LBTC will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if significant increase in revenue and profitability
leads to larger-than-expected net cash accrual, or substantial
capital infusion results in a better financial risk profile. The
outlook may be revised to 'Negative' if increase in working
capital requirement constrains liquidity, or if large, debt-
funded capex weakens capital structure.

LBTC, set up by Mr Vinod Goswami and Mr Vipul Giri in 1997 as a
partnership firm, trades in construction materials such as steel,
cement, tiles, iron, thermo-mechanically treated (TMT) bars,
blocks, electrical items, and sanitary ware. Its office is in
Noida and it does business in Uttar Pradesh, mainly Ghaziabad and
Noida.

LBTC had a book profit of Rs 0.52 crore on net sales of Rs 69.33
crore in fiscal 2016, against a book profit of Rs 0.47 crore on
net sales of Rs 57.56 crore in fiscal 2015.


MAGADH CONSTRUCTION: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magadh
Construction Works a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR10 mil. Fund-based limit assigned with 'IND BB-/Stable'
      rating; and

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

                         KEY RATING DRIVERS

The ratings reflect the company's small scale of operations and
moderate credit metrics as reflected from its revenue of
INR112 million (FY15: INR51 million), interest coverage of 11.5x
(3.9x) and net financial leverage of 2.1x (3x).

The ratings are constrained by the company's tight liquidity
profile as reflected from its average working capital utilization
of 99% during the 12 months ended March 2017, partnership nature
of the business and high geographical concentration as most of
the orders received are from Bihar.

The ratings, however, are supported by the company's partner's
decade-long experience in the construction business.

                      RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit metrics will be positive for the ratings.

Negative: A decline in the scale of operations will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2006, Magadh Construction Works is engaged in the
construction of roads.  The firm executes orders for the
government of Bihar.  It is managed by Ram Naresh and family.


MEENAMANI REAL: ICRA Assigns B+ Rating to INR20cr LT Loan
---------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to the INR20.00 crore
long term fund based facilities of Meenamani Real Ventures LLP.
The outlook on the long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund
  based limits           20.00      [ICRA]B+ (Stable) assigned

Rationale

The assigned rating favourably factors in long standing
experience of promoter group and management in the real estate
project development business. The rating also draws comfort from
strong brand recognition of the 'Goel Ganga' brand which is
expected to help in accelerating bookings going forward. ICRA
also derives comfort from the successful completion of Phase-I
with all the units being sold out. The rating is, however,
constrained by high reliance on external debt and customer
advances to fund the project along with market risk associated
with the project as the project is yet to be launched. Since, the
project is in very nascent stage with the construction has not
yet started and the financial closure is yet to be done, the
execution risk of the project will remain high. Going forward;
timely execution of the project and accelerating sales at
adequate rates while maintaining high collection efficiency will
remain key rating sensitivities.

Key rating drivers

Credit Strengths
* Experienced promoter group and management in real estate
   development business

* Successful completion of Phase-I with 100% units sold till
   date
* Good brand recognition and established track record of the
   group in Pune
* Healthy net worth position of the promoters

Credit Weakness

* Exposed to inherent project execution risks as the
construction
   of the project is not yet started and financial closure is yet
   to be done

* Exposed to market risks with the project is yet to launch;
   risks further accentuated by the downturn in the sector
   coupled with competition from other similar projects in the
   vicinity

* High reliance on external debt and advances from customer
   poses risk from sales momentum below expectations

Credit Weakness

* Ability of the firm to launch and sale the project in timely
   Manner

* Timely completion of the project without any major cost
   Overruns

Description of key rating drivers highlighted above:

The firm is a part of Goel Ganga Group which has been real estate
development for more than 2 decades. The group has developed
around 7.9 million sq ft area in last 15 years. Currently, the
group is developing 6 projects in various parts of the city. The
total cost of the project is estimated at ~Rs. 31.98 crore
(excluding 15% revenue share of the land owners). The project
cost is proposed to be funded by a mix of equity (16%), bank loan
(63%) and customer advances (22%).

Established in March 2010, MRV is developing a residential real
estate project 'Ganga Estoria' Undri, in Pune. The firm is
promoted by Mr. Anuj Goel and Mr. Ankit Goel. It is a part of
Goel Ganga Developments group which is engaged in real estate
development in Pune for more than two decades. The group has
developed around 7.9 million sq ft area in last 15 years. The
firm has already developed "Ganga Estoria Phase I" with total
saleable are of 88,000 sq ft. The construction of phase-I was
completed in Aug-14 and as on date all the units have been sold
out. The firm is currently developing a residential real estate
project 'Ganga Estoria Phase-II' adjacent to Phase-I with total
saleable area of 1,18,800 sq ft.


MEGHDOOT GINNING: ICRA Reaffirms 'B' Rating on INR30cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR30.00
crore1 cash credit facility of Meghdoot Ginning and Pressing
Industries Private Limited at [ICRA]B. The outlook on the long-
term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            30.00       [ICRA]B (Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MGPIPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 1999, Meghdoot Ginning & Pressing Industries Pvt
Ltd (MGPIPL) is engaged in ginning and pressing of raw cotton.
The business is owned and managed by Mr. Anand Shah, Mr. Ajay
Shah, Mr. Bharat Shah and other family members. The company's
manufacturing facility is located at Karjan, in Vadodara, The
company has 52 ginning machines and 1 pressing machine with
processing capacity of 200 MTPD of raw cotton.


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

   -- INR35 mil. Fund-based limit migrated to Non-Cooperating
      Category;

   -- INR12.5 mil. Non-fund-based limit migrated to Non-
      Cooperating Category;

   -- INR30.5 mil. Proposed fund-based limit migrated to Non-
      Cooperating Category;

   -- INR35 mil. Fund-based limit migrated to Non-Cooperating
      Category

   -- INR12.5 mil. Non-fund-based limit migrated to Non-
      Cooperating Category; and

   -- INR30.5 mil. Proposed fund-based limit migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 21, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MSIPL was set up in 2000 and is promoted by Mr. Rajiv Ramachandra
Gite and his family.  The company supplies desktops, notebooks,
laptops, printers and workstations.  It also provides hardware
maintenance services including standby equipment, onsite
resources, preventive maintenance, help desks, asset and network
management, software distribution, data backup, onsite technical
resources, repairs and information technology solutions to its
clients.


OXINA CARS: CRISIL Assigns 'B' Rating to INR9.9MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Oxina Cars Private Limited (OCPL). The rating
reflects the company's exposure to risk related to saleability,
and its subdued financial risk profile. These weaknesses are
partially offset by its promoter's experience in varied
businesses.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               9.9       CRISIL B/Stable
   Cash Credit             5.0       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      0.1       CRISIL B/Stable


Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to saleability:
The automobile dealership industry is highly fragmented.
Moreover, OCPL's scale of operations will be modest, and
scalability will be limited because of presence in a single
location. Also, operations and profitability will depend on the
principal supplier, Hyundai Motor India Ltd (Hyundai; 'CRISIL
A1+). Suppliers typically encourage more dealerships (thereby
increasing competition among dealers) and impose stiff sales
targets to improve market penetration and sales. Hence, dealers
feel the need to regularly refurbish dealership outfits and
service centres. OCPL has limited revenue diversity as it has
dealership of only passenger cars, unlike some peers which deal
in passenger cars as well as commercial vehicles or have multiple
dealerships. Though the company has a competitive edge as it is
the only dealer of Hyundai in a radius of 20 kilometre, but will
face intense competition from dealers of other established
players such as Maruti Suzuki India Ltd and Tata Motors Ltd.
CRISIL believes OCPL's limited track record in a competitive
industry will constrain its business risk profile.

* Subdued financial risk profile:
The company is likely to have high gearing and weak debt
protection metrics. Its project is aggressively funded in a debt-
to-equity ratio of 2:1. Moreover, large working capital
requirement will keep gearing high, at 2.5-3.0 times.

Strength

* Promoter's experience:
The promoter, Mr K Karunanithi has experience of 8 years in
various industries. His father was in the textile business. The
promoter develops real estate, owns an Apple store, a Royal
Enfield dealership, and a food franchisee. His experience should
help OCPL scale up operations over the medium term.
Outlook: Stable

CRISIL believes OCPL will benefit from its promoter's experience
in various industries. The outlook may be revised to 'Positive'
if the company stabilises operations of its showroom in a timely
manner and generates more-than'expected revenue and
profitability, leading to high cash accrual. The outlook may be
revised to 'Negative' if the company generates lower-than-
expected cash accrual during the initial phase of its operations,
resulting in pressure on its liquidity.

Incorporated in 2016, OCPL is a dealer of Hyundai in
Tiruchirappalli, Tamil Nadu. The company is promoted by Mr K
Karunanithi. It commenced operations in March 2017.


PARATUS REAL: ICRA Lowers Rating on INR18cr Loan to B+
------------------------------------------------------
ICRA has revised its long-term rating on the INR18.00-crore fund-
based facilities of Paratus Real Estate Private Limited (PREPL)
to [ICRA]B+ from [ICRA]BB-. The outlook on the long-term rating
is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      18.00      [ICRA]B+(Stable); revised
                                    from [ICRA]BB-(Stable)

Rationale

The rating revision is constrained by the high funding risks of
the company as a result of low sales velocity and upcoming
repayments. Furthermore, the execution progress and the
collection ramp up in the company's project have been lower than
expectations. The company remains highly dependent on strong
additional sales and timely collections for smooth cash flow
management and timely execution of the project, in the absence of
which promoter support will be required. The rating, however,
continues to draw comfort from the experience of the promoters in
the real estate sector and low approval risks for the project.
ICRA notes that given the pressure on cashflows, the company has
requested its bank for additional one year moratorium as
repayments have already commenced from March, 2017. Going
forward, the company's ability to deliver its project as planned,
achieve additional bookings and timely collections and receive
funding support as required will be the key rating sensitivity.

Key rating drivers

Credit strengths

* Experience of the promoters in the real estate business

* Low approval risk

Credit weaknesses

* High funding risk with large repayments in FY2018

* Moderate sales velocity as around 10% of area has been sold in
  the last one year

* Moderate pace of construction

Description of key rating drivers:

In the last one year, the company has made moderate progress in
its ongoing project, having incurred 61% of the project cost as
of Feb, 2017 as compared to 46% as of Feb, 2016. The company
plans to deliver the project by Sep, 2017. Although the company
has sold around 77% of its area by Feb, 2017, the collections
have been lower due to weak demand scenario, hence exposing it to
market risks and low build up of advances. With large repayments
of INR10.0 crore in FY2018, timely collection of balance
receivables or promoter funding support will be crucial. ICRA
notes that the company has maintained an escrow mechanism along
with a six-month interest debt service reserve account with the
bank.

Analytical approach: For arriving at the ratings, ICRA has taken
into account the standalone financial of PREPL, along with its
business risk profile and the management profile.

PREPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private
Limited, holding 50.74% and 49.26% stake, respectively. It is
developing a residential project, 'Mega County', in Dehradun,
Uttarakhand with a saleable area of 174,335 square feet. The
project consists of one hundred and nineteen 2/3 BHK flats, in
two towers, of six floors each. The construction started in 2013-
14 and as of Feb, 2016, ~70% of the estimated construction cost
had been incurred and ~77% area had been sold. The total project
cost is estimated at INR62.48 crore, with INR18.00 crore proposed
to be funded through bank loan, INR12.10 crore through promoter's
contribution and the remaining through customer advances.


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

   -- INR120 mil. Fund-based working capital limits (long term)
      migrated to Non-Cooperating Category;

   -- INR13.3 mil. Term loans (long term) migrated to Non-
      Cooperating Category; and

   -- INR60 mil. Non-fund-based working capital limits (short
      term) migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 21, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PVN Tex is a partnership firm, owned and managed by Mr. Arvind
Agarwal and family.  It manufactures polypropylene and high-
density polyethylene woven sacks and fabrics.


R MISRILAL: CRISIL Issues B- Issuer Not Cooperating Rating
----------------------------------------------------------
CRISIL has been consistently following up with R Misrilal
Jewellers Private Limited (RMJPL) for obtaining information
through letters and emails dated January 20, 2017 and February
10, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              15        CRISIL B-/Stable (Issuer
                                      Not Cooperating)


'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 R Misrilal Jewellers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for R Misrilal Jewellers Private
Limited is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at CRISIL B-/ Stable.

Established by Mr. Bhikan Chand and his family members in 2013,
RMJPL retails gold jewellery at its showroom in Chennai.


RAJNISH STEELS: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR8.00-crore cash credit facility of Rajnish Steels. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 for the
INR5.40-crore non fund based sub-limit facility of Rajnish
Steels. ICRA has reaffirmed the ratings of [ICRA]B+ and [ICRA]A4
for the INR3.00-crore unallocated limits of Rajnish Steels. The
outlook on the long-term rating is 'Stable'.

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

  Non-Fund based
  Limits-Letter of
  Credit                 (5.40)     [ICRA] A4; Reaffirmed

  Unallocated             3.00      [ICRA]B+(Stable)/A4;
                                    Reaffirmed

Rationale

The ratings reaffirmation continues to take into account the
longstanding experience of Rajnish Steels' promoters in ship
breaking and metal scrap trading business; and location advantage
in terms of proximity to the customers providing ready market for
metal scrap.

The ratings, however, remain constrained by the firm's small
scale of operations and volatility associated with ship breaking
business driven by both availability and costs of ships; moreover
profitability is exposed to fluctuations in steel prices. The
ratings further take into account the high customer concentration
risk as well as risks associated with its constitution as a
proprietorship firm, including the risk of capital withdrawals by
the proprietor.

Going forward, the firm's ability to ramp up the scale of
operations while improving its profit metrics along with
efficient working capital management, especially by reducing the
receivable position, will remain a key rating sensitivity.

Key rating drivers

Credit strengths
* Long standing experience of the promoters in the steel
   trading business

* Location advantage in terms of proximity to customers
   providing ready market for metal scrap

Credit weaknesses

* Financial risk profile characterized by weak profitability
   and modest accrual to reserves on account of intense
   competition and limited value adding nature of the business

* High customer concentration; top ten customers accounted
   for 86% of total sales during FY2016

* Exposure to environmental regulatory risks under the
   'ship-breaking' segment; delays in obtaining requisite
   approvals can result in higher working capital requirements

* Risks associated with the entity's status as a proprietorship
   firm including the risk of capital withdrawals by the
   proprietor

* Modest scale of operations

Description of key rating drivers:

The firm is engaged into ship-breaking business and undertakes
ship-breaking operations from a rented plot at Ship-breaking Yard
at Darukhana in Mumbai. Ships are procured through both online
bidding and private placements. Online bidding is done through
online portal3 of Metal Scrap Trade Corporation Limited (MSTC
Limited). Lead time between bidding and possession is ~15 days.
The firm is also engaged in trading of 'long steel' products. The
firm usually buys obsolete machineries and scrap from various
industries, dismantles and segregates them and sells it to the
customers. Trading business contribution to the total revenue
varies significantly year on year (FY2015 - 22%, FY2016 - 57%,
FY2017 29%) as per the availability of the same at reasonable
prices. The firm gains from the location advantage in terms of
proximity to customers providing ready market for metal scrap
Until FY2015, the firm was primarily engaged in ship-breaking
business which accounted for more than three fourth of total
sales. Given the limited availability of vessels at attractive
prices, the firm purchased only one ship for INR1.92 crore during
FY2016. However, in FY2017 the firm shifted its focus again on
ship breaking and bought 7 ships for INR9.63 crore (LDT: 6430.33
MT) as against only 1 in FY2016. The firm focuses on small
indigenous ships where payment is against delivery of ships.
The profitability indicators remain stressed due to the small
scale of operations; along with intense competition and limited
value addition in ship breaking and scrap trading business. The
firm's customer base includes small rolling mills and other long
products producers in and around Mumbai. The concentration has
increased sharply during FY2016 with top two customers accounting
for ~50% of total revenue. Although in FY2017, the concentration
has reduced significantly with top 5 customers contributing to
47% of the total sales (as against 71% in FY2016), it still
remains very high. However, the firm has not faced any issues of
delayed payments till date.

In the recent past, the ship scrapping industry attracted
considerable attention on the issues relating to environmental
pollution, health problems of labour and violation of human
rights. The environmental issue could become a dominant factor in
determining the structure of the ship-breaking industry in the
future.

Going forward, the firm's ability to improve its profitability,
while scaling up its operations, will remain key sensitivity.
ICRA anticipates moderate growth in revenue near term, with
profitability remaining at similar levels to that of FY2017.

Incorporated in 1980, Rajnish Steels is a proprietorship concern
set up by Mr. Rajnish K. Gupta. The promoter family has been
involved in steel trading business for over three decades. During
FY2013, it has ventured into ship-breaking business, which has
accounted for ~43% of total sales during FY2016 and ~71% in
FY2017. The ship-breaking operations of the firm are carried out
from a rented plot at Ship-breaking Yard at Darukhana in Mumbai
(Maharashtra). Ships are procured through both online bidding and
private placements. Online bidding is done through online portal
of Metal Scrap Trade Corporation Limited (MSTC Limited).
In FY2016, the firm reported a profit after tax (PAT) of INR0.08
crore on an operating income of INR17.56 crore. As per the FY2017
unaudited results, the firm registered a PAT of INR0.09 crore on
an operating income of INR12.84 crore.


ROYALE MANOR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Royale Manor
Hotels and Industries Limited a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR79.55 mil. Fund-based limit assigned with
      'IND BB/Stable/IND A4+' rating; and

   -- INR9.28 mil. Term loan assigned with 'IND BB/Stable' rating

                      KEY RATING DRIVERS

The ratings reflect Royale Manor's small scale of operations
along with moderate credit metrics.  In FY16, revenue was
INR204 million, gross interest coverage (EBITDA/interest) was
1.9x, net leverage (total adjusted net debt/operating EBITDA) was
2.8x and operating margin was 18.2%.

Royale Manor booked revenue of INR124.20 million in 9MFY17.

The ratings also reflect the company's moderate liquidity
position as reflected in its 99.62% use of the fund-based limits
during the 12 months ended March 2017 with no instances of over
utilization.

The ratings are supported by the company's operational track
record of for more than two decades.

                        RATING SENSITIVITIES

Negative: Deterioration in credit metrics will be negative for
ratings.

Positive: An improvement in the scale of operations leading to
substantial improvement in credit metrics along with will be
positive for the ratings.

COMPANY PROFILE

Royale Manor was incorporated in 1991as Royale Manor Hotels
Limited in Gujarat.  The name was changed to Royale Manor Hotels
and Industries Limited in November 1991.  Its shares are listed
on Bombay, Madras and Calcutta Stock Exchanges.  The company is
established as the first five-star hotel of Ahmedabad and is
primarily engaged in the hospitality business.  The name of the
hotel property is The Ummed Ahmedabad It was opened in 1995 and
has 91 rooms.


S.S. CONSTRUCTION: ICRA Reaffirms B- Rating on INR5.95cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR5.95-crore
fund-based and the INR2.05-crore non-fund based facilities of
S.S. Construction (SSC) at [ICRA]B-. The outlook on the long-
term rating is 'Stable'. ICRA has revoked the suspension on the
INR8.00-crore limits of S.S. Construction.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       5.95      [ICRA]B-(Stable); reaffirmed;
                                    suspension revoked

  Non-fund Based Limits   2.05      [ICRA]B-(Stable);reaffirmed;
                                    suspension revoked


Rationale

The rating reaffirmation takes into account SSC's weak and
geographically concentrated order book; its stretched liquidity
position due to high working capital requirements; and its weak
capital structure and coverage indicators. The ratings, however,
derive comfort from the experience of the promoters of SSC, who
have been in the construction business for the more than ten
years.

Going forward, the ability of the firm to improve and diversify
its order inflow, liquidity position and debt coverage metrics
will be the key rating sensitivity.

Key rating drivers

Credit strengths

* Experience of the promoters in the construction business

Credit weaknesses

* Stretched liquidity position results in high utilisation of
   limits due to high working capital intensity

* Small scale of operations; continuous delay in project
   Execution

* Weak capital and coverage indictors

* High geographical and client concentration risk

Description of key rating drivers:

The firm has extensive experience in the construction business
and is registered as an 'A' class contractor. However, owing to
geographical concentration the firm's order book remained weak at
~INR7.75 crore as of March 25, 2017, providing limited revenue
visibility. SSC's working capital intensity was high (47.25%) in
FY2016 due to high inventory (235 days in FY2016) days caused by
delays in execution and unbilled revenue. The liquidity position
of the firm is stretched as evident from the high utilisation of
working capital limits. Furthermore, due to high interest costs
and lower profitability, the firm's coverage indicators were
weak; the interest coverage was 0.85x in FY2016 and the gearing
was 5.05x as on March 31, 2016, further impacted by capital
withdrawal by proprietor.

SSC is a proprietorship firm based in Ghaziabad, Uttar Pradesh
and was set up in 2007. The firm is promoted by Mr. Ravi
Chaudhary. SSC undertakes civil construction work for state and
central government agencies. It is registered as an 'A' class
contractor with UP State Power Utilities, UPSIDC Ltd2, Kanpur,
Ghaziabad Development Authority, Hapur Pilkhuwa Development
Authority, Kanpur Development Authority, Bulandshahr Development
Authority etc. The company has worked in various towns of UP,
including Ghaziabad, Kanpur, Moradabad, Noida, Agra, Meerut,
Bulandshahr, Hapur, Bareilly etc.

The firm reported an operating income (OI) of INR13.41crore and a
profit after tax (PAT) of INR1.04 crore in FY2016, as compared to
an OI of INR11.67crore and a PAT of INR0.34 crore in the previous
year.


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

   -- INR3.9 mil. Term loan migrated to Non-Cooperating Category;

   -- INR60 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR100 mil. Non-fund-based limit migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 1995, SCPL is based in Valsad (Gujarat)
and manufactures, fabricates and erects pressure vessels, storage
tanks and duct piping.  It also executes turnkey projects.  Its
monthly installed capacity is 1,200 tonnes.


SAVITRI POLYESTERS: ICRA Assigns 'B' Rating to INR5.75cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR5.75-
crore term loan and INR0.70-crore cash credit limit of Savitri
Polyesters Private Limited. The outlook on the long-term rating
is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limit-
  Term loan               5.75       [ICRA]B (Stable)/assigned

  Fund-based Limit-
  Cash Credit             0.70       [ICRA]B (Stable)/assigned

Rationale

The assigned rating is constrained by SPPL's small scale of
operations in a highly fragmented and competitive industry
structure, which limits pricing flexibility. Further, the
company's profit margins are vulnerable to the cyclicality
inherent in the textile industry and to raw material price
fluctuations which may not be passed on to the customers
adequately. Further, in the near term the company's capital
structure and coverage indicators are expected to remain
stretched given the recent debt-funded capex and the impending
debt repayments.

The rating, however, draws comfort from the extensive track
record of the company's promoter in the fabric processing
industry and the favorable location of SW's manufacturing
facility in Surat, which is a textile hub in Gujarat, resulting
in easy access to key raw materials and proximity to end users.

Key rating drivers

Credit strengths

* Established experience of the promoter in the fabric
   Processing industry

* Location advantage in terms of raw material availability in
   Surat

Credit weaknesses

* Despite the growth achieved over the last five years, the
   scale of operations remains small which limits economies of
   scale

* Vulnerability of profitability to adverse movements in raw
   material prices which the company may not be able to fully
   pass on to the customers

* Debt-funded capital expenditure likely to impact capital
   structure in the near term

* Intensely competitive business environment due to fragmented
   industry structure; limited scope of pricing power in the
   industry

* Vulnerability of operations to cyclicality inherent in the
   textile industry

Description of key rating drivers:

Savitri Polyester Private Limited commenced commercial operations
from 1997 and is involved in the production of artificial silk
fabric (nylon saree material) in the form of greige fabric, which
is further processed to make sarees and dress materials.
Although the scale of operations of the company has remained
small, which restricts the economies of scale, the operating
income has witnessed a CAGR of ~20% from INR6.90 crore in FY2012
to INR14.09 crore in FY2016.

The company's margins are susceptible to fluctuations in the
prices of the main raw materials, which are further accentuated
by the competitive pressures from presence of both organised and
unorganised players in the industry, thereby limiting its pricing
power.

The capital structure of the company is comfortable with gearing
at 0.94 times as on March 31, 2016. However, the near-term debt
capex is likely to impact the capital structure.

In FY2017, ICRA expects SPPL's operating income to grow at a
modest pace due to the interim slowdown in the textile industry
due to the adverse impact of demonetisation. Going forward, the
company's revenue growth is expected to be aided by the addition
of new capacities. Nevertheless, the company's ability to improve
its profit margins, while reducing its working capital
requirements by controlling the receivable position, will remain
the key rating sensitivity.

Established in 1997 and promoted by Mr. Mukesh Bansal, Savitri
Polyester Private Limited manufactures art silk cloth (nylon
saree material). The present processing capacity is ~8 lakh
metres per annum, which is expected to increase to ~20 lakh
metres per annum after the completion of the ongoing capex.


SHREE SIDHBALI: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Shree Sidhbali
Paper Mills Limited (SSPML) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          0.51       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Buyer`s Credit          0.50       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit            10.00       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Letter of Credit        0.50       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)


   Proposed Long Term      4.14       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan               7.35       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Sidhbali Paper Mills
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Shree Sidhbali Paper Mills
Limited is consistent with 'Scenario 1' outlined in 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower. Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at CRISIL D/CRISIL D.

SSPML, incorporated in 2001, manufactures kraft paper, which is
used to manufacture corrugated boxes. It has its manufacturing
facility in Muzzafarnagar (Uttar Pradesh). The company is being
managed by Mr. Raghuraj Garg, Mr. Subash Chand, Mr. Mayur Garg
and Mr. Sumit Kumar Agarwal.


SIMHAPURI TRANSPORT: CRISIL Assigns B+ Rating to INR5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Simhapuri Transport (ST). The ratings
reflect the Small scale of operations in highly competitive and
fragmented logistics industry and Small Net worth constraining
the financial flexibility. The weakness are however partially
offset by Extensive industry experience of promoters and
established relationship with fleet owners and customers.

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

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in highly competitive and fragmented
logistics industry
The Firm has small operations as seen in the estimated revenues
recorded at INR30 Crore for Fiscal 2017.The small operations
limit the firm in achieving economies of scale. However with
improving customer base and orders the scale of operations are
expected to see uptick.

* Small Net worth constraining the financial flexibility.
The Firm has small net worth of INR2.7 Crore as on March 31,
2016. The net worth has remained low due to low initial paid-up
capital and limited accretion to reserves; the latter is a result
of small scale of operations. The same limits the financial
flexibility of the firm to meet any exigency.

Strengths

* Extensive industry experience of promoters and established
relationship with fleet owners and customers
The promoter of the firm is Mr. Madhava Rao; aged 58 years. He
has prior experience in transport and logistics department in
various companies before setting up the firm in 1989.His long
standing experience in the industry has been instrumental in
bagging orders from customers and have vehicles supply from fleet
owners.

Outlook: Stable

CRISIL believes that ST will continue to benefit over the medium
term from the extensive experience of its promoters and
established relationships with fleet owner and key customers. The
outlook may be revised to 'Positive' if there is substantial
capital infusion by management leading to improvement in its
financial risk profile, particularly capital structure, and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of lower than expected accruals or deterioration in
working capital management or if the firm undertakes any large
debt funded capex leading to deterioration in its liquidity
profile.

ST, established as a partnership firm Visakhapatnam based Mr.
V.Madhava Rao, is a third-party logistics and road transportation
services provider. The proprietor has experience of two decades
in the transport business.

ST has recorded PAT of INR0.5 Crores on Operating Income of
INR38.2 Crore for the fiscal 2016 as against PAT of INR0.5 Crore
on operating income of INR39.8 Crore for fiscal 2015.


SN NIRMAN: ICRA Lowers Rating on INR37.21cr Loan to 'D'
-------------------------------------------------------
ICRA has reassigned the long-term rating for the term loan and
unallocated limits of SN Nirman Infra Projects Private Limited
aggregating to INR43.41 crore from [ICRA]BB (SO) to [ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term loans              6.20       Reassigned to [ICRA]D from
                                     [ICRA]BB (SO)(Negative)

  Unallocated            37.21       Reassigned to [ICRA]D from
                                     [ICRA]BB (SO)(Negative)

Rationale

The ratings assigned to SNIPPL were backed by the guarantee
provided by a group company, VS Lignite Power Private Limited
(VSLPL). The reassignment in ratings for SNIPPL follows the
revision in rating assigned to VSLPL from [ICRA]BB (Negative)/
[ICRA]A4 to [ICRA]D/[ICRA]D, owing to delays in servicing of debt
obligations, coupled with the delays in servicing of debt
obligations by SNIPPL.

Key rating drivers

Credit strengths

* SNIPPL has developed the water supply facility, which is being
   used for sourcing water by the 135 MW power plant of VSLPL
   since 2010

Credit weakness

* Operations of the end-use power project have been affected by
   the inadequate tariffs in relation to cost of generation
   resulting in losses leading to delays in debt servicing

* Demand and tariff risks remain high for the end-use project
   under VSLPL given the pending tie-up of long term power
   purchase agreement (PPA)

* Overall credit profile of the group has significantly weakened
   over the past one year due to delays in execution of the 3600
   MW thermal power project in Chhattisgarh and continued losses
   for some of the operational projects

Description of key rating drivers highlighted above:

SNIPPL developed the water supply facility on build and transfer
basis for supplying water to the 135 MW lignite-based power plant
of VSLPL. SNIPPL has handed over the facility for O&M to VSLPL
post completion, in return for monthly payments for a period of
15 years. While the 135 MW lignite-based power plant of VSLPL has
been operational since July 2010, the operations of the plant
have been affected by inadequate tariff in relation to the cost
of generation, resulting in losses and in turn delays in
servicing of debt obligations.

In March 2015, VSLPL terminated the power sale agreements with
group captive consumers citing the directive from Ministry of
Coal, wherein projects with captive mines are required to supply
power generated using fuel from such captive mines to state
distribution utilities through long term PPAs. Post the
termination of the agreements with industrial consumers, the
company has not been able to tie-up long-term PPA with state
distribution utilities leading to high demand and pricing risks
for the company. This also affected the counter-party credit
risks on the monthly payments from VSLPL for SNIPPL.

SNIPPL is a special purpose vehicle (SPV) promoted by Hyderabad
based KSK group to develop, construct and finance a water supply
facility of approximately 42.5 kilometers (KM's) from Indira
Gandhi Nahar Pariyojana (IGNP) to VSLPL project site along with
water reservoir at the later end in Bikaner district of
Rajasthan. This water intake project has been completed fully and
is supplying water to the power plant of VSLPL.


SRE VENKATACHALAPATHY: ICRA Reaffirms B+ Rating on INR4cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on the INR1.94 crore term loans, the INR4.00 crore long term fund
based facilities and the INR3.56 crore long term unallocated
facilities of Sre Venkatachalapathy Textiles. ICRA has also
assigned the short term rating of [ICRA]A4 outstanding on the
INR2.50 crore short term non-fund based limits SVT. The outlook
on the long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Term
  Loan                   1.94       [ICRA]B+ (Stable)/reaffirmed

  Long-term: Fund
  based facilities       4.00       [ICRA]B+ (Stable)/reaffirmed


  Long-term:
  Unallocated
  Facilities             3.56       [ICRA]B+ (Stable)/reaffirmed

  Short-term: Non-
  fund based
  facilities             2.50       [ICRA]A4/reaffirmed

Rationale

The assigned rating factors in the significant experience of the
promoters in the textile industry for over a decade. Rating also
positively factor in SVT's long standing relationship with
customers and product profile comprising of both yarn and fabric
segments. Rating also takes into account the financial risk
profile characterized by high gearing and moderate coverage
indicators and low net worth as on March 31, 2016. The rating,
however, is constrained by the highly competitive and fragmented
nature of the industry which exerts pressure on the profitability
margins. Further, the margins remain vulnerable to the volatility
in the input prices. ICRA also takes note of the risks of capital
continuity and issues of limited disclosures associated with
partnership firms.

Going forward, the firm's ability to scale up its operations
while improving its profitability are key rating sensitivities.

Key rating drivers

Credit Strengths

* Experience of the promoters in the textile industry and
   established presence of the firm in Coimbatore

* Long-standing relationship with customers and product line
   that includes both yarn and fabrics expected to support
   revenue growth

Credit Weakness

* Financial profile characterized by high gearing and moderate
   coverage indicators

* Small scale of operations restricting economies of scale and
   financial flexibility

* Intense competition in a highly fragmented industry restricts
   pricing flexibility

Description of key rating drivers highlighted above:

SVT is a small scale player in a competitive industry (spinning
mills); nevertheless, the promoter has longstanding experience in
the industry of almost two decades. Further, the firm has been
able to consistently obtain orders from its customers and has
also been able to add new and reputed clients to its portfolio.
SVT sells 50% of its yarn produced, directly to the customers,
the rest 50% is outsourced for processing (dyeing, sizing and
weaving yarn to a fabric) to grey cloth and finished fabrics, and
sold to customers. The small scale of operations coupled with
intense competition arising from the highly fragmented nature of
the domestic textile industry limits its pricing flexibility. The
firm had increased its production capacity in the current fiscal
through debt funded capital expenditure. The expansion is
expected to increase the turnover of the firm, however the scale
of operations is expected to remain small albeit some
improvement.

The concern has recorded improvement in the financial risk
profile with marginal growth in operating income in FY2016.
However, the profit margins remain low in the period under study.
SVT has high capital structure and coverage indicators. Working
capital intensity has been moderate for the period under study.

Sre Venkatachalapathy Textiles was started by late Mr.
Venkataswamy Naidu in 1988 as a sole proprietorship and was
converted into a partnership firm in 1999. The firm started its
operations as a manufacturer of cotton yarn in 40s count and has
expanded its operations to weaving and yarn dyeing. The firm
currently operates with 15,792 spindles and has a capacity to
manufacture 50,000 meters of grey cloth per week. About 50% of
the yarn manufactured by the firm is sold directly to customers
while the rest is processed further to make fabric.

In FY2016, SVT reported a net profit of INR0.04 crore on an
operating income of INR25.73 crore, as compared to a net profit
of INR0.00 crore on an operating income of INR24.47 crore in
FY2015.


SRI LAXMI: CRISIL Assigns 'B' Rating to INR7.5MM Overdraft
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Laxmi Venkateshwara Rice Mill Ginning
Factory.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Overdraft               7.5        CRISIL B/Stable

The rating reflects the firm's exposure to intense competition
and to volatility in raw material prices, and dependence on
monsoon. These weaknesses are partially offset by the extensive
experience of its promoters and moderate working capital
requirement.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to volatility in raw material prices and to
uneven monsoon: Since availability of key raw material, paddy, is
seasonal and its yield depends on adequate monsoon, prices remain
volatile. This is compounded by the firm's inability to fully
pass on any sharp rise in prices to customers because of intense
competition, thereby affecting profitability.

* Exposure to intense competition: The rice milling segment has
many small, unorganised players catering to regional demand, and
some large entities.

Strengths

* Extensive experience of promoters: Presence of more than two
decades in trading in rice, food grains, and pulses has enabled
the promoters to establish strong relationship with customers and
suppliers and understand market dynamics.

Outlook: Stable

CRISIL believes LVRMG will benefit over the medium term from the
extensive experience of its promoters and stable demand for rice.
The outlook may be revised to 'Positive' if substantial ramp up
in operations, improvement in profitability, and higher cash
accrual lead to a better financial risk profile, especially
liquidity. The outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or any large, debt-
funded capital expenditure weakens financial risk profile,
particularly liquidity.
Set up 1991 as a partnership firm by Mr. Ramu, Mr. Pushpavathi,
Mr. Krishnamurthy, and Mr. Venkata Shailaja, LVRMG gins and
processes steamed and raw rice at its facility in Karatagi,
Karnataka). The promoters have been in the rice milling business
since 1991.

For fiscal 2016, profit after tax (PAT) was Rs 0.2 crore on net
sales of Rs 23 crore, against a PAT of Rs 0.2 crore on net sales
of Rs 27.6 crore for fiscal 2015.


SRI SAI AGRO: ICRA Reaffirms 'B' Rating on INR4.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR2.50
crore term loans and INR4.00 crore cash credit facilities of
Sri Sai Agro Industries at [ICRA]B. The outlook on the long term
rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term- Fund
  Based-Term Loan         2.50      [ICRA]B (Stable) Reaffirmed

  Long term-Fund
  Based-Cash Credit       4.00      [ICRA]B (Stable) Reaffirmed


The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with Sri Sai Agro Industries, ICRA had sent repeated reminders to
the company for payment of surveillance fee that became overdue.
However despite multiple requests, the company's management has
remained non-cooperative. ICRA's Rating Committee has taken a
rating view based on best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November
01, 2016, the company's rating is now denoted as:
"[ICRA]B(Stable) ISSUER NOT COOPERATING". The lenders, investors
and other market participants may exercise appropriate caution
while using this rating, given that it is based on limited
information on the company's performance since the time it was
last rated.

Sri Sai Agro Industries was established in 2014 by Mr.
Balarammurthy, Mr.Prasad and Mr. Venkateshwar Rao. The firm is
engaged in milling, processing and selling of boiled rice, raw
rice, bran and husk. It started its operations in April, 2015
after the promoters had winded up the operations of another
entity, Sri Guru Sai Rice Industries, engaged in the same line of
business. The firm procures majority of its raw material
requirements from farmers located in Raichur and its neighbouring
districts in Karnataka and sells the finished products in the
domestic market (primarily Maharashtra) to rice traders mainly
under the brand name "RB Gold". The firm's manufacturing facility
is located in Sindhanur in Karnataka spread over 6 acres land
with an aggregate installed capacity of 6 tons per hour of
milling.


STEELHACKS INDUSTRIES: Weak Fin. Strength Cues ICRA SP 3D1 Grade
----------------------------------------------------------------
ICRA has assigned a 'SP 3D1' grading to Steelhacks Industries
(SI), indicating the 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid till December 31, 2020 after which
it will be kept under surveillance.

Grading Drivers

Strengths

* Extensive experience of the promoter in the solar heater
   industry; promoters have been engaged in the solar heater
   business since early 1980's

* Strong Operational and Maintenance capabilities; reflected
   by the large dealership network spread across several states

* Good project execution experience on account of exposure to
   small, moderate and large size projects

* Moderate order book position

Risk Factors

* Small scale of firm's operations resulting in limited
   bargaining power with suppliers and customers

* Large number of organized/ unorganized players indicating
   high level of competition may lead to difficulties in getting
   new contracts and may pressurize margins

* Weak financial risk profile as characterized by low
   profitability margins and low net worth base of INR0.52 crore
   as on March 31, 20

Year of Establishment: 1980

Office Address:
Plot No 525, G.I.D.C. Estate, Vithal Udyognagar, Anand-388121,
Gujarat

Partners:

Mr. Manoj Pandya
Mr. Chintan Pandya

Steelhacks Industries (SI) is a partnership firm established by
Mr. Manoj Pandya and his son Mr. Chintan Pandya and has been
operational since 1980. SI is into the manufacturing and sale of
solar water heaters, based on flat plate collector technology and
evacuated tube technology, and roof top solar power plants. Apart
from this, the firm also trades in solar dryers, electric geysers
and wood fired water heaters. However, currently, solar water
heaters are major revenue drivers for the firm. The manufacturing
set up of the firm is located in the GIDC premises of Anand
district in Gujarat.

* Promoter Track Record: Steelhacks Industries (SI) is a
partnership firm promoted by Mr. Manoj Pandya and his son Mr.
Chintan Pandya and has been operational since 1980. The
promoter has extensive experience in the solar water heater
segment spanning more than three decades. The firm is into the
manufacturing and sale of solar water heaters based on
flat plate collector and evacuated tube technology. Apart from
the same, the firm has also commenced manufacturing and
installation of rooftop solar power plants in FY2017, however,
the experience and till date installations remain limited in PV
segment.

The partner of the firm, Mr. Manoj Pandya has total experience of
~52 years in various domains, which includes experience of ~36
years in renewable energy space. He has been associated with SI
since its inception and he is also engaged in trading of geysers
through an associate concern. Another partner, Mr. Chintan
Pandya, is also having extensive experience of ~26 years in
renewable energy business.

* Technical competence and adequacy of manpower: The firm has
trained its personnel's to manufacture and install solar water
heaters, with capacities ranging from 100 LPDs to 1,00,000 LPDs,
and solar power plants. Moreover, the partners also remain
involved in day-to-day activities of the firm. SI has
demonstrated its technical ability by installing solar projects
across several states. The total personnel strength at present
remains at about 25, which seems adequate for its present nature
and size of the jobs undertaken. At present SI procures raw
materials from various vendors and has in-house design and
installation teams which look into the various technical aspects
of manufacturing, installation and post installation services.
The firm has adequately experienced and qualified management team
who look after the project management, sales and marketing
activities.

* Quality of suppliers and tie ups: The firm procures raw
materials from domestic vendors and enjoys healthy working
relationships with its suppliers. It procures majority of its raw
material requirements from Gujarat. The firm shortlists the
vendors based on product certifications, quality parameters, and
the service levels which suppliers can provide.

* Customer and O&M Network: SI has executed various solar water
heater projects since inception totaling to ~15,08,000 LPD. The
firm's clientele include commercial establishments, educational
institutions, hostels and residential apartments. Quality
deliverables, timely execution and prompt after sales service
have led to satisfactory feedback from customers. The firm has
its O&M network spread across the country in the states of
Rajasthan, Gujarat, Assam, Meghalaya, Jharkhand, Uttaranchal,
etc. SI operates an extensive network of 83 dealers with most of
the dealers being exclusive to SI and the firm outsources the
installation work to its dealers.

Revenues                            INR1.89 Crore for FY2016

Return on Capital Employed (RoCE)   22.79%

Total Outside Liabilities/          2.56 times
Tangible Net worth

Interest Coverage Ratio             0.32 times

Net-Worth                           The net-worth of the firm is
                                    INR0.52 crore

Current Ratio                       1.37 times

Relationship with banker            The banker is satisfied with
                                    the performance of the
account

The overall financial profile of the firm is Weak.


SULTANPUR NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sultanpur Nagar
Palika Parishad (SNPP) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                        KEY RATING DRIVERS

Ind-Ra expects inadequate civic infrastructure, poor water
supply, and absence of sewerage network and septage treatment
plant in Sultanpur to put pressure on SNPP's finances.  However,
the city has a scope for improvement in its infrastructure
facilities due to its selection under Atal Mission for
Rejuvenation and Urban Transformation (AMRUT) scheme.

Sultanpur jurisdiction is merely 12 sq km with a population of
107,640.  Economic activities in the town are not buoyant.  The
city's own non-tax revenue mainly emanates from fees and rental
income from municipal properties with an average contribution of
6.46% and 6.67%, respectively, to total revenue during FY12-FY16.

SNPP has a high level of dependence on the state government
(compensation in lieu of stamp duty, and revenue grants and
contributions).  Revenue compensation and revenue grants
cumulatively contributed 75.04% to the total revenue income
during FY12-FY16.

SNPP revenue receipts increased at a CAGR of 9.86% over FY12-FY16
to INR145.89 million.  Being a Nagar Palika Parishad, Sultanpur's
revenue source comprises tax and non-tax revenue with an average
contribution to the total revenue income of 10.14% and 13.13%,
respectively.  Revenue margins improved to 47.40% in FY16 (FY12:
15.51%) mainly due to control on total expenditure (CAGR 2.41%
over FY12- FY16) and growth in revenue (9.86%).  As per SNPP's
financial statements, there was no debt as on March 31, 2016.

                       RATING SENSITIVITIES

Positive: A significant improvement in SNPP's operating
performance and execution of AMRUT projects within the stipulated
timeframe would positively impact the rating.

Negative: A financial burden in the form of debt, a further
deterioration in property tax collection efficiency and
withdrawal of revenue support without a suitable compensatory
plan would trigger a negative rating action.

COMPANY PROFILE

SNPP was constituted as per the constitutional provisions in the
Constitution of India.  The 74th amendment promulgated by the
Parliament in 1992 has provided the framework for its existence.
The district is a part of Faizabad division.  According to 2011
census, SNPP's average literacy rate was 87.59%, compared to the
national average of 72.99%.


SURYA CHARITABLE: CRISIL Reaffirms 'B' Rating on INR1MM LT Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Surya Charitable And Welfare Society Regd.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B/Stable (Reaffirmed)


The rating reflects its modest scale of operations and financial
risk profile marked by low networth and high leverage. These
weaknesses are partially offset by established network of
kitchens, track record of successful execution of contracts, and
absence of term debt obligation.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Since the trust's operations are
limited to Delhi, scale has remained modest, reflected in
operating income of around Rs 12 crore in fiscal 2016.

* Modest financial risk profile: Low networth and high leverage
led to modest financial risk profile.

Strengths

* Established network of kitchens and track record of successful
execution of contracts: The society provides free meals under the
mid-day meal scheme and owns kitchens that cover 3 zones (out of
12) in Delhi.

* Absence of external debt: Society does not have any external
debt. Entire debt is unsecured loan from society members.
Outlook: Stable

CRISIL believes Surya's business risk profile will remain
constrained over the medium term by its small scale of
operations. The outlook may be revised to 'Positive' if
significant improvement in scale of operations leads to more-
than-expected net cash accrual. The outlook may be revised to
'Negative' if financial risk profile weakens further because of
decline in sales or profitability or increase in working capital
requirement.

Set up in 2004 by Mr. R K Sharma, Surya is not-for-profit society
that provides mid-day meals and free nutritional food in schools
under a central government scheme.

Profit after tax (PAT) was INR 0.01 crore on net sales of around
Rs 12 crore for fiscal 2016, vis-a-vis PAT of 0.01 crore on net
sales of Rs 12 crore for fiscal 2015.


THEIVA EXIM: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Theiva Exim (TE)
a Long-Term Issuer Rating of 'IND B'.  The Outlook is Stable.
The instrument-wise rating action is:

   -- INR90 mil. Fund-based working capital limits assigned with
      'IND B/Stable/IND A4' rating

                         KEY RATING DRIVERS

The ratings reflect TE's small scale of operations and weak
credit metrics.

The firm's revenue was INR337 million in FY16 (FY15: INR185
million); the top line grew on account of an increase in order
inflow.  TE has a current order book of INR150 million which will
be executed till June 2017.  It achieved revenue of INR370
million during 11MFY17 (unaudited).  EBITDA interest coverage
(operating EBITDA/gross interest expense) deteriorated to 0.9x at
FYE16 (FYE15: 1.2x) due to a decline in EBITDA margins and net
leverage (total adjusted net debt/operating EBITDAR) improved to
12.8x (21x) on account of a decrease in debts.  The EBITDA margin
remained thin in the range of 1.2%-1.8% during FY14-FY16 on
account of the trading nature of the business.

TE's liquidity position is tight as indicated by an average
maximum working capital utilization of 98.6% during the 12 months
ended February 2017.

The ratings, however, are supported by the founders' experience
of over a decade in the agro products trading business.

                      RATING SENSITIVITIES

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

Positive: A significant increase in the scale of operations and
profitability leading to a sustained improvement in the credit
metrics could lead to a positive rating action.

COMPANY PROFILE

TE was incorporated in 2009 as a proprietorship firm.  It is
engaged in the trading of agro products mainly pulses.  TE
imports 80% of the product requirements and purchases the
remaining from local suppliers.  TE records 100% of its revenue
through domestic sales.


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

   -- INR120 mil. Term Loan migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Vismit is a partnership firm engaged in
residential and commercial real estate development.  It is
currently constructing a five floor commercial building in
Vadodara.


VJR POULTRY: CRISIL Reaffirms 'B' Rating on INR4.9MM LT Loan
------------------------------------------------------------
CRISIL has been consistently following up with VJR Poultry Farms
for obtaining information through letters and emails dated
January 19, 2017 and February 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          3.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      4.9       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of VJR Poultry Farms. 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 VJR Poultry Farms is consistent with
'Scenario 1' outlined in 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Therefore, on
account of inadequate information and lack of management co-
operation, CRISIL is reaffirming the rating at CRISIL B/Stable.

Established in 2011 as a partnership firm, VJRPF produces broiler
chicken and commercial eggs. The firm, which has its
manufacturing unit in Hyderabad, is promoted by Mr. Janardhan
Reddy and his wife Mrs. Snehalatha.


VS LIGNITE: ICRA Lowers Rating on INR203.19cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]BB
and short term rating to [ICRA]D from [ICRA]A4 for the term
loans, fund based, non-fund based and unallocated limits of VS
Lignite Power Private Limited (VSLPL) aggregating to INR335.75
crore.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term loans             72.56       Revised to [ICRA]D from
                                     [ICRA]BB(Negative)

  Fund based limit      50.00        Revised to [ICRA]D from
                                     [ICRA]BB(Negative)

  Non-fund based        10.00        Revised to [ICRA]D from
  Limit                              [ICRA]A4

  Unallocated          203.19        Revised to [ICRA]D from
                                     [ICRA]BB(Negative)

Rationale

The revision in ratings assigned to VSLPL factors in the delays
in servicing of debt obligations by the company owing to losses
from the power generation business of the company. Until March
2015, the operations of the 135 MW lignite based power plant were
adversely affected by inadequate tariff with group captive
industrial consumers in relation to the cost of generation. In
March 2015, the company has terminated the power sale agreements
with the group captive consumers citing the directive from
Ministry of Coal stipulating projects with captive mines to
supply power generated using fuel from such mines to state
distribution utilities through long term PPAs. However, VSLPL has
not been able to tie-up the long-term power purchase agreement
(PPA) with state distribution utilities so far, resulting in high
demand and tariff risks for the power generation business. While
the company is currently selling power in the open market,
through short term sale agreements, ICRA notes the tariff under
the prevailing sale remains unviable in relation to the cost of
generation for the project. The ratings also factor in the high
receivable position on account of disputed payments with
industrial customers. ICRA further takes note of the significant
weakening of the credit profile of the group characterized by
decline in profitability, high debt levels and weak debt coverage
indicators at a consolidated level owing to multiple factors
including significant delays in execution of the 3600 MW thermal
power project located in Chhattisgarh, as well as continued
losses for some of the operational projects of the group.

Key rating drivers

Credit strengths
* Operational lignite-based power project of 135 MW commissioned
   in July 2010
* Low fuel availability risk for the 135 MW power plant of VSLPL
   given the presence of captive lignite block and stable supply
   of lignite so far

Credit weakness

* Project operations affected by the inadequate tariffs in
   relation to cost of generation resulting in losses leading to
   delays in debt servicing

* Financial profile constrained by weak capital structure owing
   to accumulated losses and also weak debt coverage indicators

* Demand and tariff risks remain high given the pending tie-up
   of long term PPA, post the termination of PPAs with group
   captive consumers; tariff under open market sale remains
   unviable

* Overall credit profile of the group has significantly weakened
   over the past one year due to delays in execution of the 3600
   MW thermal power project in Chhattisgarh and continued losses
   for some of the operational projects

Description of key rating drivers highlighted above:

The 135 MW lignite-based power plant of VSLPL has been
operational since July 2010 and was supplying power to industrial
consumers under group captive mode till March 2015. While the
tariff rate was competitive in relation to the tariff offered by
state utility to these consumers, it was un-remunerative for
VSLPL in view of the project cost escalation and also higher
lignite costs, thus adversely impacting the profitability of the
project. In March 2015, the company terminated the power sale
agreements with group captive consumers citing the directive from
Ministry of Coal, wherein projects with captive mines are
required to supply power generated using fuel from such captive
mines to state distribution utilities through long term PPAs.
Post the termination of the agreements with industrial consumers,
the company has not been able to tie-up long-term PPA with state
distribution utilities leading to high demand and pricing risks
for the company. This is reflected from the decline in PLF for
the project since FY2015 and decline in average tariff realised
by the project.

VSLPL sources the required fuel for its power plant from a
captive mine awarded by Government of India on a long term lease
basis. The mine is located in Gurha (East) village in Bikaner
district, Rajasthan, at a distance of 5 KM from the power plant
site. The mine has sufficient reserves to meet the plant
requirements for 20~21 years at 80-85% PLF. As a result the fuel
availability risks for the plant are expected to be low. However,
the landed cost of lignite for VSLPL has remained higher than
projected for VSLPL owing to escalation in the mining project
cost. The significant increase in lignite cost over the years
coupled with the un-remunerative tariffs for supply to group
captive industrial consumers till March 2015 and from open market
sale thereafter, has adversely affected the profitability of the
company.

VSLPL is a special purpose vehicle (SPV) promoted by Hyderabad
based KSK group. VSLPL operates a 135 MW lignite fired power
plant at Gurha village in Bikaner district of Rajasthan. The
plant was synchronized to the grid in March 2010 and
commissioning was announced in July 2010. The power plant sources
fuel from its captive lignite mine. The operations and
maintenance (O&M) of the power plant is carried out by
Operational Energy Group Limited.



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


EROAD LIMITED: Warns Annual Net Loss to Widen Up to NZ$6.5MM
------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Eroad Limited said its
annual loss widened in the 2017 financial year as a boost to
investment in the US and changes to the way it amortises
development costs weighed on the bottom line, even as sales
continued to grow.

The Auckland-based fleeting-tracking company, headed by NBR Rich
Lister Steven Newman, said it will report a net loss of between
NZ$5.5 million and NZ$6.5 million in the year ended March 31, up
from a loss of NZ$1.3 million a year earlier.

Of that, NZ$1.5 million was due to Eroad changing the way it
amortises development costs to a straight line monthly charge
from an upfront cost per unit, while the balance was due to
"significant investment" in the US where the company expects to
benefit from the government registration of its hardware-based
electronic logging device. The accounting change will lead to a
higher amortisation charge in later years.

Earnings before interest, tax, depreciation and amortisation rose
to between NZ$6 million and NZ$7 million from NZ$5.7 million in
2016, with a 30 percent increase in total contracted units sold
to 11,088.

"Eroad's sales pipeline for FY18 is very healthy in both the New
Zealand/Australia and US markets with more than 6168 unit
commitments already received from customers to be delivered,"
chief financial officer Jason Dale said in a statement. "In the
US, sales growth continued to be modest, as anticipated, as the
business built its sales and marketing capability and engaged in
extensive market research in advance of going to market with our
in-cab hardware-based electronic logging device."

The shares were unchanged at NZ$2, with the announcement coming
just before the end of the trading day on Monday before the Anzac
Day break. The stock has climbed 25 percent so far this year but
is still some way off its initial public offering price of NZ$3
in August 2014.

EROAD Limited is a New Zealand-based transport technology and
services company. The Company offers an electronic solution to
manage and pay road user charges (RUC) and road tax regimes;
support regulatory compliance, as well as provide commercial
services to the heavy vehicle industry. The Company operates
through three segments: Development Markets, Commercial Markets
and Established Markets. The Development Markets segment includes
the market opportunity that has been validated, or has been
identified and is in the process of being validated. The
Commercial Markets segment includes the market that has been
entered and whose trading has commenced. The Established Markets
segment includes a business that has been established in the
market. It designs and manufactures in-vehicle hardware, operates
secure payment and merchant gateways, and offers Web-based
services. It also provides a fuel tax reporting service in North
America.



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


RURAL BANK OF ILIGAN: Placed Under PDIC Receivership
----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Iligan City, Inc. from doing business in
the Philippines. Under Resolution No. 634.A dated April 20, 2017,
the MB directed the Philippine Deposit Insurance Corporation
(PDIC) as Receiver to proceed with the takeover and liquidation
of the bank. PDIC took over the bank on April 21, 2017.

Rural Bank of Iligan City is a single-unit rural bank located at
#0045 Gen. Aguinaldo St., Brgy. Poblacion, Iligan City. Based on
the General Information Sheet filed by the bank with the
Securities and Exchange Commission as of December 31, 2016, Rural
Bank of Iligan CIty is owned by Esmeraldo C. Roque, Jr. (40.00%),
Alice L. Andrada (19.39%), Ma. Sarah Sirikit R. Dungca (7.44%),
B&C Industries (6.21%), Ma. Sylvia R. Ilagan (3.81%), Mario
Solomon P. Roque (3.81%), Mario Silvino P. Roque (3.81%),
Villalaya Agro Dev't. Corp. (2.91%), and Renato A. Tan (2.00%).
The Bank's Chairman is Francis C. Adeva and its President is
Esmeraldo C. Roque, Jr.

Latest available records show that as of December 31, 2016, Rural
Bank of Iligan City had 394 deposit accounts with total deposit
liabilities of PHP27.9 million. Total insured deposits amounted
to PHP13.2 million equivalent to 47.2% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Rural Bank of Iligan City or acted
as co-makers of these obligations. Depositors have to ensure that
they have complete and updated addresses with the bank. They may
update their addresses until April 27, 2017 using the Mailing
Address Update Forms to be distributed by PDIC representatives at
the bank premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Rural Bank of Iligan City and to transact only with
designated PDIC representatives at the bank premises. For more
information on the requirements and procedures for filing claims
and settlement of loan obligations, all depositors and borrowers
of the bank are enjoined to attend the Depositors-Borrowers'
Forum which will be held in a venue near the premises of the bank
on May 4, 2017. Details will be posted in the bank premises and
in other public places.

Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.



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


EZRA HOLDINGS: Not Making Interest Payment on $150MM Notes
----------------------------------------------------------
The Strait Times reports that Ezra Holdings, which filed for US
bankruptcy protection last month, said it will not be making the
interest payment that was due on April 24 on its SGD150 million
of 4.875 per cent fixed rate notes due 2018.

According to the report, Ezra said the interest payment
"constitutes pre-Ezra Chapter 11 filing unsecured claim that the
company is not permitted to make pursuant to the United States
Bankruptcy Code."

"Accordingly, the company will not be making payment in respect
of the 24 April 2017 interest," it said in a statement dated
Monday (April 24).

The missed coupon payment is believed to be around
SGD3.66 million, the report says.

The Strait Times relates that Ezra met with bond holders last
week, in a two-hour session that was attended by about 100
people, to update them on the company's financial position. The
Singapore Exchange, which is trying to help Ezra's bond holders,
has said there are 373 holders of Ezra notes that are custodised
with the Central Depository.

The company also faces debt of possibly as much as US$2 billion
(SGD2.8 billion), the report says.

The Strait Times, citing court papers, discloses that the
company's largest unsecured creditors include all three Singapore
banks: DBS Bank, with claims totalling US$281.4 million; OCBC
Bank, with around US$207 million; and United Overseas Bank (UOB)
with US$22.8 million. In terms of secured debt, OCBC and DBS have
claims of more than US$47.2 million each, while UOB has US$10.2
million. OCBC also has a secured claim of over US$26 million
against Ezra Marine Services, adds The Strait Times.

                          About Ezra

Ezra is incorporated in Singapore with its registered office at
15 Hoe Chiang Road #28-01 Tower Fifteen Singapore 089316.  Its
shares were listed on the SGX Sesdaq on Aug. 8, 2003, and moved
to the Mainboard of the Singapore Exchange since Dec. 8, 2005.
It also issued certain notes (S$150,000,000 4.875% Notes due 2018
comprised in Series 003) which have been listed on the Singapore
Exchange since 2013.

Ezra established and maintains an office in the United States
located at 75 South Broadway, Fourth Floor, Office Number 489,
White Plains, NY 10601.  Ezra also has a wholly owned New York
subsidiary, Ezra Holdings (NY) Inc., which was incorporated in
the United States of America with 200 shares at a nominal issue
price per share.

Founded in 1992, Ezra Holdings Limited --
http://www.ezraholdings.com/-- is an offshore contractor and
provider of integrated offshore solutions to the global oil and
gas industry.  The Group has three main business divisions,
namely Subsea Services, Offshore Support and Production Services,
and Marine Services offering a full range of seabed-to-surface
engineering, construction, marine and production services
globally. Under the EMAS branding, the Group operates in more
than 16 locations across six continents spanning Africa, the
Americas Asia, Australia and Europe.

EMITS, a wholly owned subsidiary of Ezra, provides supporting
services to each of the Ezra Group's business divisions.  The
services provided are information technology services including
procuring data center services, Microsoft licenses, network
connectivity, computing support, shared IT equipment and service
support, email service, project management IT services support,
software applications and support and servers from various
service providers.

Ezra Marine is also a wholly owned subsidiary of Ezra.  It has a
leasehold interest in the marine base in Singapore located at 51
Shipyard Road, Singapore 628139 and leases out the base's
facilities and provides various support services in connection
with the marine base to the Ezra Group's operating entities.
These support services in connection with the marine base include
provision of power and potable water, various rental equipment,
manpower and management services, storage space and supplies.

The Ezra Group's joint venture ECS, and certain of its affiliate
companies filed voluntary petitions for reorganization under
Chapter 11 of the Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of Texas on Feb. 27, 2017.  ECS'
wholly- owned subsidiary, EMAS-AMC AS, has also been placed under
members' voluntary liquidation in Norway.  As Ezra has guaranteed
substantial charter hire liabilities of the ECS Group, as well as
certain loans owed by the ECS Group to financial institutions,
Ezra faces potentially significant contingent liability if the
creditors call on the guarantees.

Ezra received statutory demands from Svenska Handelsbanken AB
(Publ), Singapore Branch and Forland Subsea AS on Jan. 24, 2017,
and Feb. 6, 2017, respectively.  These statutory demands have
since expired under Singapore law and these two creditors are at
liberty to commence winding up applications against Ezra.  Ezra
also received a statutory demand from VT Halter Marine, Inc. on
March 9, 2017.

For fiscal year ended Aug. 31, 2016, the Ezra Group, on a
consolidated basis, realized revenue of approximately $525
million, with corresponding cost of sales of approximately $540
million, for a gross loss of approximately $15 million.  The Ezra
Group also incurred other expenses, including administrative
expenses, in excess of $835 million, for a net loss from
continuing business operations of approximately $850 million.

Ezra's books and records reflect, as of Aug. 31, 2016, long-term
assets valued at approximately $515 million, and current assets
valued at approximately $220 million.  On a consolidated basis,
for the same time period, the Ezra Group reflected long-term
assets valued at approximately $1.3 billion, and current assets
valued at approximately $623 million.



                             *********

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 B. Magdadaro and
Peter A. Chapman, Editors.

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

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

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



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