TCRAP_Public/170503.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, May 3, 2017, Vol. 20, No. 87

                            Headlines


A U S T R A L I A

DOG CALLED SPOT: First Creditors' Meeting Set for May 8
AUTO CARE: Second Creditors' Meeting Set for May 8
BC BARBER: First Creditors' Meeting Set for May 8
COURTENAY HOUSE: ASIC Takes Action vs. Group to Protect Investors
F & B CONSULTING: First Creditors' Meeting Set for May 5

P & K ALOMES: First Creditors' Meeting Scheduled for May 5
WATERSUN CONSTRUCTION: First Creditors' Meeting Set for May 10


C H I N A

CHINA COMMERCIAL: Will Sell $30MM Securities in Public Offering


I N D I A

ABC COTSPIN: CRISIL Reaffirms 'D' Rating on INR186MM Pack Loan
ADVAITH INT'L: CARE Issues B+ Issuer Not Cooperating Rating
AGGARWAL ASSOCIATES: CRISIL Cuts Rating on INR4MM Loan to 'B'
AVALON TECHNOLOGY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
C.M.S. BALAN: CRISIL Reaffirms 'B' Rating on INR5MM Loan

DHROOV RESORTS: CARE Issues D Issuer Not Cooperating Rating
GONDWANA ENGINEERS: CARE Lowers Rating on INR54cr Loan to 'D'
GRAFFITI (INDIA): CARE Assigns 'D' Rating to INR12cr LT Loan
GREAT EASTERN: CARE Reaffirms 'D' Rating on INR513cr LT Loan
HOPE HEALTHWAYS: Ind-Ra Migrates 'D' Rating to Non-Cooperating

JAGAN INDUSTRIES: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
KAVERI ENGINEERING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
KAY EM: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
MUKESH BALVANTRAI: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
NEW HARYANA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

NIZMAR HOTELS: CRISIL Lowers Rating on INR15MM Term Loan to 'C'
P.G. SETTY: CARE Upgrades Rating on INR13.57cr Loan to BB-
PLASTO MANUFACTURING: CRISIL Cuts Rating on INR2MM Loan to 'B'
RYATAR SAHAKARI: CRISIL Reaffirms 'B-' Rating on INR26MM Loan
SENBO ENGINEERING: CARE Assigns B+ Rating to INR142.68cr Loan

SHRI RAM GINNING: CARE Raises Rating on INR9.02cr Loan to B+
SINGER IMPEX: CARE Lowers Rating on INR10cr Loan to 'D'
SRM HOTELS: CARE Reaffirms B+ Rating on INR48.91cr LT Loan
SUVARNA SHILPI: CRISIL Cuts Rating on INR9.5MM Loan to 'B'
SWADESHI ALUMINUM: CARE Denotes B+ Rating to Not Cooperating

TULSI MARKETING: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
VIJAYASREE COTTON: CRISIL Reaffirms 'B' Rating on INR5MM Loan
VIKRAM INDIA: CRISIL Lowers Rating on INR10.5MM Loan to 'B'
VINEET POLYFAB: CRISIL Cuts Rating on INR12.8MM Cash Loan to B
WONDERCHEF HOME: CRISIL Issues B Issuer Not Cooperating Rating

YADAV RICE: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'


N E W  Z E A L A N D

CONFIGURE EXPRESS: Former Director Declared Bankrupt
FELTEX CARPETS: Shareholder Granted Leave to Appeal to High Court
LANZATECH: Narrows Annual Loss to US$37.4 Million in 2016


S I N G A P O R E

AVIC INTERNATIONAL: Restructuring Continues; Units in Liquidation
RICKMERS MARITIME: To Sell Entire Container Fleet for US$113MM


                            - - - - -


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


DOG CALLED SPOT: First Creditors' Meeting Set for May 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of A Dog
Called Spot Pty Ltd will be held at The Bourke Room, Level 9,
33 Erskine Street, in Sydney, New South Wales, on May 8, 2017, at
11:00 a.m.

Justin Holzman of Holzman Associates was appointed as
administrator of A Dog Called on April 28, 2017.


AUTO CARE: Second Creditors' Meeting Set for May 8
--------------------------------------------------
A second meeting of creditors in the proceedings of Auto Care
Group Pty Limited has been set for May 8, 2017, at 10:30 a.m. at
the offices of Jones Partners Insolvency & Business Recovery,
Level 13, 189 Kent 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 3, 2017, at 3:00 p.m.

Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of Auto Care on March 30, 2017.


BC BARBER: First Creditors' Meeting Set for May 8
-------------------------------------------------
A first meeting of the creditors in the proceedings of BC Barber
Holdings Pty Ltd will be held at Level 4, 70 Pirie Street, in
Adelaide, South Australia, on May 8, 2017, at 11:00 a.m.

Nicholas David Gyss and Stephen James Duncan of DuncanPowell were
appointed as administrators of BC Barber on April 27, 2017.


COURTENAY HOUSE: ASIC Takes Action vs. Group to Protect Investors
-----------------------------------------------------------------
Following an application by the Australian Securities and
Investments Commission, the Supreme Court of NSW has made interim
orders by consent against Courtenay House Capital Trading Group
Pty Ltd, Courtenay House Pty Ltd and a number of other parties,
including freezing their assets and restraining them from
carrying on a financial services business.

ASIC obtained these orders in connection with its ongoing
investigation into Courtenay House Trading Group and Courtenay
House to protect the interests of parties who have invested
through those companies.

Courtenay House Trading Group and Courtenay House offer returns
to investors from trading in foreign exchange and futures
commodities.

The parties subject to the orders are:

  * Courtenay House Trading Group;
  * Courtenay House;
  * Proactive Property Services Pty Ltd;
  * Sipina Enterprises Pty Ltd;
  * TheNowGroup.com.au Pty Ltd;
  * Tony Iervasi, director of the Courtenay House companies
    and Proactive Property Services;
  * David Sipina, director of Sipina Enterprises and Courtenay
    House Trading Group; and
  * Athan Papoulias, employee of Courtenay House Trading Group
    and director of TheNowGroup.

An interim travel restraint order was also made against Tony
Iervasi.

The amount that has been restrained in bank accounts associated
with Courtenay House Trading Group and Courtenay House could be
as much as AUD25 million.

The Supreme Court determined that there was sufficient evidence
to make the interim orders based on ASIC's concerns, which
include:

  -- Courtenay House Trading Group has been carrying on an
     unregistered managed investment scheme and that other
     parties have been involved in that conduct;

  -- Courtenay House Trading Group and Courtenay House have
     been providing unlicensed financial services; and

  -- Courtenay House Trading Group and Courtenay House have
     dealt with investor funds in a manner inconsistent with
     the conduct of a managed investment scheme.

Until April 27, 2017, Courtenay House Trading Group was the
investment manager of a registered managed investment scheme,
known as the Courtenay House Capital Investment Fund, Australian
Registered Scheme Number 155 250 433 (the Fund). On that date,
Australian Mutual Holdings Limited, the responsible entity for
the Fund, terminated the appointment of Courtenay House Trading
Group as investment manager. The Fund is not subject to the
interim orders or ASIC's investigation.

The interim orders are in place until September 4, 2017, when the
matter is next in Court.

ASIC's investigation is at an early stage and ASIC will not be
making any comment in relation to its investigation at this time.
Information for Investors

If investors have queries regarding investments made in the Fund
(which distributes returns annually rather than monthly) they
should contact Australian Mutual Holdings Limited, the
responsible entity for that fund, care of Lilly Case at
info@amhonline.com.au or on 02 9241 7959.

If investors have queries regarding investments made directly
with Courtenay House Trading Group or Courtenay House, ASIC has
established a dedicated webpage at http://asic.gov.au/courtenay-
house which contains information for investors including how to
contact ASIC.

Investors can also visit ASIC's MoneySmart website which contains
information about investing in foreign exchange and futures
generally.


F & B CONSULTING: First Creditors' Meeting Set for May 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of F & B
Consulting Pty Ltd will be held at the offices of Vince &
Associates, 51 Robinson Street, in Dandenong, Victoria, on May 5,
2017, at 11:00 a.m.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of F & B Consulting on April 27,
2017.


P & K ALOMES: First Creditors' Meeting Scheduled for May 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of P & K
Alomes Pty Ltd will be held at the offices of Helm Advisory,
Suite 4, Level 35, 50 Bridge Street, in Sydney, New South Wales
on May 5, 2017, at 11:00 a.m.

Stephen Wesley Hathway and Adam Bernard Preiner of Helm Advisory
were appointed as administrators of P & K Alomes on April 27,
2017.


WATERSUN CONSTRUCTION: First Creditors' Meeting Set for May 10
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Watersun
Construction Pty Ltd will be held at the offices of Romanis Cant,
Level 2, 106 Hardware Street, in Melbourne, Victoria, on May 10,
2017, at 12:00 p.m.

Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of Watersun Construction on April 28,
2017.



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


CHINA COMMERCIAL: Will Sell $30MM Securities in Public Offering
---------------------------------------------------------------
China Commercial Credit, Inc., filed a Form S-3 registration
statement with the Securities and Exchange Commission relating to
one or more offerings at prices and on terms that will be
determined at the time of each offering, of common stock,
preferred stock, warrants, or a combination of these securities,
or units, for an aggregate offering price of up to $30 million.
This prospectus describes the general manner in which the
Company's securities may be offered using this prospectus. Each
time the Company offers and sells securities, it will provide a
prospectus supplement that will contain specific information
about the terms of that offering.

The Company's common stock is listed on the NASDAQ Capital Market
under the symbol "CCCR." On April 24, 2017, the last reported
sales price of the Company's common stock was $1.41. The Company
will apply to list any shares of common stock sold by it under
this prospectus and any prospectus supplement on the NASDAQ
Capital Market.

Pursuant to General Instruction I.B.6 of Form S-3, in no event
will the Company sell its common stock in a public primary
offering with a value exceeding more than one-third of its public
float in any 12-month period so long as its public float remains
below $75 million. The Company has not offered any securities
pursuant to General Instruction I.B.6 of Form S-3 during the 12
calendar months prior to and including April 26, 2017.

The Company may offer the securities directly or through agents
or to or through underwriters or dealers. If any agents or
underwriters are involved in the sale of the securities their
names, and any applicable purchase price, fee, commission or
discount arrangement between or among them, will be set forth, or
will be calculable from the information set forth, in an
accompanying prospectus supplement. The Company can sell the
securities through agents, underwriters or dealers only with
delivery of a prospectus supplement describing the method and
terms of the offering of such securities.

A full-text copy of the prospectus is available for free at:

                          goo.gl/9VxWEm

                   About China Commercial Credit

China Commercial Credit, Inc., offers financial services in
China. It provides direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.
China Commercial reported a net loss of US$1.98 million on
US$1.29 million of total interest and fee income for the year
ended Dec. 31, 2016, compared to a net loss of US$61.26 million
on US$2.98 million of total interest income for the year ended
Dec. 31, 2015.

As of Dec. 31, 2016, China Commercial had US$21.21 million in
total assets, US$18.99 million in total liabilities and US$2.21
million in total shareholders' equity.

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



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


ABC COTSPIN: CRISIL Reaffirms 'D' Rating on INR186MM Pack Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with ABC
Cotspin Private Limited (ABC) for obtaining information through
letters and emails dated January 20, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Discounting         25        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Packing Credit           59        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Packing        186        CRISIL D (Issuer Not
   Credit                             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 ABC Cotspin 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 ABC Cotspin Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/CRISIL D.

ABC, incorporated in 2006 by Mr. Ashish Jobanputra and his family
members, primarily trades in cotton bales. The company generates
over 90 per cent of its revenue from the export market. It also
operates a ginning unit in Botad (Gujarat) commissioned in
November 2011. It is based in Ahmedabad (Gujarat).


ADVAITH INT'L: CARE Issues B+ Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE Ratings has been seeking information from Advaith
International (AI) to monitor the rating(s) vide e-mail
communications/letters dated March 7, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, CARE's rating on
Advaith International's bank facilities will now be denoted as
CARE B+/CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.23       CARE B+; Issuer not
   Facilities                        Cooperating

   Short-term Bank        0.40       CARE A4; Issuer not
   Facilities                        cooperating

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

Detailed description of the key rating drivers

At the time of last rating in December 29, 2015, the following
were the rating strengths and weaknesses:

Strengths

Experience partners with long track record of operations

AI was established in 1996 and is currently being managed by Mr.
Pankaj Kumar and Mr. Anand Kumar who have an experience of around
two decades in the readymade garments industry through their
association with AI. During the span of last 19 years, the
partners have established strong business relationship with its
customers and suppliers.

Moderate capital structure

The overall gearing ratio stood at moderate level of 1.36x as on
March 31, 2015, which has improved from 1.53x as on
March 31, 2014, mainly on account of repayment of term debt
coupled with accretion of profits into the networth.

Location advantage

The firm benefits from the location advantage in terms of easy
accessibility to large customer base located in Ludhiana.
Additionally, various raw materials required in manufacturing of
textiles are readily available owing to established supplier base
in the same location as well.

Weaknesses

Small scale of operations with low net-worth base
Despite being in operations for around 18 years, the firm's scale
of operations has remained small marked by the total operating
income (TOI) of INR22.68 crore for FY15 (refers to the period
April 01 to March 31) and tangible net worth of INR3.41 crore as
on March 31, 2015. The small scale of operations limits firm's
financial flexibility in times of stress and deprives it from
scale benefits.

Low profitability margins and weak debt protection metrics
The PBILDT margin of the firm remained low hovering around 3.50%
during the past two years i.e. FY14-FY15.

Subsequently, the PAT margin also remained low and below unity
during last two years. The debt protection metrics
stood weak marked by interest coverage ratio of 1.16x in FY15 and
total debt to GCA of 46.37x as on March 31, 2015.

Working capital intensive nature of operations
The operating cycle of AI stood at ~71 days as on March 31, 2015.
The average utilisation stood at around 95% of its sanctioned
working capital limits for last 12 months period ended November
2015.

Partnership nature of its constitution
AI's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners.

Highly fragmented market resulting in intense competition from
the unorganised and organised players as well competition from
China

The textiles industry in India is highly fragmented and dominated
by a large number of independent and small scale unorganised
players leading to high competition among the industry players.
Smaller companies in general are more vulnerable to intense
competition due to their limited pricing flexibility. Moreover,
the firm also faces intense competition from manufacturers
located in China.

Ludhiana-based (Punjab) AI was established in 1996, as a
partnership concern. The current partners of the firm are Mr.
Pankaj Kumar, Mr. Anand Kumar and Ms Mona Makkar, having an equal
share in the firm. AI is engaged in the manufacturing and trading
of readymade garments and knitted cloth. It has an installed
capacity of 2.15 lakh pcs per annum of readymade garments and
0.75 lakh kgs per annum of knitted cloth at its manufacturing
unit located in Ludhiana, Punjab. In FY15, the trading income
constituted ~30% of the total operating income. The main raw
material of the firm includes knitted cloth, cotton cloth,
acrylic cloth and yarn, etc, which are procured domestically from
wholesalers based in Ludhiana, Punjab. The firm sells its
products in domestic market to wholesalers and traders located in
Delhi, Punjab, Haryana, Uttar Pradesh and Maharashtra.


AGGARWAL ASSOCIATES: CRISIL Cuts Rating on INR4MM Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aggarwal
Associates - Mansa (Aggarwal Associates) 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
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4 (Issuer Not
                                     Cooperating/Downgraded
                                     from CRISIL A4+)

   Cash Credit              4        CRISIL B/Stable (Issuer
                                     Not Cooperating Downgraded
                                     from CRISIL BB/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Aggarwal Associates - Mansa.
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 Aggarwal Associates - Mansa is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4.

Aggarwal Associates was formed as a partnership firm in 1995 by
Mr. Prem Nath Garg and his son Mr. Amit Garg. The firm undertakes
civil contracts for government entities in Mansa (Punjab).


AVALON TECHNOLOGY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Avalon
Technology and Services Private Limited (ATSPL) a Long-Term
Issuer Rating of 'IND BB+'.  The Outlook is Stable.  The
instrument-wise rating actions are:

   -- INR163 mil. Long-term loan assigned with 'IND BB+/Stable'
      rating; and

   -- INR100 mil. Fund-based facilities assigned with
      'IND BB+/Stable/IND A4+' rating

                       KEY RATING DRIVERS

The ratings reflect ATSPL's moderate credit metrics and volatile
profitability.  Net leverage (Ind-Ra adjusted net debt/operating
EBITDA) was 1.8x in FY16 (FY15: 3.6x) and EBITDA interest cover
(operating EBITDA/gross interest expense) was 40.4x (23.2x).
Ind-Ra expects the credit metrics to deteriorate over the medium
term as the company borrows more to fund its capex.  Volatility
in EBITDA margin (FY16: 11%, FY15: 10.8% and FY14: 13.7%) is
because of currency fluctuations and diversification in the
product line.

Moreover, liquidity is moderate due to a stretched working
capital cycle (FY16: 244 days; FY15: 254 days) because of the
requirement to maintain a large inventory.  The company used
93.4% of its fund-based facilities on average during the 12
months ended February 2017.  The management is confident that the
net working capital cycle has further improved in FY17 on account
of an improvement in the debtor collection period.

The ratings factor ATSPL's strong revenue growth.  The revenue
grew at a CAGR of 79.36% over FY13-FY16 on account of an increase
in order inflow from the existing and new customers.  In FY16,
revenue increased to INR348 million (FY15: INR250 million) on
account of a five-fold increase in production capacity of
machined components to 1,000,000 units.  The company recorded
revenue of around INR630 million duringFY17, because
demonetisation led to an increase in the sales of 'point of
sales' machines.

The ratings are supported by the promoter's equity injection of
INR70 million into ATSPL to support the capex of INR290 million
for the modernization of machinery.  Moreover, the promoters have
two decades of experience in manufacturing electronic equipment.

                         RATING SENSITIVITIES

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

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

COMPANY PROFILE

ATSPL is a private limited company, incorporated in 1999.  It
manufactures electronic hardware and other related engineering
products and produces around 1,500 products.  The company is an
associate of ABV Electronics Inc USA (Sienna Corporation).
Mr. T.P Bicha, Mr. Kunhamed Bicha, Mr. Bhaskar Srinivasan,
Mr. Shamil Bicha are the promoters of the company.


C.M.S. BALAN: CRISIL Reaffirms 'B' Rating on INR5MM Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with C.M.S.
Balan & Co. (CMS) for obtaining information through letters and
emails dated November 21, 2016, and December 22, 2016, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              1        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Bill Purchase    5        CRISIL B (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit           2        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       0.5      CRISIL B/Stable (Issuer
   Bank Loan Facility                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 C.M.S. Balan & Co. 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 C.M.S. Balan & Co. is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with Crisil B Rating category or lower.' Based on
the last available information, CRISIL has reaffirmed the rating
at CRISIL B/Stable/CRISIL A4.

Set up in 1992 as a proprietorship firm by Ms. Balsubramanian
Chandra Devi, CMS is a Madurai based firm engaged in trading of
spices, dry chillies, and turmeric. The firm procures the
products from the domestic market and sells to wholesalers and
retailers. It derives 60 to 70 per cent of revenue from exports
and the rest from the domestic market.


DHROOV RESORTS: CARE Issues D Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE Ratings has been seeking information from Dhroov Resorts to
monitor the rating(s) vide e-mail communications/letters dated
March 6, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Dhroov Resorts bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          11        CARE D; Issuer not
   Facilities                        cooperating, Based on
                                     Best available
                                     Information

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

The rating takes into account ongoing delays in debt servicing
due to weak liquidity position of the firm Detailed description
of the key rating drivers

At the time of last review in April 20, 2016 the following were
the rating strengths and weaknesses:

Ongoing delays in debt servicing

There are ongoing delays in the servicing of the interest payment
and principal repayments mainly on account of delays in the start
of commercial operations.

First venture in the hospitality sector

Though Mr. Balbir Singh Verma has prior experience in the real
estate and construction industry, this is his first venture in
the hospitality sector. Furthermore, M/s Dhroov Resorts has not
tied-up with any renowned hotel brand, as on date, that
would help establishing its hotel in the market.

M/s Dhroov Resorts, a sole proprietary concern of Mr. Balbir
Singh Verma, is constructing a 4- star hotel project by the name
of "Dhroov Resorts" in Shimla, H.P. Mr. Verma is a MLA (Member of
Legislative Assembly) from the Chopalarea (in Shimla district)
and is also a certified builder and civil contractor in the
region.

The total project cost of INR23.57 crore is expected to be funded
through a debt of INR15 crore and promoter's capital of INR7.21
crore and other borrowings of INR1.36 crore. As on December 31,
2015, the firm has incurred a total cost of INR20.87 crore. The
hotel is expected to start commercial operations from April 2016
onwards.


GONDWANA ENGINEERS: CARE Lowers Rating on INR54cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gondwana Engineers Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              42        CARE D Revised from
                                     CARE B; Stable

   Short-term Bank
   Facilities              54        CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of GEL
takes into account strained liquidity position of the company
resulting in delays in debt servicing. The ratings are also
constrained by geographical concentration risk and stiff
competition in the sector. Going forward, ability of the company
to improve its liquidity position would remain the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There have been instances of delay in
payment of interest on working capital term loan, cash
credit and funded interest term loan on account of strained
liquidity position as few of its large orders were postponed
leading to delayed payment from its clients.

High geographic concentration risk: The Company operates in
Punjab, Maharashtra, Madhya Pradesh and Karnataka with majority
of the projects located in Madhya Pradesh and Maharashtra leading
to geographic concentration risk.

Key Rating Strengths
Long track record and experienced promoters: GEL has over three
decades of track record in building and development of
infrastructure projects in areas such as water treatment and
supply system, sewage treatment system and effluent treatment
projects. The promoter, Mr. Ashit Doshi has 30 years of
experience and he is assisted by other promoters and experienced
team of professionals with considerable experience in the
industry.

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

During FY16 (refers to the period April 1 to March 31), GEL has
reported a PAT of INR5.44 crore on a total operating income of
INR148.56 crore as against a PAT of INR6.29 crore on a total
operating income of INR137.47 crore in FY15.


GRAFFITI (INDIA): CARE Assigns 'D' Rating to INR12cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Graffiti (India) Private Limited (GIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              12        CARE D Assigned

   Short-term Bank
   Facilities               3        CARE D Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GIPL, is
constrained on account of on-going delays in its debt servicing
due to weak liquidity position. Establishing a clear track record
of timely servicing its debt obligations along with improvement
in the liquidity position remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing

The account is irregular as there were 6 occasions of LC devolved
aggregating of INR1.15 crore from the period of January 8, 2017
to February 8, 2017. Out of this total of INR1.15 crore, LC
amounting to INR0.47 crore remained devolved for more than 30
days. The payments are yet to be recovered with delay ranging
from 1 day to 31 days. Some instances of overdrawing in cash
credit facility in past three months were also observed due to
weak liquidity position of GIPL.

Thin profitability, leveraged capital structure and weak debt
coverage indicators

The profitability of the company remained low and range-bound
with PBILDT margin remained in the range of 5.88%-6.54% during
last three years ending in FY16. The interest coverage ratio
remained low and in line with that of last year at 1.28 times.
This coupled with high total debt/GCA at 35.30 times for FY16
reflected weak debt coverage position.

Furthermore, the capital structure remained leveraged marked by
overall gearing of 2.38 times as on March 31, 2016 mainly on
account of high level of working capital bank borrowing as on
balance sheet date. GIPL's liquidity position remained weak
marked by long operating cycle and high utilization of working
capital limits at 95% during the last 12 months ended December,
2016.

Susceptibility to cyclicality of real estate industry along with
its presence in competitive trading industry

Prospects of ceramic tiles industry is co-related to economic
cycles. Demand for these products is sensitive to trends in real
estate market which in turn depends on various macroeconomic
factors, such as consumer confidence, employment rates, interest
rates, inflation rates, liquidity position in market etc. When
downturns occur in these economies or sectors, the ceramic tiles
industry may witness decline in demand, which may lead to
decrease in prices putting pressure on the entire value chain.
Furthermore, GIPL operates in the trading of designer ceramic
tiles industry which is highly fragmented industry with presence
of numerous independent small-scale enterprises.

Key Rating Strengths

Experienced promoters

GIPL is a family owned private limited company with three
directors namely Mrs. Pallavika Shah, Mrs. Rupa Shah and
Mr. Sachin Shah. Currently, GIPL is managed by Mr. Sachin Shah,
Vice Chairman and Managing Director, having experience of
more than two decades in business. He looks after overall
functions of the company.

GIPL is engaged in trading of designer ceramic glazed tiles under
brand name of "Graffiti", "Harmony" and "Canvas". GIPL
procures ceramic tiles (semi-finished goods) from ceramic
manufacturers located at Morbi in Rajkot district of Gujarat
(ceramic hub) and designing is outsourced to its associate
concern namely Shree Ambica Industries. GIPL sells through its
established marketing network covering more than 18 states with
total 621 dealers, sub dealers & distributors.

During FY16 (A), GIPL reported PAT of INR0.33 crore on a TOI of
INR46.24 crore as against PAT of INR0.40 crore on a TOI of
INR41.49 crore during FY15. During 8MFY17 (Provisional), GIPL has
achieved a turnover of INR54.34 crore.


GREAT EASTERN: CARE Reaffirms 'D' Rating on INR513cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Great Eastern Energy Corporation Limited (GEECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              513       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The long-term ratings assigned to the bank facilities of GEECL
continues to take into consideration the delays in debt servicing
of bank facilities on account of tightening of liquidity.

The ratings assigned to Non-Convertible Debenture continues to
take into consideration deterioration in financial risk profile,
stretched liquidity position and competition from other players
in the catchment area. The rating continues to derive strength
from experienced promoters and management team.

Going forward, the ability of the company to improve its
liquidity position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing due to deterioration in the financial
performance and stretched liquidity position: GEECL is facing
stretched liquidity position due to lower volume of gas sold on
account of fall in off-take from customers and migration of
various customers to competitors. Consequently, the total income
and profitability declined leading to delay in the payment of
principal and interest on the term loan availed by the company.

The total income declined by 15.85% during FY16 (Audited; refers
to the period April 1 to March 31) as against FY15 on account of
lower volume of gas sold. The gas volume sold declined by 16%
during FY16 to 87 MMSCM (Million Metric Standard Cubic Meters) as
compared with 104 MMSCM in FY15. During FY16, the PBILDT margin
of the company deteriorated significantly on account of increased
operating expenses.

The PBILDT margin declined from 64.83% in FY15 to 50.12% in FY16.
The GCA of the company also deteriorated from INR116 crore in
FY15 to INR21 crore in FY16.

The overall gearing remained at 1.11x (PY: 1.08x) as on March 31,
2016. However, there was significant deterioration in Total Debt
to GCA which increased to 30.22x in FY16 as against 5.17x in
FY15. The interest coverage ratio of the company also declined to
1.26x during FY16 as compared with 4.98x during FY15.

Competition: As per Director General of Hydrocarbons, there have
been 33 blocks awarded under four rounds of CBM till March 31,
2016. However, only a few players are actively pursuing the CBM
interest currently.

GEECL faces competition from Essar Oil Limited (EOL) which is
also an active participant in CBM business and has license
for Raniganj East block (510 sq. km) with a production of 35.35
MMSCM during FY14.

Experienced promoter and management team: GEECL has been promoted
by Mr. YK Modi (Executive Chairman) who holds a bachelor's degree
in textiles from the University of Punjab and is a member of the
Dean's Council at John F Kennedy School of Government, Harvard
University, USA.

Mr YK Modi is supported by his son, Mr. Prashant Modi (MD & CEO)
in the business. He has a BSc in Business Administration with a
major in finance from Boston University, and has also undertaken
executive education courses from Harvard Business School, US. He
is responsible for the day-to-day operations of the company.

GEECL, erstwhile Modi Mckenzie Limited, was incorporated in India
in 1992 to explore, develop, distribute and market Coal Bed
Methane (CBM) gas. GEECL was the first company to commercially
produce CBM gas in India at its Raniganj CBM Block, near Kolkata.
The company originally entered into a MoU and license agreement
in 1993 with Coal India Limited (CIL) for the exploration and
development of CBM for the Raniganj CBM Block.

GEECL has been promoted by Mr. YK Modi (Executive Chairman) and
is supported by his son, Mr. Prashant Modi (MD & CEO) in the
business.

The company has also been awarded Mannargudi block (covering an
area of 691 km2, located in Tamil Nadu) in 2011, under fourth
round of CBM policy. The company has received the environment
clearance; however, final approval from the Government of Tamil
Nadu has currently been deferred. During FY16 (refers to the
period April 1 to March 31), GEECL reported PAT of INR4.25 crore
on total operating income INR191.30 crore as against PAT of
INR57.06 crore on total operating income INR227.33 crore during
FY15.


HOPE HEALTHWAYS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hope Healthways'
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:

   -- INR80 mil. Long-term loan migrated to Non-Cooperating
      Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
Feb. 13, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Hope Healthways is a partnership firm incorporated 2013.  The
management is planning to start a hospital in Badungar road area
of Patiala.  This hospital is likely to be operational by 2018.


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

   -- INR60 mil. Fund-based facilities migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 27, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JIL is a public limited company with registered office in
Chandigarh.  It produces black and galvanised electric resistance
welding steel pipes and tubes, hollow sections and structural
steel, which are extensively used in major engineering and
construction projects.  The company has an installed capacity of
more than 16,000MTPA and caters only to the domestic market.


KAVERI ENGINEERING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kaveri
Engineering Projects Private Limited's (KEPPL; formerly Suman Rao
Gujja) Long-Term Issuer Rating at 'IND BB'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR55 mil. Fund-based working capital limit affirmed with
      'IND BB/Stable/IND A4+' rating; and

   -- INR120.0 mil. (increased from INR60.0) Non-fund-based
      working capital limit affirmed with 'IND A4+' rating

                         KEY RATING DRIVERS

The affirmation reflects continued moderate, albeit improved,
credit profile in FY16.  In FY16, net leverage (adjusted net
debt/operating EBITDAR) was 0.6x (FY15: 7.2x; FY14: negative 1x)
and EBITDA interest cover was 7x (2.7x; 5x).  Ind-Ra expects
KEPPL's credit profile to remain volatile in FY18 on account of
fluctuating revenue (FY17: INR756 million (unaudited); FY16:
INR945.6 million; FY15: INR287.3 million) and EBITDA margin
(FY16: 6%; FY15: 2.5%; FY14: 6%).  The increase in revenue in
FY16 was driven by a rise in orders from the Telangana government
and orders received on a subcontract basis.  Meanwhile, the
decline in revenue in FY17 was due to lower orders, according to
the management.

The affirmation also reflects continued high geographic
concentration, as KEPPL's entire order book is concentrated in
Telangana.  Moreover, KEPPL had an unexecuted order book of
INR645 million as of April 2017 (about 0.9x of revenue in FY17).

However, the ratings continue to be supported by KEPPL's
comfortable liquidity and promoter experience.  Its average
utilization of working capital limits was around 83% over the
eight months ended November 2016.  The company had not utilized
the working capital limits in the four months ended March 2017
due to the release of the bulk payments for the projects
executed. Ind-Ra believes the utilization of the working capital
limits will be moderate in the medium term, based on timely
release of payments.  Its promoter has over 10 years of
experience in civil contracting.

                        RATING SENSITIVITIES

Negative: A decline in the scale of operations and/or operating
profitability leading to a deterioration in credit metrics and
liquidity position will be negative for the ratings.

Positive: A substantial increase in the scale of operations,
along with geographical diversification of the order book and/or
an improvement in operating profitability, leading to a sustained
improvement in credit metrics will lead to a positive rating
action.

COMPANY PROFILE

KEPPL was formed as a proprietorship concern, Suman Rao Gujja, in
2012.  It was subsequently reconstituted as a private limited
company and renamed Kaveri Engineering Projects Private Limited
by transferring the assets and liabilities of Suman Rao Gujja.
It undertakes civil and infrastructure construction, primarily
for irrigation works and roads, through tendering.


KAY EM: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kay Em Copper
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 BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR40 mil. Fund-based cash credit facility migrated to Non-
      Cooperating Category;

   -- INR10 mil. Non-fund-based bank guarantee migrated to Non-
      Cooperating Category;

   -- INR90 mil. Non-fund-based letter of credit migrated to Non-
      Cooperating Category; and

   -- INR2 mil. FC/CEL migrated to Non-Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
July 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KECPL was started as a proprietorship unit under the name Kay Em
Enterprises in 1997 to manufacture copper ingots from scrap.  In
2010, it changed its line of business and started trading non-
ferrous metals, majorly copper wire rods and ingots.  KECPL is
also engaged in grinding job work.  It was changed to a private
limited company in October 2011.


MUKESH BALVANTRAI: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mukesh
Balvantrai Rotliwala's (MBR) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'.  The Outlook is Stable.  The instrument-wise
rating action is:

   -- INR250 (increased from INR150) Fund-based facilities raised
      to 'IND BB+/Stable' rating; and

   -- INR250 (increased from INR150) mil. Fund-based facilities
      affirmed with 'IND A4+' rating

                         KEY RATING DRIVERS

The upgrade reflects the improvement in MBR's revenue; however,
the scale of operations remains small.  According to the
unaudited FY17 financials, revenue was INR1.278 billion (FY16:
INR961 million).  FY16 was the first full year of operations of
the firm. Management expects revenue to increase further in the
medium term as product demand is increasing domestically.

The ratings are constrained by MBR's partnership form of
organization and presence in a highly fragmented and competitive
textile industry which can put pressure on its EBITDA margin;
however, the risk is mitigated by the company's partners 40 years
of experience in grey cloth manufacturing, which leads to
established relationships with its customer and suppliers.

Ind-Ra expects MBR's credit metrics to have remained comfortable
in FY17.  The interest coverage (operating EBITDA/gross interest
expense; FY16: 30.4x) is likely to have been above 5x and net
leverage (debt/operating EBITDA; FY16: 0.8x) below 0.9x during
FY17. EBITDA margins are likely to be stable at around 12% during
FY17 (FY16: 12.4%).

The ratings factor in the firm's comfortable liquidity position
with the fund-based facilities being utilized at an average of
42.8% over the 12 months ended March 2017.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line and improvement in
the profitability leading to a sustained improvement in credit
metrics could lead to a positive rating action.

Negative: A decline in the revenue and operating profitability
resulting in a significant deterioration in the credit metrics
will be negative for the ratings.

COMPANY PROFILE

MBR manufactures grey cloth fabric in Surat (Gujarat).  It was
started as a partnership firm by Mr. Balvantrai Lallubhai
Rotliwala and Mr. Mukeshchandra Balvantrai Rotliwala in 1975, and
was demerged into two entities MBR and M/s Shiv S. Balvantrai
Rotliwala in October 2014.  The commercial operations commenced
from April 2015.


NEW HARYANA: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated New Haryana
Overseas' (NHOV) Long-Term Issuer Rating to the non-cooperating
category.  The Outlook was Stable.  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
action is:

  -- INR95 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 15, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1991 in Ambala, NHOV is engaged in the rice
shelling and milling business.  The plant has a total installed
capacity of 36,000MTPA for paddy processing.  NHOV is a sole
proprietorship concern owned by Navdeep Khosla.

The firm's main products are traditional basmati, PUSA basmati,
1121 basmati, sharbati rice, while broken rice, rice bran, rice
husk and polish are the by-products.


NIZMAR HOTELS: CRISIL Lowers Rating on INR15MM Term Loan to 'C'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nizmar
Hotels Private Limited (NHPL) for obtaining information through
letters and emails dated November 21, 2016, and December 21,
2016, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        0.25      CRISIL A4 (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

   Proposed Long Term    0.35      CRISIL C (Issuer Not
   Bank Loan Facility              Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

   Term Loan            15.00      CRISIL C (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nizmar Hotels 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 Nizmar Hotels Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the long term rating to CRISIL C and
reaffirmed short term rating at CRISIL A4.

NHPL was incorporated in 1986 by the Goa-based Nizari family.
Initially, the company was engaged in real estate development in
Goa. In 1995, it purchased a hotel, renovated it, and renamed it
as Nizmar Resort in 1999. Currently, the hotel is under
renovation, expected to be completed in the near term.


P.G. SETTY: CARE Upgrades Rating on INR13.57cr Loan to BB-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
P.G. Setty Construction Technology Private Limited (PGSCTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.57       CARE BB-; Stable Revised
                                     from CARE B+

   Short-term Bank
   Facilities            15.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
P.G. Setty Construction Technology Private Limited (PGSCTPL)
take into account significant growth in total operating income,
increase in profitability margins and improvement in capital
structure, debt coverage indicators and operating cycle in FY16
(refers to the period April 01 to March 31). The ratings continue
to take into account experienced promoters with established track
record.

The ratings are, however, constrained by the moderate scale of
operations, short-term revenue visibility in order book
position and volatility in raw material prices.

Going forward, the company's ability to add new customers and
increase its scale of operations along with profit margins
and improve its capital structure and debt coverage indicators
would be the key rating sensitivities

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations and low net worth base of the
company
The scale of operations of the company is moderate marked by
total operating income (TOI) of INR80.96 crore in FY16 along with
low net worth of the company at INR8.27 crore as on March 31,
2016 as compared to other peers in the industry.

Short-term revenue visibility in order book
The company has moderate order book of INR38.80 crore to an
extent of Karnataka State Police Housing Corporation Ltd for
INR19.22 crore and Karnataka health system development & reform
project for INR19.58 crore as on February 28, 2017 which
translates to 0.48x of total operating of FY16 and the same is
likely to be completed by FY18. The said order book provides
revenue visibility for short term.

Volatility in raw material prices
The basic input materials for execution of contracts are steel,
bitumen and cement and its operating margin is exposed to
volatility in their prices. Nonetheless, the risk is mitigated to
a certain extent by price escalation clause in most of the
company's contracts enabling the company to pass on the input
price movement to its clients.

Key Rating Strengths

Experienced promoters with established track record

Mr P Gopal Setty, commands experience of around five decades in
the construction industry. Currently, Mr. P Gopal Setty is the
chairman of PCTPL and looks after the strategic affairs of the
company. Mr. M G Somashekar, the Managing Director, is a graduate
in engineering and has more than three decades of experience in
the industry, while Mr. G Gangadhar (director) has two decades
experience in the construction industry. The company benefits
strongly from the experience of its promoters & management.
Furthermore, PCTPL is registered as class I contractor for
Government of Karnataka. It has an established track record of
operations in the state and has received many awards for the
services.

Significant growth in total operating income and increase in
profitability margins

The total operating income of the company increased by 226.45%
from INR24.80 crore in FY15 to INR80.96 crore in FY16 due to
execution of the existing project coupled with addition of new
orders. The company executed an order of

Karnataka State Police Housing Corporation Ltd to an extent of
more than 80% of order value (INR105 crore) resulting in
significant increase in total operating income during FY16.
During 11FY17, the company has achieved total operating income of
INR25 crore.

The PBILDT margin of the company increased by 179 bps to 12.86%
in FY16 over FY15 due to increase in scale of operations
resulting in absorption of overheads. Despite increase in
interest and depreciation cost, the PAT margin of the company
increased by 87 bps to 3.74% due to increase in absolute PBILDT
levels.

Improvement in capital structure and debt coverage indicators
Despite increase in debt level, the overall gearing ratio of the
company improved from 2.09x as on March 31, 2015 to 1.90x as on
March 31, 2016 due to increase in tangible net worth on account
of accretion of profit. The PCTPL has comfortable debt coverage
indicators during FY16. Despite increase in total debt, Total
debt/GCA improved from 5.62x in FY15 to 3.26x in FY16 due to
increase in gross cash accruals on account of increase in
operating profits. Furthermore, the PBILDT interest coverage
ratio also improved from 1.75x in FY15 to 2.65x in FY16 due to
increase in PBILDT in absolute terms.

Improvement in operating cycle

The operating cycle of the company improved from 86 days in FY15
to 16 days in FY16 due to improved collection days from 70 days
in FY15 to 16 days in FY16. The company receives payment from its
customers within 30 days. Apart, the company makes the payment to
its supplier within 15-20 days. The average utilisation of the
working capital facility is 90% for the last 12 month ended
February 28, 2017.

P G Setty Construction Technology Private Limited was established
by Mr. P Gopala Setty as a proprietorship concern under the name
M/s. P G Setty in 1964. During 1970s, the family business was
converted to a partnership firm in the name of M/s. P
Gopalasetty, registered as class I contractor for the Government
of Karnataka. Subsequently in 1999, the firm was incorporated as
a private limited company with its current nomenclature.

PCTPL is engaged in the business of civil contractor for
execution of low cost houses and layout construction services. It
also undertakes government projects under Mass Housing Schemes
and slum development projects of the government for economically
weaker sections. PCTPL renders services of traditional and modern
architecture, Reinforced Cement Concrete (RCC) structure,
structural steel and composite structures, heritage - structures
restoration and green-buildings.

In FY16, PGSCTPL reported a Profit after Tax (PAT) of INR3.04
crore on a total operating income of INR80.96 crore, as against a
PAT and TOI of INR0.71 crore and INR24.80 crore respectively in
FY15. During 11FY17, the company has achieved total operating
income of INR25 crore.


PLASTO MANUFACTURING: CRISIL Cuts Rating on INR2MM Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Plasto
Manufacturing Co. (PMC) 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              2         CRISIL B/Stable (Issuer
                                      Not Cooperating; Downgraded
                                      from CRISIL B+/Stable)

   Letter of Credit         2         CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       0.5       CRISIL B/Stable (Issuer
   Bank Loan Facility                 Not Cooperating; Downgraded
                                      from CRISIL B+/Stable)

   Term Loan                1.0       CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL B+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Plasto Manufacturing Co...
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 Plasto Manufacturing Co. is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information CRISIL has
downgraded the long term rating to CRISIL B/Stable and reaffirmed
short term rating at CRISIL A4.

Established as a partnership firm in 2005, PMC manufactures
plastic bags, rolls, and sheets, used in the pharmaceuticals,
chemicals, pesticides, and household appliances industries. Its
operations are managed by Mr. Mohammed Ashfaq and Mr. Riyaz
Ahmed.


RYATAR SAHAKARI: CRISIL Reaffirms 'B-' Rating on INR26MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ryatar
Sahakari Sakkare Karkhane Niyamit (RSSKN) 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-Stock        20      CRISIL B-/Stable (Issuer
                                    Not Cooperating; Rating
                                    Reaffirmed)

   Long Term Bank           26      CRISIL B-/Stable (Issuer
   Facility                         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 Ryatar Sahakari Sakkare
Karkhane Niyamit. 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 Ryatar Sahakari
Sakkare Karkhane Niyamit is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B-
/Stable.

RSSKN, set up in 1999, is a co-operative society manufacturing
sugar. The society is based in Bagalkot (Karnataka). Its
operations are managed by chairman Mr. R S Talewad who has more
than three decades' experience in the industry.


SENBO ENGINEERING: CARE Assigns B+ Rating to INR142.68cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Senbo
Engineering Limited (SEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           142.68       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           157.32       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Senbo Engineering
Limited (SEL) are constrained by its small scale of operations,
susceptibility of profitability to volatility in input prices,
slower execution of orders with sectorial concentration risk,
high average collection period and its exposure to group company.
The ratings also factors in the weak financial performance during
FY14-FY16 (refers to the period April 1 to March 31) though
improvement witnessed in H1FY17 and leveraged capital structure
with weak debt protection metrics. However, the ratings derived
strength from its experienced promoters with long track record of
operations, proven project execution capability with healthy
order book position and impressive client profile.

The ability of the company to ensure steady flow of orders &
timely execution of the same, regular receipt of contract
proceeds, efficient debtors management with improvement in its
capital structure while managing its liquidity are the key
rating sensitivities.

Detailed description of the key rating drivers

Small scale of operations: SEL has a small scale of operations
with total operating income of INR49.31 crore in FY16 (Rs.41.92
crore in FY15). Small scale of operations restricts the financial
flexibility of the company in times of stress and it suffers on
account of economies of scale.

Susceptibility of profitability to volatility in input prices:
SEL, like other construction company is subject to considerable
input price volatility.

Slower execution of orders: SEL is suffering from slower
execution of its various orders due to non-availability of land
from respective authorities, delay in receipt of drawings from
respective authorities, heavy rainfalls in project areas leading
to landslides, damage of roads, frequent strikes, economic
blockades, political disturbances etc. Slower execution of orders
significantly affected the financial performance of SEL and led
to blockage of working capital which in turn affects the
liquidity. Furthermore, the order book of SEL remained stagnant
as the company could not bag any fresh orders during 9MFY17
(refers to April 1 to December 31) due to lack of working
capital.

High average collection period: Average collection period for SEL
is on an increasing trend over the last three years (from 399
days in FY14 to 4025 days in FY16), mainly on account of delay in
receipt of contract proceeds from its various parties. However,
the company has applied for arbitration to realise its long
pending dues from various government organizations. The
arbitration process is pending before respective authorities.
Accumulation of debtors puts considerable pressure on liquidity
of SEL. This resulted in higher average working capital
utilisation at 99.7% in the last 12 months ended December 2016.

Exposure to Group Company: Around 19% of SEL's net worth is
invested in Senbo Industries Limited (SIL), (SIL posted net
loss of INR 0.63 crore in FY16). Excluding the said investments
from the net worth, the overall gearing ratio of SEL stood at
2.17x as on March 31, 2016.

Weak financial performance during FY14-FY16 albeit improvement in
H1FY17: Total operating income (TOI) of the company deteriorated
from INR81.60 crore in FY14 to INR41.92 crore in FY15 mainly due
to slower execution of orders. However, TOI has improved by about
18% y-o-y in FY16 to INR49.31 crore driven by improved order
execution mainly in Airport metro projects under Kolkata Metro
and projects under East Central Railway. SEL operates in a
healthy margin in view of technicalities and difficulties
involved in its area of operation. The PBILDT margin improved
from 22% in FY14 to 52.68% in FY15 mainly due to lower operating
cost owing to slower execution of its projects. However, the
PBILDT margin declined to 23.76% in FY16 mainly due to bad debts
written off aggregating to INR29.57 crore relating to various
projects. Interest coverage ratio remained moderate in FY14 and
FY15. However, the same deteriorated from 1.27x in FY15 to 0.56x
in FY16 led by declined PBILDT and increase in interest expenses
due to higher utilisation of bank borrowings to fund its high
working capital requirements. Despite its below unity interest
coverage ratio, SEL has serviced its interest obligations mainly
through non-operating income of INR15.02 crore (mainly interest
income). In FY16, SEL received interest of INR14.94 crore from
Government of Bihar against an arbitral award. The current ratio
of the company remained moderate at 1.26x as on March 31, 2016.
SEL generated GCA of INR3.10 crore as against its debt repayment
of INR0.13 crore in FY16.

Furthermore, in H1FY17 (Provisional), SEL has earned a PBT of
INR2.08 crore on a total operating income of INR56.97 crore. The
growth in gross billing is backed by higher execution of its
Airport projects under Kolkata metro and tunnel projects under
Northern Frontier Railways. Leveraged capital structure with weak
debt protection metrics: SEL has leveraged capital structure
marked by high overall gearing ratio as on the past three account
closing dates. Overall gearing deteriorated from 1.07x as on
March 31, 2014, to 1.76x as on March 31, 2016, due to continuous
increase in working capital borrowings and interest bearing
mobilisation advances. The debt protection metrics remained weak
marked by its high Total debt/GCA in the past three years.
Increase in the total debt and decline in GCA led to
deterioration in Total debt/GCA from 20.81x in FY15 to 29.08x in
FY16.

Key Rating Strengths
Experienced promoters with long track record of operation: Mr.
Sengupta, CMD, is a first-generation entrepreneur having business
experience of about three decades in civil construction sector.
The day-to-day affairs of the company are looked after by CMD who
is assisted by his younger brother, Mr. Kingshuk Sengupta.

Proven project execution capability: Over the last three decades,
SEL was associated with good number of projects with majors being
laying of tram tracks, construction of bridges/fly-overs,
execution of medium-sized metro railway contracts in Kolkata &
New Delhi and under-ground tunneling projects for Indian Railways
(IR). SEL is specialised in heavy construction, piling and
underground tunneling construction.

Impressive client profile: The company mainly executes work for
public sector organisations. Since all these companies are
recognised government organisations SEL runs low default risk.
Healthy order book position albeit client and sectorial
concentration risk: The company has a healthy order book position
of INR728.13 crore (about 14.7x of its total operating income in
FY16) as on December 31, 2016, which is to be executed within the
next 2-3 years, thus indicating revenue visibility for the
company in the near to medium term.

However, SEL is exposed to high client concentration risk as its
revenue is from only three clients in FY16. Moreover, its present
order book is also from three clients and skewed towards tunnel
projects under NF railways. The tunnel projects
under NF railways constitute around 60.61% of the total
outstanding order book as on December 31, 2016.

Senbo Engineering Limited, was initially established as Senbo &
Company, a proprietorship entity by one Mr. Kajal Sengupta in
Kolkata, West Bengal. The entity was reconstituted as private
limited company on July 13, 1990, and later incorporated as a
public limited company in April 2005. SEL is engaged in
construction of underground tunneling, station for metro
railways, flyovers and bridges. Over the decades, it has executed
medium sized metro railways contracts in Kolkata and New Delhi,
besides completing some flyover projects. Furthermore, SEL also
execute work orders in joint venture with other companies.

Currently, the day-to-day affairs of the company are looked after
by Mr. Sengupta (chairman and managing director) well supported
by other directors.

In FY16 (refers to the period April 1 to March 31), SEL reported
a PAT of INR 0.33 crore on total operating income of INR49.31
crore as against a PAT of INR1.28 crore in FY15 on total
operating income of INR41.92 crore in FY15. During H1FY17
(Provisional), SEL has earned a PBT of INR 2.08 crore on a total
operating income of INR56.97 crore.


SHRI RAM GINNING: CARE Raises Rating on INR9.02cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Ram Ginning Pressing Oil Mill (SGP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.02       CARE B+; Stable Revised
   Facilities                        From CARE B

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Shri Ram Ginning Pressing Oil Mill (SGP), factors in the
commencement of commercial operations in January 2016 with
satisfactory operating performance of the firm during FY16.

The rating continues to remain constrained on account of the
initial stage of operation, seasonality of business with
susceptibility to the vagaries of nature coupled with
availability and price volatility of the raw material, working
capital intensive nature of operations, presence in a highly
fragmented industry and partnership nature of business leading to
limited financial flexibility.

The rating, however, draws support from the qualified and
technical expertise of partners in the cotton ginning industry,
locational advantage emanating from presence in cotton growing
area and vicinity to target market, eligibility for interest
and capital subsidy from the Central government as well as
Maharashtra State government.

The ability of the firm to establish itself and achieve
stabilization of operations and increase in its scale of
operations and improve profitability and capital structure and
manage working capital requirement efficiently are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experience of the promoters: SGP is promoted by Mr. Mahipal
Choukasey and his son Mr. Saurabh Choukasey. The key partner has
an experience of more than two decades working and looks after
the operations of the firm. He will be aided by his son Mr.
Saurabh Choukasey who is an engineer (IT) with an experience of
three years in the cotton ginning and pressing industry.

Location advantage emanating from proximity of raw material
suppliers: The manufacturing unit is located in the Vidarbha
region of Maharashtra. The state produces around 21% of total
cotton production of India. Out of the total production of
Maharashtra, 65% is contributed by Vidarbha region. Hence, raw
material is available in adequate quantity and also results in
lower logistics expenditure.

Key Rating Weaknesses

Short track record of the firm along with modest scale of
operations: The commercial operations of the firm commenced from
January, 2016. In the first three months of operations, the firm
has registered an income from operations of INR4.53 crore.
Furthermore, the partners' capital stood low at INR1.28 crore.

Leveraged capital structure and working capital intensive
operations: The capital structure of the firm remained
leveraged on account of higher reliance on external borrowings.
Furthermore, the liquidity position of the firm remained
weak marked by low current ratio owing to moderate inventory
holding as the raw material availability is seasonal in
nature and high utilization of working capital limits

Presence in a highly fragmented cotton ginning industry with
limited value addition: The firm is engaged in the ginning and
pressing of cotton which involves very limited value addition.
Moreover, on account of large number of units operating in cotton
ginning business, the competition within the players remains very
high resulting in high fragmentation and further restricts the
profitability. The operation of cotton business is highly
seasonal in nature, as the sowing season is from March to July
and the harvesting season is spread from November to February.

SGP is a Nagpur-based (Maharashtra) partnership firm established
by Mr. Mahipal Choukasey and his son Mr. Saurabh Choukasey in
December, 2014. The commercial operations of the firm commenced
from January, 2016. The firm is engaged in the business of cotton
ginning and pressing. The plant is located at Nagpur, Maharashtra
with an installed capacity to gin and press 15,000 bales per
annum. The plant runs for 125 days in a year owing to seasonal
nature of raw material. SGP procures the raw material i.e. raw
cotton from Agricultural Produce Market Committee (APMC), brokers
and local farmers, while the finished product i.e. cotton bales
and cotton seeds is sold to various distributors and brokers
located in and around Nagpur.

During 3MFY16, the company reported a total operating income of
INR4.53 crore and net-loss of INR0.14 crore.


SINGER IMPEX: CARE Lowers Rating on INR10cr Loan to 'D'
-------------------------------------------------------
CARE Ratings has been seeking information from Singer Impex
(SIM), to monitor the rating(s) vide e-mail communications/
letters dated October 3, 2016, November 9, 2016, November 29,
2016, December 31, 2016, February 4, 2017, February 14, 2017,
March 6, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         10         CARE D; Issuer not
   Facilities                        cooperating; Revised
                                     from CARE BB- on
                                     the basis of best
                                     available information

The rating on SIM's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of on-going delay in
debt servicing owing to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing

There is ongoing delay in debt servicing. The cash credit account
is overdrawn since last three months.

Surat-based (Gujarat) Singer Impex (SIM) was established in 2008
by Mr. Deepak Narang and Mr. Ankur Narang. It is engaged in the
wholesale trading of embroidery spare parts. SIM is the
authorized distributor of TOYO brand embroidery parts and needles
from china.

Status of non-cooperation with previous CRA: CRISIL has suspended
its rating vide press release dated September 28, 2016 on account
of its inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SRM HOTELS: CARE Reaffirms B+ Rating on INR48.91cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
SRM Hotels Private Limited (SHPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities            48.91      CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of SHPL factors in the
prolonged delay in the 5-star hotel project implementation in
Chennai and moderate scale of operations. The rating continues to
derive strength from the continuous support from the promoters
and other companies of the SRM group, location advantage of all
hotel properties and continuous improvement in capital structure
during the period FY14-FY16 (refers to the period April 1 to
March 31).

Going forward, continued support from the promoter group in
ensuring timely infusion of funds and commissioning of the 5-star
hotel project without any further delay would be crucial from a
credit perspective.

Detailed Description of Key Rating Drivers

Key Rating Strengths

Experienced promoters: SHPL is promoted by Mr. P Ravi, Chairman
and Managing Director of the SRM group companies.

Mr P Ravi looks after the overall operations of the company
supported by a team of experienced professionals. SRM group based
in Chennai has diversified interests in educational institutions,
transport services, engineering & construction, hotels, media and
others. The flagship trust run by the group is SRM Institute of
Science & Technology, a large sized trust operating a deemed
university with over 56,000 students (rated 'CARE BBB+/CARE
A3+'). Another group trust Valliammai Society also runs
educational institutions (VS, rated 'CARE BBB+').

Location advantage of operational hotel properties: Both the
operational three-star category hotels of SHPL are wellplaced
in terms of proximity to airport and industrial/commercial hub.
Besides, SHPL has taken a constructed hotel property in the
three-star category in Tuticorin, Tamil Nadu on lease basis from
the promoter.

Moderate financial performance and improvement of capital
structure in FY16: During FY16, the total operating income
declined by 5% primarily on the back of decrease in the sale of
food and beverages to INR39 crore in FY16 from INR43 crore in
FY15 as a result of which PBILDT margins have marginally
decreased. However, the capital structure of the company has
shown improvement over the years on account of repayment of the
debt availed for funding the 5-star hotel project with support
from the group. The overall gearing stood at 2.02x as on
March 31, 2016 as against 2.07x as on March 31, 2015.

Continuous support from the promoter group: With the repayment
obligations for the project term loan availed for 5 star hotel
project having commenced from July 2012, the SRM group companies
has supported SHPL for funding the increase in project cost and
meeting the debt repayment obligations as the cash flows from
existing operational properties are not sufficient to service the
repayment of the project term loan. Outstanding Advances/loans
from group and payables to group companies stood INR92 crore as
at March 31, 2016. As on March 31, 2016, the company had total
debt of INR83 crore of which term loan from bank constituted
INR57 crore and the remaining sum of INR26 crore were short-term
loans from the promoters and group companies when compared to a
total debt of INR79 crore as on March 31, 2015.

Key Rating Weaknesses

Prolonged delay in project implementation: SHPL is establishing a
five-star category hotel which is located in Guindy, Chennai, in
proximity to the airport and prime business areas. The company
started work on this project in 2008 and was expected to commence
commercial operations in April 2010. However, the same had not
happened and there has been significant delay in full-fledged
commissioning of the hotel property. SHPL has started providing
packed food and banquet services with a soft launch in November
2012 and continues to operate that way, and full-fledged
commissioning is expected in FY18. The construction of the
property is being executed by SRM Engineering Construction
Corporation Limited (SRMECC) of the SRM group.

SHPL, promoted by Mr. P Ravi, belongs to the SRM group based in
Chennai which has diversified interests in educational
institutions, transport services, engineering and construction,
hotels and others. SHPL owns and operates two budget category,
ie, three-star hotels in the name of SRM Hotels (erstwhile Royal
Southern Hotels) situated at Maraimalai Nagar, Chennai, and
Trichy with an aggregate capacity of 172 rooms as at the end of
March 2016. The company also operates two other hotels on lease
basis in Tuticorin and Trichy. SHPL is currently developing a
hotel property under five-star category with a proposed room
inventory of 135 rooms at Guindy, Chennai.

During FY16, the company reported PAT of INR3 crore on a total
operating income of INR60.3 crore.


SUVARNA SHILPI: CRISIL Cuts Rating on INR9.5MM Loan to 'B'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Suvarna
Shilpi Jewellers Private Limited (SSJPL) for obtaining
information through letters and emails dated January 25, 2017 and
February 14, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      2.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Suvarna Shilpi 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 Suvarna Shilpi
Jewellers Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable.

Incorporated in 2005, SSJPL is promoted by Ahmedabad-based Mr.
Arvindkmar Soni and his son Mr. Alpesh Soni. The company
manufactures jewellery made of gold, silver, diamond, and other
precious stones. It has one showroom at Ahmedabad.


SWADESHI ALUMINUM: CARE Denotes B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has been seeking information from Swadeshi Aluminum
Company Private Limited (SAC), to monitor the rating(s) vide e-
mail communications/ letters dated March 9, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In-line with the SEBI guidelines, CARE has reviewed
the rating on the basis of publicly available information which
however, in care's opinion is not sufficient to arrive at fair
rating. Furthermore, Swadeshi Aluminum Company Private Limited
has not paid the surveillance fees for the rating exercise as
agreed to in its rating agreement.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         18         CARE B+; Issuer did not
   Facilities                        Cooperate; Based on best
                                     Available Information

The rating of RAPL will now be denoted as CARE B+; ISSUER NOT
COOPERATING. Users of these ratings (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above rating(s).

Detailed description of the key rating drivers

At the time of last rating in February 3, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: The total operating income of the
company continues to remain small which inherently limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.

Weak financial risk profile: The profitability margins continued
to remain on lower side due to its presence in highly competitive
and fragmented nature of the industry. The capital structure of
the company continues to remain leveraged on account of high debt
levels and low net worth base. Furthermore, the debt coverage
indicators also stood weak due to high debt levels and low
profitability.

Working capital intensive nature of operations: The average
operating cycle of the company stood elongated at 167 days in
FY16 (refers to the period April 1 to March 31) primarily due to
high collection period. The average collection period remained
high due to its flexible credit policy with overseas clients
owing to intense competition coupled with higher transit period.
The working capital needs being largely met through bank
borrowings which resulted into almost full utilization of the
working capital limits during the 12 months ended February 2017.

Raw material price fluctuation risk: The main raw material of the
company is aluminium scrap. The company is exposed to the raw
material price volatility risk due to volatility experienced in
the prices of aluminium. The company sources its raw material
requirements on the spot basis, and is thereby exposed to the
risks associated with raw material price fluctuations.

Highly fragmented market resulting in intense competition from
unorganised and organised players: The industry is highly
fragmented with a large number of small and unorganised players
catering to the demand of the customers. SAC faces stiff
competition from the other players present in the region as well
as from other large pan-India players.

Key Rating Strengths

Experienced promoters and long track record of operations: The
company is mainly being managed by Mr. Satpal Nagpal. Prior to
SAC, he was engaged in trading of aluminium sections and ingots.
The company has a considerable track record in this sector which
has resulted in long-term relationship with suppliers and
customers.

SAC was incorporated in 2002 and promoted by Mr. Satpal Nagpal,
Mr. Sanjay Nagpal, Mr. Shyam Sundar Nagpal, Mr. Som Nath Bhutani
and Mrs Kanta Bhutani. The company is mainly being managed by Mr.
Satpal Nagpal. SAC is primarily engaged in the manufacturing of
aluminium alloy ingots and sections which find application in
automobile industry. The company procures raw material, i.e.,
aluminium scrap from domestic and overseas players that includes
Middle East and European countries. The import constituted around
18% of the total purchase in FY15. It sells its products directly
to wholesaler mainly in Northern India.

The company has achieved the total operating income of INR87.88
crore and PAT of INR0.13 crore in FY16 (refers to the period
April 1 to March 31) as against INR108.81 crore and INR0.23 crore
in FY15.


TULSI MARKETING: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tulsi Marketing
(Tulsi) a Long-Term Issuer Rating of 'IND BB-'.  The Outlook is
Stable.  The instrument-wise rating action is:

   -- INR 50 mil. Fund-based working capital limits assigned with
      'INDBB-/Stable/IND A4' rating

                        KEY RATING DRIVERS

The ratings reflect Tulsi's weak credit metrics and moderate
scale of operations.  In FY16, EBITDA interest coverage
(operating EBITDA/gross interest expense) was stable at 3.1x
(FY15: 3.1x), while net financial leverage (total Ind-Ra adjusted
net debt/operating EBITDA) was 4.6x (4.1x).  Revenue increased to
INR1,155 million in FY16 from INR769 million in FY15, driven by
an increase in orders from existing and new customers.  Tulsi
estimates revenue for FY17 to have registered a significant fall
due to stiff competition.  It booked INR540 million in revenue
for the period April 1, 2016, - March 25, 2017, (unaudited).
EBITDA margin was thin at 1.2% in FY16 (FY15: 1.3%).

The ratings also reflect Tulsi's tight liquidity position,
indicated by almost full utilization of fund-based working
capital limits over the six months ended February 2017, and the
proprietorship form of the business.

However, the ratings are supported its proprietors' experience of
over 10 years in the trading business.

                        RATING SENSITIVITIES

Negative: Any fall in EBITDA margin leading a deterioration in
credit metrics would lead to a negative rating action.

Positive: A significant increase in scale of operations and
EBITDA margin leading to a sustained improvement in credit
metrics would be positive for the rating.

COMPANY PROFILE

Incorporated in 1999, Tulsi is a distributor of Apple, Samsung,
HTC and Lenova mobile and smart phones.  Moreover, it is engaged
in the distribution of 4G wireless devices of Airtel.  The firm
supplies to various corporates such as Wipro Limited, Uber
Technologies Inc, Misys Software Company, FIS Global Business
Solutions India Private Limited, Broadcom Limited, Synopsys Inc.,
Harman International Industries and Mahindra and Mahindra
Limited.


VIJAYASREE COTTON: CRISIL Reaffirms 'B' Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vijayasree
Cotton Syndicate (VCS's) 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              5        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 Vijayasree Cotton Syndicate.
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 Vijayasree Cotton Syndicate is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B/Stable.

Established in 2007 as a proprietorship concern, VCS is engaged
in ginning and pressing of raw cotton; it sells cotton lint and
cotton seeds. The firm, promoted by Ms. S Jayasree, is based in
Guntur (Andhra Pradesh).


VIKRAM INDIA: CRISIL Lowers Rating on INR10.5MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Vikram
India Limited (VIL) 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
   ----------          ---------      -------
   Bank Guarantee          8          CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL A4+)

   Cash Credit            10.5        CRISIL B/Stable (Issuer
                                      Not Cooperating; Downgraded
                                      from CRISIL BB/Stable)

   Packing Credit         10.0        CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL A4+)

   Proposed Long Term      1.4        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Downgraded
                                      from CRISIL BB/Stable)

   Term Loan               8.4        CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL BB/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vikram India 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 Vikram India Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable/CRISIL A4.

VIL, based in Kolkata, was incorporated in 1974 and is promoted
by Mr. H K Chaudhary. The company manufactures machines for tea
processing units and executes turnkey projects in tea industries.


VINEET POLYFAB: CRISIL Cuts Rating on INR12.8MM Cash Loan to B
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vineet
Polyfab Private Limited (VPPL) for obtaining information through
letters and emails dated November 21, 2016 and December 22, 2016,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             12.8      CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan                5.54     CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vineet Polyfab 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 Vineet Polyfab Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4.

VPPL, incorporated in 2009, manufactures polyester draw
texturised yarn (DTY). Mr. Sanjay Agarwal is the company's
promoter. VPPL has a manufacturing unit in Surat (Gujarat) with a
total manufacturing capacity of 12,000 metric tonnes per annum.


WONDERCHEF HOME: CRISIL Issues B Issuer Not Cooperating Rating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Wonderchef
Home Appliances Private Limited (Wonderchef) for obtaining
information through letters and emails dated January 25, 2017,
and February 14, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       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 Wonderchef Home Appliances
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 Wonderchef Home
Appliances Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable.

Wonderchef markets kitchen appliances, cookware, and bakeware.
The company, incorporated in 2009, is promoted by Mr. Sanjeev
Kapoor (chef) and Mr. Ravi Saxena and is based in Mumbai.


YADAV RICE: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Yadav Rice Mills
(YRM) for obtaining information through letters and emails dated
January 19, 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              6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Yadav Rice Mills. 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 Yadav Rice Mills is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable.

YRM was set up by the Yadav family of Muktsar (Punjab) in 1997 as
a partnership firm. It mills and processes paddy into basmati
rice, rice bran, broken rice and husk. Mr. Om Prakash Yadav, the
key the partner, manages the business.



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


CONFIGURE EXPRESS: Former Director Declared Bankrupt
----------------------------------------------------
Stuff.co.nz reports that the former director of troubled gym
franchise Configure Express has been declared bankrupt.

Gregory Charles Peters stood down as a director of the women's
gym in October last year, and handed the reins over to his
partner, Stuff relates.

At the same time, the company was caught up in legal action
following the closure of three franchises in the North Island,
the report says.

Four months later, legal proceedings were filed against
Mr. Peters. He was declared bankrupt in High Court in Auckland on
February 16, Stuff discloses.

On May 2, Mr. Peters said the proceedings were in relation to a
guarantee on an Auckland property, Stuff reports.

"I put a guarantee on a property 10 years ago and it turned out
to be a dumb thing to do," the report quotes Mr. Peters as
saying.  "There is nothing I can do about it. It's just
unfortunate.  It doesn't impact Configure Express, because I am
no longer a director, it just impacts my life."

At the time, Mr. Peters resigned as director. A number of
franchises were closing or splitting from the national franchise.

Stuff relates that to date, five gyms -- Papakura, Papatoetoe and
Manukau in Auckland, Hamilton, and Kilbirnie in Wellington - have
closed.

Another four gyms in the Wellington region -- Willis Street,
Lambton Quay, Lower Hutt and Upper Hutt -- have split and
rebranded as Revive Fitness, the report notes.

According to Stuff, members reacted to the closures by venting
their frustration online claiming they had been left in limbo,
had not received refunds, and had been unable to contact staff at
head office.

Following Mr. Peters resignation, the company started legal
action against some gym owners, claiming they had breached
franchise agreements, adds Stuff.


FELTEX CARPETS: Shareholder Granted Leave to Appeal to High Court
-----------------------------------------------------------------
Calida Smylie at NBR Online reports that former Feltex Carpets
shareholder Eric Houghton has been granted leave to appeal to the
Supreme Court, after his case was dismissed by the Court of
Appeal.

Chief Justice Sian Elias and Justices Terence Arnold and Mark
O'Regan decided to grant the appeal, in a judgment released on
May 2, NBR relates.

The court has requested the case be heard in the last week of
July, says NBR.

NBR relates that in last month's hearing to request an appeal,
Mr. Houghton's lawyer, Patricia Mills, argued the failed
company's 2004 prospectus wasn't valid because it contained
untrue statements about its sales prospects, and therefore wasn't
entitled to offer securities to the public.

The report says Mr. Houghton originally sued the former Feltex
directors, owners and sale managers in a representative High
Court action, which sought NZ$185 million including interest for
shareholders he said had been misled by the 2004 prospectus

Justice Robert Dobson found in favor of the defendants, although
noted some criticism of the offer documents, the report says.

According to NBR, Justices Ellen France, Tony Randerson and Helen
Winkelmann dismissed Mr. Houghton's subsequent appeal to the
Court of Appeal last October and ruled the only conduct that
could be deemed misleading or deceptive wasn't material enough to
cause loss.

However, the judges did say the forecast revenue in the
prospectus for the 2004 financial year was an untrue statement.
This differed from the earlier High Court decision, according to
NBR.

This forms the grounds for the Supreme Court appeal, to try to
obtain compensation from the former directors, vendor Credit
Suisse First Boston Asian Merchant Partners LP and joint lead
managers of the float, First NZ Capital and Forsyth Barr, the
report says.

According to NBR, five former directors, including chairman Tim
Saunders and former chief executive Peter Thomas, successfully
defended criminal charges brought by the Companies Office in the
Auckland District Court and then defended the class action
brought by Mr Houghton in the High Court.

NBR says the respondents have hired 11 lawyers, including four
QCs.

NBR notes that the Supreme Court case will be the final effort of
a long-running action taken on behalf of almost 3,700 former
shareholders who lost money when Feltex failed soon after its
2004 float.

                      About Feltex Carpets

Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
is a manufacturer of superior-quality carpet.  The Feltex
operation included a wool scouring plant, six spinning mills,
three tufted carpet mills, a woven carpet mill and offices in New
Zealand, Australia and the United States.

ANZ Bank placed the company in receivership on Sept. 22, 2006,
and named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.

The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States.  Proceeds of
the sale will be used to ease the company's NZ$128-million debt
to ANZ Bank.

On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
Application by the Shareholders Association against Feltex
Carpets putting the carpet maker into liquidation.  John Vague
was appointed as liquidator.


LANZATECH: Narrows Annual Loss to US$37.4 Million in 2016
---------------------------------------------------------
Rebecca Howard at BusinessDesk reports that LanzaTech, the New
Zealand-founded, taxpayer-backed carbon recycling company that
decamped to the US, reported a slightly narrower annual loss and
while the directors signalled a number of risks they concluded it
has sufficient funds to continue operating for the foreseeable
future.

The US-based company reported a net loss of US$37.4 million in
calendar 2016 versus a loss of US$38.3 in the prior year,
BusinessDesk citing the company's annual report. Revenues were
US$4.1 million versus US$3.95 million in the prior year and were
generated by US$2.4 million in government grants and US$1.7
million from commercial contracts. Its accumulated losses now
stand at US$204.2 million, BusinessDesk discloses.

According to BusinessDesk, LanzaTech turns waste gas from steels
mills into ethanol and other high-value fuels and chemicals using
microbes through a gas fermentation process. It was founded in
New Zealand more than a decade ago and while headquarters have
shifted to Illinois and it reports in US dollars, the parent
company remains New Zealand-registered.

It is currently in the research and development phase of taking
its technology, products and services to the global commercial
marketplace and "as a consequence has a higher degree of business
and continuity risk than other more established businesses," the
directors said, BusinessDesk relates.

Regarding specific risks, the directors noted "if petroleum
prices were to deteriorate significantly, projects at the
planning stage may be re-assessed due to the less attractive
returns," BusinessDesk relates.

They also signalled technology validation as a risk factor.
According to the report, its technology has been proven at
laboratory, pilot and demonstration scales and it is now in the
process of completing the construction of its first commercial
unit. "Unforeseen factors may arise in the course of the
forthcoming development steps that could impact the group's
capacity to commercialise its proprietary technology at expected
yields or at all," they noted.

BusinessDesk says low commodity prices were also noted as a risk,
given its technology is linked to carbon-rich waste gases and
many of its current and potential customers are companies
operating steel mills, ferroalloy plants and refineries.

The deployment of its technology requires significant capital
expenditure by the operators "who many not have the capacity nor
the desire to make such investment during adverse commodity
cycles," the directors, as cited by BusinessDesk, said.

The availability of affordable financing is a risk given the
company is "structurally in the red" in its current pre-revenue
stage. "Any tightening in global financial markets may prevent
the group from having access to affordable financing," it said.
It also noted weak or unsupportive legislation and competition
for global talent are other risks.

According to BusinessDesk, the directors noted the group has
experienced and expected to continue experiencing net losses from
operations in the near term and there is uncertainty around the
timing and amount of cash to be received from existing and
expected contracts. However, they concluded that there will be
sufficient funds to enable the group to continue operations at
existing levels for the foreseeable future and not less than 12
months. The funds are available from net current cash balances,
its capital raising, a loan facility entered in 2016 and existing
and projected contracts.

BusinessDesk says the company accounts show the group had net
operating cash outflows for the year of US$31 million versus
$31.4 million in the prior year while research and development
expenses for the group rose to US$21 million from US$19 million
the prior year. No tax was paid. The company had cash and
equivalents of US$9.9 million as at Dec. 31.

LanzaTech has raised more than US$200 million from a variety of
leading venture capital firms and strategic partners, including
Silicon Valley-based Khosla Ventures, Japan's Mitsui & Co and the
New Zealand Superannuation Fund, BusinessDesk discloses.



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


AVIC INTERNATIONAL: Restructuring Continues; Units in Liquidation
-----------------------------------------------------------------
Seatrade Maritime News reports that an intragroup restructuring
exercise has continued apace for Avic International Maritime
Holdings as part of the group's ongoing efforts to streamline its
corporate structure.

According to the report, Singapore-listed Avic Maritime announced
that it has appointed a liquidator to voluntarily wind up its
79.57% owned subsidiary Avic International Marine Engineering,
following a series of earlier voluntary liquidation of several
other subsidiaries.

Seatrade Maritime relates that the privately-owned Chinese
shipbuilding group announced that "the liquidation was undertaken
as part of the intragroup restructuring exercise" that has been
ongoing since August 2016.

Some other subsidiaries of the group that have been liquidated
included Avic International Ship Development, Kaixin Singapore,
Avic Tidestar Fast Offshore, Avic International Ship Engineering
and AIME (Lux), Seatrade Maritime discloses.

Seatrade Maritime notes that Avic Maritime's intragroup
restructuring exercise commenced amid a protracted downturn of
the shipbuilding industry, particularly in China, due to
excessive shipbuilding capacity and reduced newbuilding orders.

In 2016, Avic Maritime reported a full year loss of
CNYB27.1 million compared to the loss of CNY8.5 million in 2015,
Seatrade Maritime News discloses.

AVIC International Maritime Holdings Limited --
http://www.avicintl.com.sg/-- is a Singapore-based company,
which is engaged in investment holding. The Company is a provider
of integrated maritime services. The Company's services include
shipbuilding project management and consultancy, design and
engineering, shipbuilding, as well as engineering, procurement
and construction services (EPC services). Its segments include
shipbuilding project management service, which includes the
provision of shipbuilding project management and consultancy
services; shipbuilding construction service, which includes the
provision of shipbuilding construction services; marketing and
consulting service, which includes services rendered in respect
to marketing and consulting activities; ship-design service,
which includes the provision of ship-design services, and EPC
service, which includes the provision of engineering, procurement
and construction services.


RICKMERS MARITIME: To Sell Entire Container Fleet for US$113MM
--------------------------------------------------------------
Wong Siew Ying at The Strait Times reports that Rickmers
Maritime, which last month announced its winding up after
bondholders rejected a debt restructuring deal, said on April 21
it had found a buyer for its entire fleet of containerships for
US$113 million (SGD157.9 million).

According to the report, trustee manager Rickmers Trust
Management said in a stock exchange filing that a master
agreement had been signed for the conditional sale of the 14
vessels to Navios Maritime Partners, a drybulk and containership
owner and operator. The vessels are currently secured under
senior secured loan facilities, the report says.

The Strait Times relates that the sale proceeds from its fleet
sales proposed sale will be applied towards the full repayment of
the senior secured loan facilities, with the remainder to be
distributed to the trust's unsecured creditors and used for
expenses permitted under the Business Trusts Act and the trust
deed.

Rickmers also reiterated that unitholders are not expected to
recover any of their investments, the report says.

The report adds that subject to the fulfillment of certain
conditions, the sale of the vessels is expected to be completed
on and from May 15, 2017. However, the trust manager noted that
there is no certainty or assurance that the proposed sale will be
completed.

"The proposed transaction meets the trust's objectives of
delivering value on an accelerated basis to all creditors to
avoid uncertainties and risks involved in a protracted winding up
process," the trust manager, as cited by The Strait Times, added.

Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.



                             *********

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 Joseph Cardillo at 856-381-8268.


                 *** End of Transmission ***