TCRAP_Public/170515.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

             Monday, May 15, 2017, Vol. 20, No. 95

                            Headlines


A U S T R A L I A

COAL REUSE: Liquidators Seek AUD1.7MM from Stanwell
LIBERTY FUNDING: Moody's Assigns (P)B2(sf) Rating to Cl. F Notes
MELTON CONTRACTING: First Creditors' Meeting Set for May 22
MESOBLAST LIMITED: Has $69.1 Million in Cash at March 31
PENRITH CITY: First Creditors' Meeting Set for May 19

PLUTUS PAYROLL: Denies Insolvency as Contractors Seek Payment
RESIMAC BASTILLE: Moody's Ups Rating on Cl. E Debt to Ba1
STARHILL PROPERTY: Second Creditors' Meeting Set for May 19
TRADE ALLIANCE: Second Creditors' Meeting Set for May 18


C H I N A

HONG YANG: Fitch Assigns First-Time 'B' IDR; Outlook Stable
XINJIANG GUANGHUI: 2016 Results In Line with Moody's Expectations
ZHONG HAI: S&P Assigns 'B' CCR; Outlook Stable


I N D I A

BENEDETTO KITCHENS: CRISIL Assigns B+ Rating to INR5.0MM Loan
CHHOTANAGPUR ROPE: CRISIL Cuts Rating on INR5.15MM Loan to 'B'
CHITTARANJAN MULTIPURPOSE: CRISIL Reaffirms 'B' INR8M Loan Rating
FORTUNE SPIRIT: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
GANGA KNIT: CRISIL Lowers Rating on INR14MM Cash Credit to B

GAUTAM INDUSTRIAL: CRISIL Cuts Rating on INR3.0MM Loan to 'B'
GAYATRI AGRO: CRISIL Cuts Rating on INR8.75MM Term Loan to 'B'
GONDA NAGAR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
GOVARDHAN CARS: CRISIL Reaffirms 'B' Rating on INR3MM LT Loan
HINDUSTAN JEWELLERS: CRISIL Cuts Rating on INR5MM Cash Loan to B

I FOUR: CRISIL Assigns B+ Rating to INR6.0MM Cash Loan
INFOSOFT DIGITAL: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
INTERLINK FOODS: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
JNSL FERRO: CRISIL Cuts Rating on INR4.9MM Cash Loan to 'B'
JOHNSON JEWELERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

JOSEPH JOHN: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
K. MANIKANDAN: CRISIL Assigns B+ Rating to INR5MM Cash Loan
KAMACHI STEELS: CRISIL Assigns 'B-' Rating to INR17MM Loan
KAMAL KRISHNA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
KARAN RICE: Ind-Ra Migrates 'B' Rating to Non-Cooperating

KRISHNA ENTERPRISES: CRISIL Cuts Rating on INR1.6MM Loan to 'B'
LOOMTEX FABRICS: CRISIL Lowers Rating on INR8MM Loan to 'B'
MILANO IMPEX: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
MNR DAIRY: CRISIL Reaffirms 'D' Rating on INR25MM Term Loan
NAGPAL WAREHOUSE: CRISIL Lowers Rating on INR6MM Term Loan to B

NAKKHEERAN PUBLICATIONS: CRISIL Reaffirms B Cash Credit Rating
SAFE CERAMIC: CRISIL Reaffirms B+ Rating on INR4.87MM Term Loan
SAHIBZADA TIMBER: Ind-Ra Migrates BB- Rating to Non-Cooperating
SAHIL POLYPLAST: Ind-Ra Migrates B+ Rating to Non-Cooperating
SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR7.7MM Loan

SAI BALAJI: CRISIL Lowers Rating on INR2.75MM Term Loan to B-
SANCO INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
SANDHU POULTRY: Ind-Ra Migrates BB- Rating to Non-Cooperating
SHIW PRASAD: Ind-Ra Migrates BB Rating to Non-Cooperating
SHUKRANA IMPEX: Ind-Ra Migrates B+ Rating to Non-Cooperating

SINGH NATURAL: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
SOMESHWAR ORGANISORS: CRISIL Reaffirms B+ Rating on INR23MM Loan
STEWARTS & LLOYDS: Files for Insolvency
SUNNY STAR: Ind-Ra Migrates BB+ Rating to Non-Cooperating


M A C A U

MCE FINANCE: Crown Asia Exit from JV No Impact on Moody's Ba3 CFR


N E W  Z E A L A N D

GENESIS ENERGY: S&P Assigns BB+ Rating to Sub. Capital Securities


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Hikes CFR to B3; Outlook Stable
SONGIN BOOKS: Placed Under Court Receivership


                            - - - - -


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A U S T R A L I A
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COAL REUSE: Liquidators Seek AUD1.7MM from Stanwell
---------------------------------------------------
ABC News reports that liquidators of a failed coal ash company
are pursuing government-owned power generator Stanwell
Corporation for $1.7 million, alleging it continued using Coal
Reuse knowing it was insolvent.

According to the report, Rogers Reidy is alleging Stanwell knew
in August 2015 that Coal Reuse was insolvent, but continued to
use the company in an effort to reduce Coal Reuse's debt.

The liquidators have written to Stanwell demanding
AUD1,766,734.18 to be paid to it by May 5, the report says.

The ABC relates that Stanwell has denied knowing Coal Reuse could
not fulfil its contract.

"Stanwell is reviewing the details of the demand but is confident
that it acted in accordance with the terms of its contract with
Coal Reuse," the report quotes a spokeswoman as saying.

The ABC understands liquidators will lodge court action against
Stanwell if the money is not paid.

Coal Reuse was contracted to Stanwell to collect and resell fly
ash from the Tarong Power Station and associated coal mine in the
state's South Burnett.

Coal Reuse was liquidated by Supreme Court order last year after
it failed to pay its sub-contractors, the report discloses.

According to the report, LNP Lockyer MP Ian Rickuss said the
situation had resulted from poor management by Stanwell.

"Stanwell appointed this company [Coal Reuse] . . . and then it
put its head in the sand for the first two years and
disadvantaged small businesses," the report quotes Mr. Rickuss as
saying.  "It's these inefficiencies at places like Stanwell that
are costing every energy user in Queensland money and now they're
going to charge the taxpayer for their mistakes and for their
poor business practice.

"Stanwell is a fully owned Government corporation and really
should be the benchmark of good business practices."

The ABC recalls that Coal Reuse was liquidated by court order
last year after several of its creditors, many of those small
businesses from the South Burnett area, filed a winding up order
claiming unpaid invoices.

Some of the businesses had not been paid for their services at
the Tarong power station and mine for more than a year, notes the
report.

Stanwell has previously told the ABC it could not intervene in a
dispute between the contractor Coal Reuse and its sub-
contractors, and it would be "irresponsible" to use taxpayer
money to reimburse those sub-contractors.

In its original report to creditors in November 2016, liquidators
Rogers Reidy found Coal Reuse failed to fulfill its contract to
sell a type of fly ash called cenospheres because it had "no
customer base due to having no reputation or history in the
industry," the ABC relays.

It also found Coal Reuse did not have enough money to start its
job at the Tarong power stations, the report says.

In the payment request to Stanwell, liquidators allege that "a
reasonable person" would have known that Coal Reuse was insolvent
in 2015 and unable to pay its debts, according to the ABC.

The ABC relates that Mr. Rickuss said Stanwell was investigating
how the contract was awarded to such a company.


LIBERTY FUNDING: Moody's Assigns (P)B2(sf) Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Liberty Funding Pty Ltd:

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2017-2 Trust

-- AUD196.0 million Class A1 Notes, Assigned (P)Aaa (sf)

-- AUD106.0 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD15.8 million Class B Notes, Assigned (P)Aa2 (sf)

-- AUD10.1 million Class C Notes, Assigned (P)A2 (sf)

-- AUD5.3 million Class D Notes, Assigned (P)Baa2 (sf)

-- AUD6.2 million Class E Notes, Assigned (P)Ba2 (sf)

-- AUD3.2 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.4 million Class G Notes are not rated by Moody's.

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

RATINGS RATIONALE

The transaction is an Australian prime and non-conforming RMBS
secured by a portfolio of residential mortgage loans. A portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (5.8%) or made on a limited
documentation basis (4.1%).

This is the 22nd non-conforming RMBS transaction sponsored by
Liberty Financial Pty Limited.

The ratings take account of, among other factors:

- Class A1 and Class A2 Notes benefit from 44.0% and 13.7% credit
enhancement (CE). Moody's MILAN credit enhancement assumption,
the loss Moody's expects the portfolio to suffer in the event of
a severe recession scenario, is at 13.7%. Moody's expected loss
for this transaction is 1.5%. The subordination strengthens
ratings stability, should the pool experience losses above
expectations.

- The guarantee fee reserve account. The AUD800,000 reserve
account is funded at closing and will be replenished if required
from the bottom of the interest waterfall prior to interest paid
to the Class G noteholders. The reserve account will firstly be
available to meet losses on the loans and charge-offs against the
notes. Secondly, it can be used to cover any liquidity shortfalls
that remain uncovered after drawing on the liquidity reserve
account and principal.

- The experience of Liberty in servicing residential mortgage
portfolios. This is Liberty's 22nd non-conforming securitisation,
which highlights the lender's experience as a manager and
servicer of securitised transactions.

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis until,
amongst other stepdown conditions, the payment date falls on or
after the payment date in May 2018 and absence of charge offs on
any notes. Upon satisfaction of all stepdown conditions Class A1,
Class A2, Class B, Class C, Class D, Class E, and Class F Notes
will receive a pro-rata share of principal payments (subject to
additional conditions). The Class G Notes do not step down and
will only receive principal payments once all other notes have
been repaid.

- The principal pay-down switches back to sequential pay across
all notes, once the aggregate loan amount falls below 20.0% of
the aggregate loan amount at closing, or following the payment
date in May 2021.

- The weighted average scheduled loan to value ratio of the pool
of 75.4%.

- The portfolio is geographically well diversified due to
Liberty's wide distribution network.

- The portfolio contains 5.7% exposure with respect to borrowers
with prior credit impairment (default, judgement or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

- 4.1% of loans were extended on an alternative documentation
basis. For the alternative documentation loans Liberty performs
additional verification checks over and above the typical checks
for low documentation products. These checks include a
declaration of financial position and six months of bank
statements, two quarters of Business Accounting Statements or GST
returns. Liberty's alternative documentation loans have stronger
arrears performance when compared to traditional low
documentation loans. Given the additional verification checks and
the stronger arrears performance, these alternative documentation
loans have been assessed to have a lower default frequency than
standard low documentation loans.

- Investment and interest only loans: Investment and interest
only loans represent 50.8% and 51.2% of the pool respectively.
Both the proportion of investor and interest only loans is above
the Australian mortgage market average. Moody's assesses that
investor buyers have a higher probability of default compared to
borrowers who live in the property that serves as security for
that loan. Similarly, Moody's MILAN analysis has factored in a
higher default probability for loans with interest-only periods
than loans amortising from loan origination without interest-only
periods.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

The Credit Ratings for Liberty Series 2017-2 Trust was assigned
in accordance with Moody's existing Methodology entitled Moody's
Approach to Rating RMBS Using the MILAN Framework dated September
2016. Please note that on March 15, 2017, Moody's released a
Request for Comment, in which it has requested market feedback on
potential revisions to its Methodology for Australian RMBS. If
the revised Methodology is implemented as proposed, the credit
ratings on Liberty Series 2017-2 Trust are not expected to be
affected. Please refer to Moody's Request for Comment, titled
"Moody's Proposes Limited Updates to its Approach to Rating
Australian RMBS" for further details regarding the implications
of the proposed Methodology revisions on certain Credit Ratings.

On March 22, 2017, Moody's released a Request for Comment, in
which it requested market feedback on potential revisions to its
Approach to Assessing Counterparty Risks in Structured Finance.
If the revised Methodology is implemented as proposed, the credit
ratings on Liberty Series 2017-2 Trust are not expected to be
affected. Please refer to Moody's Request for Comment, titled
"Moody's Proposes Revisions to Its Approach to Assessing
Counterparty Risks in Structured Finance" for further details
regarding the implications of the proposed Methodology revisions
on certain Credit Ratings.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

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

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE losses were to
increase to 20.0% from 13.7%, and the mean expected loss were to
increase to 2.0% from 1.5%, the model-indicated rating for the
Class A2 Notes would drop one notch to Aa1. Using these same
assumptions, the ratings on the Class B, Class C and Class D will
drop two notches, three notches and two notches respectively. The
Class A1 Notes are not sensitive to any rating migration using
these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


MELTON CONTRACTING: First Creditors' Meeting Set for May 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Melton
Contracting Pty Ltd will be held on May 22, 2017, at 12:00 p.m.
at the offices of RSM Australia Partners, Equinox Building 4,
Level 2, 70 Kent Street, in Deakin, ACT.

Timothy Gumbleton and Andrew Bowcher of RSM Australia Partners
were appointed as administrators of Melton Contracting on May 10,
2017.


MESOBLAST LIMITED: Has $69.1 Million in Cash at March 31
--------------------------------------------------------
Mesoblast Limited filed with the U.S. Securities and Exchange
Commission its quarterly report for entities subject to Listing
Rule 4.7B for the quarter ended March 31, 2017.

At the beginning of the quarter, the Company had US$33.90 million
in cash and cash equivalents.  The Company had US$25.67 million
net cash used in operating activies, US$430,000 net cash from
investing activities and US$59.96 million net cash from financing
activities.

As a result, the Company had US$69.12 million in cash and cash
equivalents at the end of the quarter.

Mesoblast is in advanced negotiations with selected
pharmaceutical companies with respect to potential partnering of
certain Tier 1 product candidates.  If Mesoblast enters into a
binding transaction in the next quarter, Mesoblast expects that
one effect of the transaction is that its cash reserves are
likely to increase.

Mesoblast does not make any representation or give any assurance
that such a binding transaction will be concluded.

In addition, Mesoblast expects its cash reserves to increase in
the next quarter as we expect to receive the following income:

   -- the R&D tax incentive from the Australian Government;

   -- royalty income earned on sales of TEMCELLA HS Inj.
      in Japan, and

   -- interest income.

Mesoblast has established an equity facility for up to A$120
million/US$90 million over 36 months, to be used at its
discretion to provide additional funds as required.

A full-text copy of the Quarterly Report is available for free
at https://is.gd/75rUav

                   About Mesoblast Ltd.

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

As of Dec. 31, 2016, Mesoblast had $660.88 million in total
assets, $150.36 million in total liabilities and $510.51 million
in total equity.  Mesoblast reported a loss before income tax of
$90.82 million for the year ended June 30, 2016, compared to a
loss before income tax of $96.24 million for the year ended
June 30, 2015.

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


PENRITH CITY: First Creditors' Meeting Set for May 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Penrith
City Cranes Pty Ltd will be held at the offices of Veritas
Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on May 19,
2017, at 11:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Penrith City on May 9, 2017.


PLUTUS PAYROLL: Denies Insolvency as Contractors Seek Payment
-------------------------------------------------------------
Michael Jenkin at CRN reports that unpaid IT contractors are
still scrambling for answers in the wake of pay management
service Plutus Payroll suddenly suspending operations following
what it described as a "commercial dispute".

Plutus Payroll informed contractors on May 1 that it had
suspended business activities, effective immediately. Plutus said
some payments scheduled between April 27 to May 2 may be
affected, the report says.

Several IT contractors contacted CRN, concerned they may end up
out of pocket as a result of Plutus' closure. One contractor told
CRN they hadn't been paid in the past fortnight, and had received
a payslip without actually being paid.

Contractors are likely to go into the weekend unsure of the
status of their payments -- a Plutus spokesperson told CRN
payments were in a state of suspension.

"The inability to make payments for a payment company is mission
critical, they live and breath making payments," the report
quotes the spokesperson as saying.  "The company is endeavoring
to resolve the dispute and are in negotiations right now. The
negotiations are ongoing, the company would like this resolved as
soon as possible so it can release the funds to its contractors."

The spokesperson was keen to address speculation that had run
wild on social media, according to CRN.

"There were many reports the company was in liquidation, that it
was insolvent and that it was pursuing administration, none of
those things are true. The company is in none of those states.
And it has no plans to become so," the spokesperson told CRN.

CRN relates that the spokesperson said the company was keeping
its clients updated with daily emails, and that it had previously
been providing continuous support until it was overwhelmed by the
volume.

"The email updates can't answer all of our contractors'
individual questions. What they can do is update contractors of
the situation every 24 hours, Plutus acknowledges this is not the
most ideal situation and are very regretful of that."

Plutus was acquired by private equity company Synep in June 2016,
which the company said was the sole shareholder. The spokesperson
said Plutus had three physical offices, in Sydney, Canberra and
Melbourne, and added the offices were still staffed and
operating, albeit in a reduced capacity due to the dispute, adds
CRN.


RESIMAC BASTILLE: Moody's Ups Rating on Cl. E Debt to Ba1
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings on eight
classes of notes issued by two Resimac Bastille RMBS.

The affected ratings are:

Issuer: RESIMAC Bastille Trust Series 2015-1NC

-- Class B Notes, Upgraded to Aaa (sf); previously on June 9,
    2016 Upgraded to Aa1 (sf)

-- Class C Notes, Upgraded to Aa1 (sf); previously on June 9,
    2016 Upgraded to Aa3 (sf)

-- Class D Notes, Upgraded to A2 (sf); previously on June 9,
    2016 Upgraded to Baa1 (sf)

-- Class E Notes, Upgraded to Ba1 (sf); previously on Mar 20,
    2015 Definitive Rating Assigned Ba2 (sf)

Issuer: RESIMAC Bastille Trust 2016-1NC

-- Class B Notes, Upgraded to Aa1 (sf); previously on Aug. 11,
    2016 Definitive Rating Assigned Aa2 (sf)

-- Class C Notes, Upgraded to Aa3 (sf); previously on Aug. 11,
    2016 Definitive Rating Assigned A2 (sf)

-- Class D Notes, Upgraded to Baa1 (sf); previously on Aug. 11,
    2016 Definitive Rating Assigned Baa2 (sf)

-- Class E Notes, Upgraded to Baa3 (sf); previously on Aug. 11,
    2016 Definitive Rating Assigned Ba1 (sf)

RATINGS RATIONALE

The upgrade was prompted by an increase in credit enhancement
available for the affected notes. Sequential amortization of the
notes has led to the increase in credit enhancement.

In addition, the transaction portfolios have been performing
within Moody's expectations. The decrease in both scheduled and
indexed loan to value ratios since the last rating action has led
to lower MILAN CE for the transactions.

RESIMAC Bastille Trust Series 2015-1NC

Since the last rating action, the note subordination available
for the Class B, Class C, Class D, and Class E has increased to
14.6%, 11.3%, 6.9%, and 4.2%, respectively, from 10.5%, 8.0%,
4.8% and 2.9%.

The performance of the transaction has been within expectations.
As of March 2017, cumulative loss amounts totaled AUD164,749.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.3% as a percentage of the
original pool balance.

Moody's decreased its MILAN CE assumption to 12.2% from 13.7%
since the last rating action, based on the current portfolio
characteristics.

RESIMAC Bastille Trust 2016-1NC

Since the last rating action, the note subordination available
for the Class B, Class C, Class D, and Class E notes has
increased to 9.0%, 7.2%, 4.8%, and 3.6%, respectively, from 7.5%,
6.0%, 4.0% and 3.0%.

The performance of the transaction has been within expectations.
The deal has incurred no losses to March 2017.

Based on the observed performance and outlook, Moody's maintained
its expected loss assumption at 1.5% as a percentage of the
original pool balance.

Moody's decreased its MILAN CE assumption to 12.7% from 13.7%
since the last rating action, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transactions are Australian RMBS secured by a portfolio of
prime and non-conforming residential mortgage loans. A large
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

On March 22, 2017, Moody's released a Request for Comment, in
which it has requested market feedback on potential revisions to
its Approach to Assessing Counterparty Risks in Structured
Finance. If the revised Methodology is implemented as proposed,
the ratings on the two Resimac Bastille RMBS are not expected to
be affected.

Please refer to Moody's Request for Comment, titled "Moody's
Proposes Revisions to Its Approach to Assessing Counterparty
Risks in Structured Finance," for further details regarding the
implications of the proposed Methodology revisions on certain
Credit Ratings.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include (1)
a performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
a performance of the underlying collateral that is worse than
Moody's expectations, (2) a decrease in the notes' available
credit enhancement, and (3) a deterioration in the credit quality
of the transaction counter parties.


STARHILL PROPERTY: Second Creditors' Meeting Set for May 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Starhill
Property Group Pty Ltd has been set for May 19, 2017, at
10:00 a.m. at Level 27, 259 George Street, in Sydney.

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 18, 2017, at 4:00 p.m.

Sule Arnautovic and Henry Peter McKenna of Jirsch Sutherland were
appointed as administrators of Starhill Property on April 4,
2017.



TRADE ALLIANCE: Second Creditors' Meeting Set for May 18
--------------------------------------------------------
A second meeting of creditors in the proceedings Trade Alliance
Pty. Ltd. has been set for May 18, 2017, at 12:00 p.m. at The
Clubhouse, Beaudesert Golf Club, 135 Kerry Rd, in Beaudesert,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2017, at 4:00 p.m.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Trade Alliance on March 15, 2017.



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HONG YANG: Fitch Assigns First-Time 'B' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Hong Yang Group Company Limited a
first-time Long-Term Foreign-Currency Issuer Default Rating (IDR)
of 'B' with Stable Outlook. The agency has also assigned Hong
Yang a senior unsecured rating of 'B' with Recovery Rating of
'RR4'.

Hong Yang's ratings are supported by its high-quality landbank,
which focuses on the city of Nanjing, capital of China's Jiangsu
province, and the Yangtze River Delta. This helps drive the
company's contracted sales growth and better gross profit margin
than its 'B' rated peers. Hong Yang also has a higher recurring
income arising from the larger scale of its property rental
business. The homebuilder's ratings are constrained by its small
landbank, which limits its ability to deleverage. Furthermore,
home purchase restrictions that affect cities within Jiangsu
province create uncertainty for Hong Yang's contracted sales
pace, although selling prices are likely to be supported by firm
demand.

KEY RATING DRIVERS

Landbank Drives Expanding Scale: Hong Yang's high-quality
landbank drives its expanding scale, with contracted sales growth
of 46% and a contracted average selling price (ASP) increase of
39% in 2016. About 57% of the homebuilder's landbank is located
in Nanjing and over 80% is located in tier-2 cities within the
Yangtze River Delta, as measured by attributable gross floor
area. Hong Yang's well-positioned landbank and differentiated
products enable the company to enjoy a higher gross profit and
EBITDA margin - before capitalised interest - than most of its
'B' rated peers.

Government policies to control residential property price rises
create near-term uncertainty for Hong Yang's contracted sales
pace, since its landbank is concentrated in Nanjing, which is
affected by these measures. However, the company is diversifying
its landbank to the city of Hefei in Anhui province, as well as
Suzhou, Wuxi, Changzhou, Nantong and Zhenjiang in Jiangsu
province. Fitch expects Nanjing to account for about 30% of Hong
Yang's contracted sales in 2017, compared with 64% in 2016.

Niche Property Rental Business: Hong Yang's investment property
portfolio, with large-scale retail and wholesale of household
construction and decoration materials, enjoys a niche market
position and near-full occupancy rates. The portfolio provides a
recurring EBITDA/interest coverage ratio of 0.3x-0.5x, higher
than for 'B' rated peers. Rental income increased during 2014-
2016 due to strong upgrade demand for household furniture and
decorations. Fitch expects rental income from this segment to
continue improving and supporting Hong Yang's ratings.

Small Landbank: Hong Yang's total landbank was about 4 million
square metres (sq m) at end-2016, which will last for three to
four years based on its current development pace. Hong Yang has
to replenish its landbank at market prices, mainly from public
auctions. The homebuilder acquired land in 2016 through the
formation of joint ventures with other developers and financial
institutions, which helped diversify its geographical asset
allocation. Fitch expects the contracted sales contribution from
joint ventures to be the key growth driver of attributable
contracted sales in 2017.

Land Replenishment Pressures Leverage: Fitch expects Hong Yang's
leverage, measured by net debt/adjusted inventory, to hover at
50%-60% in 2017, as Fitch believes the company will need to use
about 70% of its attributable contracted sales proceeds each year
to acquire new land to sustain its contracted sales scale. Hong
Yang's attributable land acquisition costs amounted to CNY8.4
billion in 2016, representing over 70% of its attributable
contracted sales. The average cost of its landbank amounted to
CNY6,854/sq m at end-2016, or about 40% of Fitch's expected 2017
contracted ASPs, which appears reasonable. The average cost of
land acquired in 2016 rose to CNY11,000/sq m, indicating a
steadily rising prices that may pressure profit margins if
selling prices remain tightly controlled.

DERIVATION SUMMARY

Ronshine China Holdings Limited (B+/Stable) is the closest peer
to Hong Yang, as both companies focus on first- and second-tier
cities in the Yangtze River Delta region. Compared with Ronshine,
Hong Yang has a smaller contracted sales scale and landbank,
while its leverage, defined by net debt/adjusted inventory, is
higher. Yida China Holdings Limited (B/Positive) is comparable
with Hong Yang in terms of scale, margin and investment property
recurring EBITDA/gross interest of above 0.3x. However, Yida's
leverage is lower, at about 45%, with a larger landbank.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- Consolidated contracted sales at CNY10 billion-CNY20 billion
  a year in 2017-2019 (2016: CNY12 billion)

- Annual land premium accounting for about 70% of attributable
  contracted sales (2016: 69%)

- Gross profit margin before capitalised interest and after
  business tax of 32%-36% in 2017-2019 (2016: 30%)

- Average occupancy rate for investment properties to remain near
  100%

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

- Contracted sales sustained at CNY15 billion or above

- EBITDA margin, excluding capitalised interest, sustained at
  30% or above

- Leverage, measured by net debt/adjusted inventory, sustained
  below 50%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Contracted sales below CNY8 billion for a sustained period

- EBITDA margin, excluding capitalised interest, below 20% for a
  sustained period

- Leverage, measured by net debt/adjusted inventory, above 60%
  for a sustained period

LIQUIDITY

Sufficient Liquidity: Hong Yang had unrestricted cash of CNY3.6
billion as at end 2016 and unused bank credit facilities of
CNY2.8 billion, mainly from the big-five state-owned banks,
sufficient to cover short-term borrowings of CNY4.9 billion. The
company has approval to issue CNY4 billion in private onshore
bonds. Its debt maturities are spread out for the next five years
and beyond and its average borrowing cost declined to 6.5% in
2016, from 8.7% in 2015.


XINJIANG GUANGHUI: 2016 Results In Line with Moody's Expectations
-----------------------------------------------------------------
Moody's Investors Service says that Xinjiang Guanghui Industry
Investment (Group) Co., Ltd.'s 2016 results are in line with
Moody's expectations and will not immediately impact its B2
corporate family rating and B3 senior unsecured rating.

The ratings outlook is stable.

"Guanghui Group's financial leverage rose in 2016, driven mainly
by a higher level of debt raised by its subsidiary China Grand
Automotive Services Co., Ltd. (China Grand Auto, B1 stable) to
support the expansion of its dealership network," says Gerwin Ho,
a Moody's Vice President and Senior Analyst.

"This higher leverage was within Moody's expectations," adds Ho.
"Leverage should improve in 2017, because of China Grand Auto's
lower level of investments in the expansion of its dealership
network."

Guanghui Group's revenue grew 39% year-on-year to RMB146 billion
in 2016, driven by 45% year-on-year revenue growth at its 37.3%
owned auto dealership subsidiary China Grand Auto, which offset a
revenue decline at its 43.0% owned energy subsidiary Guanghui
Energy Co., Ltd. (unrated) and at its real estate business.

Guanghui Group consolidates China Grand Auto and Guanghui Energy
into its reported financials. China Grand Auto and Guanghui
Energy accounted for 93% and 3% of Guanghui Group's revenue in
2016.

Moody's expects Guanghui Group's revenue to rise about 10%-12%
year-on-year in 2017, driven by revenue growth at China Grand
Auto on the back of increasing new vehicle sales and service-
related revenues, and by growth at Guanghui Energy, supported in
turn by improving energy prices.

Guanghui Group's adjusted EBITDA margin fell to 7.6% in 2016 from
8.7% in 2015, reflecting weaker profitability in its auto
dealership, energy and other businesses. Moody's expects that
Guanghui Group's EBITDA margin will return to about 8.0% in the
next 12-18 months, reflecting a profitability recovery in its
non-auto dealership businesses.

At the same time, Guanghui Group's adjusted debt rose to about
RMB107 billion at end-2016 from RMB76 billion at end-2015, due to
the higher borrowing mainly to fund the growth of its auto
dealership business.

As a result, the company's debt leverage, as measured by adjusted
debt/EBITDA, rose to about 9.7x in 2016 -- above Moody's trigger
of 9.0x -- from 8.3x at end-2015, while EBITDA to interest was
flat year-on-year at 2.0x.

However, Moody's expects Guanghui Group's adjusted debt/EBITDA
will improve to about 8.5x-9.0x over the next 12-18 months, with
EBITDA/interest registering around 2.0x. This improvement in
leverage reflects a rise in EBITDA year-on-year, supported by
revenue growth and an improved EBITDA margin. These metrics
position the company at the single-B rating level.

Guanghui Group's liquidity profile is weak because of its high
reliance on short-term debt, which amounted to around RMB54
billion at end-2016, and well exceeded its cash holdings
including pledged deposits of RMB37 billion.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments, namely auto
dealership, energy and real estate. At end-2016, the company held
a 37.3% stake in China's largest auto dealer by revenue, China
Grand Automotive Services Co., Ltd.

Founded in 1989, the unlisted Xinjiang Guanghui was 63.6% owned
by the Mr. SUN Guangxin at end-2016. Mr. Sun is the chairman,
founder and controlling shareholder.


ZHONG HAI: S&P Assigns 'B' CCR; Outlook Stable
----------------------------------------------
S&P Global Ratings said it assigned its 'B' long-term corporate
credit rating to Zhong Hai Sheng Rong (Beijing) Capital
Management Ltd. Co. (ZHSR).  The outlook is stable.  S&P also
assigned its 'cnBB-' long-term Greater China regional scale
rating to the Beijing-based investment holding company.

At the same time, S&P assigned its 'B' long-term issue rating and
its 'cnBB-' long-term Greater China regional scale rating to the
U.S. dollar-denominated senior unsecured notes that Mighty Ocean
I Ltd., a special purpose vehicle, proposes to issue.  ZHSR will
unconditionally and irrevocably guarantee the notes.  The issue
rating is subject to S&P's review of the final issuance
documentation.

"We expect ZHSR to maintain high debt leverage over the next 12
months at least, due to its short track record and very heavy
reliance on debt funding for new investments," said S&P Global
Ratings credit analyst Leo Hu.

ZHSR had a high portfolio loan-to-value (LTV) ratio -- a primary
metric S&P uses to assess the financial risk of investment
holding companies  - of about 92% at the end of 2016.  The
primary reason for such high leverage is ZHSR's very heavy
reliance on debt financing when making new investments.  Since
ZHSR began operating in 2014, the company has largely relied on
Chinese domestic wealth- and asset-management companies, as well
as collateralized borrowing from Chinese securities companies for
financing.

Meanwhile, the company's equity reserve is relatively low versus
its total asset base, due to its short operating history, despite
ZHSR's success in making profitable investments.  S&P anticipates
that leverage will gradually decline because it expects the
company will continue to make profits, which will add to equity
reserves.  Nevertheless, in S&P's estimate the LTV ratio will
remain well above 60% over the next 12 months at least, given
ZHSR's very high debt level at the end of 2016.  These factors
underpin S&P's highly leveraged financial risk profile assessment
for the company.

In addition, S&P expects ZHSR's operating cash inflow to fall
short of operating cash outflow over the next 12-18 months.  S&P
estimates the company will require operating cash of Chinese
renminbi (RMB)4 billion-RMB5 billion annually in 2017-2018, the
majority of that being interest cost.  Against this, S&P
estimates ZHSR's operating cash flow to be less than RMB1 billion
per year; this is mostly because the majority of ZHSR's portfolio
assets--listed equities in the Chinese domestic market--pay
little by way of cash dividends.  As such, ZHSR will rely
principally on cash gains when exiting investments to accumulate
equity reserves and to deleverage.

S&P also expects ZHSR's investment portfolio to remain well
diversified and highly liquid.  The company has a clear
preference for listed equity investments given their high
liquidity, and S&P expects it to maintain its portion of listed
equity investment at over 70% of total portfolio value over the
next 12-18 months. While ZHSR will seek significant (but usually
not controlling) ownership for companies with strategic
partnerships, S&P expects much of its investments to be minority
stakes, with ZHSR's shareholding at 10%-15% or less, which
provides the company with relative ease of exit.  Meanwhile, S&P
expects the company to maintain its widespread sector allocation,
with investments spanning across healthcare, alternative energy,
IT/artificial intelligence, and education industries among
others.  The avoidance of portfolio concentration in a few key
investments or industries is a positive, in S&P's view.

S&P expects ZHSR's strategy of leveraged investments will
continue in the next 12-18 months.  The company's investment
portfolio expanded significantly in 2015, with most of the
investments funded by debt.  Although ZHSR expects to grow more
steadily, S&P believes the company is willing to further increase
its investment portfolio with debt, as long as it identifies
investments with good return prospects.  This underpins S&P's
below-average assessment on ZHSR's strategic investment
capability, particularly its leverage tolerance.

S&P's base case assumes these:

   -- ZHSR will continue to reinvest its cash from investment
      exits into new opportunities, hence keeping its investment
      portfolio value largely stable.

   -- The company's interest and dividend income will be about
      RMB500 million per year over the next two years, largely in
      line with returns in 2016.  Meanwhile, interest and
      operating expense will be RMB4 billion-RMB5 billion per
      year, versus about RMB4 billion in 2016.

Based on these assumptions, S&P arrives at these credit measures:

   -- LTV ratio to remain well above 60% over the next 12-24
      months.

   -- Cash flow adequacy, as measured by operating cash inflow
      divided by operating cash flow, to be below 0.7x in the
      next 12-24 months.

S&P has equalized the rating on the proposed U.S. dollar notes
with the issuer credit rating on ZHSR, given the notes are part
of the company's senior unsecured obligations as a result of the
guarantee.  In addition, S&P believes the notes are not
structurally subordinated to more priority claims of ZHSR, given
the very significant amount of operating assets at the parent
company enhances the parent level recovery in our view.

"We assess ZHSR's liquidity to be less than adequate.  We expect
the company's sources of cash to fall short of uses of cash over
the next 12 months, given its large amount of short-term debt
obligations.  Therefore, the company will have to refinance its
existing debt.  We have not taken into consideration the bank
credit lines of ZHSR when making the liquidity calculation.
Meanwhile, we currently do not see imminent liquidity risks for
the company, given loose debt covenants (typical in China) as
well as our belief that ZHSR can sell down its investment
portfolio (apart from the planned exits) for emergency liquidity
if needed," S&P said.

Principal liquidity sources include:

   -- Cash and cash equivalents of about RMB4 billion as of 2016.

   -- Expected interest and dividend income of about
      RMB500 million over the next 12 months.

   -- Planned asset disposals of about RMB15 billion in 2017.

Principal liquidity uses include:

   -- Short-term debt of about RMB23 billion maturing in 2017.

   -- Expected cash interest and operating expenses of about
      RMB4 billion-RMB5 billion in 2017.

The stable outlook reflects S&P's expectation that ZHSR's
leverage will remain high, demonstrated by its portfolio's LTV
ratio remaining significantly above 60% over the next 12 months.
S&P also expects a sustained material deficit in the company's
holding level operating cash flow, as its limited dividend income
is unlikely to cover its interest and other expenses.  Meanwhile,
the outlook also reflects S&P's expectation that ZHSR's
investment portfolio will remain diversified, and the company
will maintain its preference for equities of listed companies to
ensure high asset liquidity.

S&P could lower the rating on ZHSR if S&P believes the company is
encountering difficulty in refinancing its debt from the current
funding channels.  A large-scale asset sale during a short time
frame without large profit would indicate such a difficulty in
refinancing, in S&P's view.  S&P could also downgrade ZHSR if the
company allows its leverage to deteriorate from 2016 levels.

An upgrade is unlikely over the next 12 months, in S&P's view.
S&P could upgrade the company if its leverage improves
significantly, such that its LTV ratio is above 60%.



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


BENEDETTO KITCHENS: CRISIL Assigns B+ Rating to INR5.0MM Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facility of Benedetto Kitchens Private Limited (BKPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              2.75       CRISIL B+/Stable
   Cash Credit            5.00       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     2.75       CRISIL B+/Stable

The rating reflects BKPL's modest scale of operations in a
competitive and fragmented industry, the firm's large working
capital requirements, and subdued financial risk profile marked
by modest networth, large external debt, and average debt
protection metrics. These strengths are partially offset by the
extensive experience of its promoters in the modular product
industry and established relationships with customers and
suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
Financial risk profile is average as reflected in estimated
networth of INR4.5 crore and moderate gearing of 1.61 times as on
March 31, 2017. Debt protection metrics are moderate with
interest coverage of 3.16 times and net cash accrual to debt
(NCATD) of 0.21 time estimated as on March 31, 2017.

* Modest scale of operations and intense competition:
Scale of operations is modest as reflected in estimated revenues
of INR 21.76 crore reported in fiscal 2017. The concern also
remains exposed to intense competition from a large number of
organised and unorganised players trading in hardware, bathroom,
and modular kitchen fittings. The non-exclusivity and intense
competition from other dealers limits the scope to increase scale
of operations substantially.

* Large working capital requirement:
Working capital intensity persists, with estimated gross current
assets of 200 days as on March 31, 2017, driven by high inventory
of 140 days.

Strengths

* Extensive experience of promoters and established customer and
supplier base:
The extensive experience of promoter helps the company in
anticipating price trends of raw materials and calibrating its
purchasing and stocking decisions. CRISIL believes that the
growth is a reflection of the promoters' established relations
with customers and suppliers.

Outlook: Stable

CRISIL believes BKPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability, or capital infusion improves financial risk
profile. The outlook may be revised to 'Negative' if stretch in
working capital cycle or any large debt funded capital
expenditure plans weaken financial risk profile.

BKPL, reconstituted as a private limited company in Septemebr
2009, is promoted by Mr. Ambadas Kamurthi and his wife Geetalaxmi
Kamurthi. Before 2009, it operated as a proprietorship firm named
'Ambadas Kitchens' and traded in steel furniture to government
organisations and later on started trading in modular kitchens.
Post 2009, the company set up a facility for manufacturing
customised modular kitchens.

For fiscal 2017, it registered an estimated profit after tax of
INR1.47 crore on operating income of INR21.76 crore against
INR0.9 crore and INR18.0 crore the previous year.


CHHOTANAGPUR ROPE: CRISIL Cuts Rating on INR5.15MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Chhotanagpur Rope
Works Private Limited (CRW) 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             5.15      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Derivatives Facility     .42      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Letter of Credit         .85      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Fund-
   Based Bank Limits       1.23      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

   Standby Letter
   of Credit                .85      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 Chhotanagpur Rope Works
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 Chhotanagpur Rope
Works 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.

Incorporated in 1981, CRW manufactures fibre ropes used for
industrial application. The company is promoted by Mr. Siddharth
Jhawar and his family members. It is based in Ranchi, Jharkhand.


CHITTARANJAN MULTIPURPOSE: CRISIL Reaffirms 'B' INR8M Loan Rating
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Chittaranjan Multipurpose Heemghar
Private Limited (CHMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Reaffirmed)
   Term Loan                8        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile because of small networth and high gearing, expected
tightly matched accrual vis-a-vis debt repayment, and exposure to
intense competition and regulatory risks in the West Bengal cold
storage industry. These weaknesses are partially offset by the
extensive experience of and need based funding support from its
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Small networth and high
gearing'estimated at INR2.5 crore and 5 times, respectively, as
of March 2017' constrains financial risk profile. Networth may
reduce further on account of net losses in initial years of
operations, which is also likely to deteriorate gearing.

* Expected tightly matched accrual against debt repayment:
Sizeable debt contracted to fund installation of the cold storage
has resulted in large annual repayment of around INR0.6 crore in
fiscal 2018, INR0.8 crore in fiscal 2019, INR1 crore in fiscal
2020, INR1.2 crore in fiscal 2021 and 2022, and INR1.6 crore in
fiscals 2023 and 2024. Cash accrual is expected to tightly match
debt obligation over the medium term on account of start-up phase
and aggressive funding pattern. Timeliness in funding support
from promoters in case of cash flow mismatch will be a key
monitorable.

* Highly regulated and competitive nature of the cold storage
industry: The potato cold storage industry in West Bengal is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state department of agricultural
marketing, which limits players' ability to earn profit based on
individual strengths and geographical advantages. Furthermore,
the industry is highly fragmented, with the largest player having
a market share of less than 0.5%. This further limits bargaining
power and forces players to offer discounts to ensure healthy
capacity utilisation.

Strengths

* Extensive experience of promoters: The Ghosh family has been in
the cold storage segment for over 15 years, resulting in healthy
relationship with potato farmers and traders which should
continue to support CHMPL's business risk profile.

* The promoters' need-based support: The promoters are committed
to providing funds in the event of cash flow mismatches,
especially in the initial years of operations. CRISIL will,
however, closely monitor the timeliness of such support.

Outlook: Stable

CRISIL believes CHMPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if improved accrual and working
capital management, most likely driven by timely stabilisation of
operations, leads to a better financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
in case of pressure on liquidity on account of delays in
repayment by farmers, low cash accrual, or significant, debt-
funded capital expenditure.

Incorporated in 2012 CHMPL provides cold storage services to
potato farmers and traders, and also undertakes opportunistic
trading of potatoes. The unit, located in Paschim Medinipur, West
Bengal, commenced operations from March 2017. Mr. Kartik Ghosh
and Mrs Jhulan Ghosh are the directors of the company.

For fiscals 2016 and 2015, CHMPL did not report any operating
income or loss since it commenced operations from March 2017.


FORTUNE SPIRIT: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fortune Spirit
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 ratings will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR150 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 4, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Fortune Spirit was incorporated in 2007 for the processing of
Indian made foreign liquor.


GANGA KNIT: CRISIL Lowers Rating on INR14MM Cash Credit to B
------------------------------------------------------------
CRISIL has been consistently following up with Ganga Knit Private
Limited (GKPL) 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              14       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 Ganga Knit 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 Ganga Knit 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 1996, GKPL trades in various types of yarns such
as cotton, polyester, acrylic, and viscose. The company caters to
various local fabric manufacturers in Ludhiana (Punjab).
Promoters, Mr. Ashok Kumar Ahuja and Mr. Gulshan Kumar Ahuja look
after its operations.


GAUTAM INDUSTRIAL: CRISIL Cuts Rating on INR3.0MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Gautam Industrial
Corporation Private Limited (GICPL) for obtaining information
through letters and emails dated January 20, 2017, and
February 10, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          2.3        CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                       Reaffirmed)

   Cash Credit             3.0        CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from CRISIL B+/Stable)

   Letter of Credit        2.0        CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term      .45        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 Gautam Industrial Corporation
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 Gautam Industrial
Corporation 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 long term
rating to CRISIL B/Stable and reaffirmed short term rating at
CRISIL A4.

GICPL was set up as a partnership firm, Gautam Industrial
Corporation, in December 1993 in Surat (Gujarat) by the late Mr.
Nareshkumar Bhansali. The firm was reconstituted as a private
limited company in January 2014. It trades in boiler tubes,
seamless pipes, pipes, and pipe fittings. Its operations are
managed by Mr. Jayantilal Bhansali.


GAYATRI AGRO: CRISIL Cuts Rating on INR8.75MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Gayatri Agro Oil
and Food Products (GAOFP) 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             5         CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

   Proposed Long Term      1.72      CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Downgraded
                                     from CRISIL BB-/Stable)

   Term Loan               8.75      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 Gayatri Agro Oil and Food
Products. 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 Gayatri Agro Oil and Food
Products 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.

GAOFP is a partnership firm established in 2005. The firm
extracts and refines edible oil at its plant in Kesinga (Odisha).
The unit has an installed capacity of 200 tonnes per day (tpd)
for solvent and 50 tpd for refined oil. The refining unit has
been set up only recently and is expected to commence commercial
operations from October 2015. The firm manufactures rice bran oil
and sunflower oil. Mr. Amit Agarwal, Mr. Pawan Agarwal, and Mrs.
Sarita Agarwal are the partners. The operations are, however,
primarily managed by Mr. Amit Agarwal.


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

                        KEY RATING DRIVERS

Gonda Nagar has inadequate civic infrastructure, inadequate water
supply services and sewerage systems.  However, there is scope
for an improvement in the infrastructure facilities due to its
selection under Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) scheme.

Jurisdiction of GNPP is only 24.62sq km with a population of
114,046.  Economic activities in the town are subdued and taxes
on average contributed only 5.69% to the total revenue over FY13-
FY17.  GNPP's revenue sources comprise tax revenue and non-tax
revenue, with average contribution to the total revenue income
being 5.69% and 5.83%, respectively.  The municipality's own non-
tax revenue mainly emanates from charges and rental income from
municipal properties, with an average contribution of 6.46% and
90.55%, respectively, to the total non-tax revenue during FY13-
FY17.

GNPP has a high level of dependence on the state government.  It
receives compensation in lieu of stamp duty and revenue grants
and equity contributions.  Revenue compensation and revenue
grants cumulatively contributed 88.20% to the total revenue
income during FY13-FY17.

GNPP has a moderate financial profile.  Its revenue receipts
increased to INR293.52 million in FY17 from INR170.99 million in
FY13, at a CAGR of 14.46%.  Also, its revenue balance improved to
INR102.45 million in FY17 from INR64.66 million in FY13.
However, the revenue margin declined to 34.9% in FY17 from 55.72%
in FY15, mainly due to an increase in revenue expenditure yoy.

                       RATING SENSITIVITIES

Positive: A significant improvement in GNPP's operating
performance and timely execution of smart city and AMRUT projects
would be positively for the rating.

Negative: An unexpected withdrawal of revenue support by the
state government without a suitable compensatory plan would
trigger a negative rating action.

COMPANY PROFILE

Gonda is a city and municipal board of Gonda district.  It is
situated 125km north east of the state capital Lucknow.  Gonda is
divided into four tehsils named Gonda, Colonelganj, Tarabganj and
Mankapur.  It is also known for agriculture and folk culture.  It
has several sugar mills, rice mills and other small industries.
The Swachh Survekshan survey 2017 ranked Gonda at 434 as the
least clean city.

Gonda is administered by GNPP.  According to 2011 census, Gonda
had an average literacy rate of 80.28% and sex ratio of 902 per
1,000 male.


GOVARDHAN CARS: CRISIL Reaffirms 'B' Rating on INR3MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Govardhan Cars
Private Limited (GCPL) for obtaining information through letters
dated November 21, 2016, and December 22, 2016. However, the
issuer has remained non cooperative.

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

   Inventory Funding       4.0       CRISIL A4 (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          3.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

CRISIL has reaffirmed its ratings on the bank facilities of GCPL
at 'CRISIL B/Stable/CRISIL A4'.

The ratings continue to reflect the company's modest scale of
operations in the intensely competitive automotive (auto)
dealership business and average financial risk profile because of
small networth and high gearing. These weaknesses are partially
offset by its exclusive dealership in Jamnagar, Gujarat, and
extensive experience of promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in competitive segment
With turnover of Rs13.4 crore in fiscal 2016, scale remains small
in the intensely competitive auto dealership business. Scale is
expected to register modest growth as performance is linked to
the fortunes of principal, Ford India Pvt Ltd (Ford).

* Working capital-intensive operations
Gross current assets were 91 days as on March 31, 2016, due to
moderate inventory of 75 days against limited credit from
principal. Hence, the company has to rely on bank borrowing.
However, receivables level was low at 17 days.

* Average financial risk profile: Networth was small at Rs2.15
crore and gearing high at 2.33 times as on March 31, 2016.

Strengths

* Extensive experience of promoter
Presence of about a decade in the auto dealership segment has
helped the promoter to stabilise operations.
Outlook: Stable

CRISIL believes GCPL will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' if sustained and substantial increase in scale of
operations and moderate profitability lead to higher-than-
expected cash accrual and better capital structure. The outlook
may be revised to 'Negative' if liquidity weakens due to
considerably low cash accrual, sizeable debt-funded capital
expenditure, or large working capital requirement.

Incorporated in 2015 and promoted by Mr. Milan Pobaru, GCPL is
the authorised and exclusive dealer of Ford's passenger cars in
Jamnagar.

For fiscal 2016 (first full year of operations), operating income
and profit after tax (PAT) were INR13.4crore and INR0.27crore,
respectively.


HINDUSTAN JEWELLERS: CRISIL Cuts Rating on INR5MM Cash Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with Hindustan
Jewellers (HJ) 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              5         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 Hindustan Jewellers. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Hindustan Jewellers 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.

HJ is into retailing of gold based jewellery in Odisha. The firm
has its showroom in Bhubneshwar and Dhenkanal. The day to day
operations of the firm is being managed by Mr. Basant Lal Verma
and his son Mr. Surya Verma.


I FOUR: CRISIL Assigns B+ Rating to INR6.0MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of I Four Exporters (IFE). The rating reflects limited
track record and modest scale of operations, average financial
risk profile, and exposure to intense competition in the gold
jewellery market. These rating weaknesses are partly offset by
the promoters' extensive experience and the firm's limited
reliance on debt.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      1.5        CRISIL B+/Stable

   Cash Credit             2.5        CRISIL B+/Stable

   Proposed Cash Credit
   Limit                   6.0        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and limited track record in operations: Early
stage of operations the firm has been in business only since May
2015 continues to constrain scale of operations. Revenue remains
modest despite increasing, estimated to be around INR52 crore in
fiscal 2017, from INR30.5 crore in fiscal 2016.

* Exposure to intense competition and volatility in gold prices:
The gold jewellery wholesale business is intensely competitive.
Volatility in the prices of gold inventory stocked for around 60
days on average also persists, although the products are
generally fast-moving items.

* Average financial risk profile: Financial risk profile remains
constrained by modest networth of INR3.4 crore as on March 31,
2016. The firm's gearing although remained moderate in 2016; it
is likely to weaken because of debt funding of incremental
working capital requirements.

Strengths

* Promoters' extensive experience: Benefits from the promoters'
extensive experience of almost two decades and healthy
relationships with customers in Palakkad and Malappuram districts
of Kerala, will continue to support business risk profile.

Outlook: Stable

CRISIL believes IFE will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if sustainable improvement in revenue
and profitability results in substantially higher cash accrual,
while working capital cycle remains prudently managed.
Conversely, the outlook maybe revised to 'Negative' if low cash
accrual, or increase in working capital requirement weakens
financial risk profile, especially liquidity.

Set up in 2016, Palakkad, IFE is involved in the gold jewellery
wholesale business. Mr. Prasad TP, Mr. Suresh Palakot, and Mr.
Nitin, are the promoters. The firm commenced operations in May
2015.

Profit after tax and operating income were INR0.54 crore and
INR30.5 crore respectively in fiscal 2016 and the operations
commenced from May 2015.


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

  -- INR50 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category;

  -- INR120 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 8, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997, IDDS is a diversified technology and
equipment manufacturer.  The company mainly focuses on
manufacturing information display systems and security systems
such as flight information display systems, public address
systems, touch screen kiosks and computerized automatic
announcement systems.


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

   -- INR150 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

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

COMPANY PROFILE

ILFPL is engaged in the processing of ready-to-eat and weaning
food under Integrated Child Development Scheme Projects in the
state of Jharkhand.  The 120,000mtpa manufacturing facility of
ILFPL is located in Patratu Industrial Area, Ramgarh, Jharkhand.


JNSL FERRO: CRISIL Cuts Rating on INR4.9MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with J N S L Ferro
Alloys (JFA) 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             4.9       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      1.6       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               1.5       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 J N S L Ferro Alloys. 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 J N S L Ferro Alloys 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.

JFA, a proprietorship firm, was incorporated in 2006-07 (refers
to financial year, April 1 to March 31) by Mr. Lakesh Juneja. It
trades in various ferrous metals like hot-rolled coils/sheets,
cold rolled coils/sheets, structured steel products, stainless
steel products and metal scrap. JFA has also developed a shopping
mall in Ludhiana (Punjab) which is expected to commence
operations in October 2015.


JOHNSON JEWELERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Johnson Jewelers
(JJ) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  The instrument-wise rating actions are:

   -- INR150 mil. Fund-based limits assigned with 'IND B+/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect JJ's moderate scale of operations and weak
credit metrics.  According to provisional financials for FY17,
revenue was INR1.395 billion (FY16: INR1,355 million), EBITDA
margin was 2.1% (2.2%), interest coverage (operating EBITDA/gross
interest expense) was 1.13x (1.01x) and leverage (total adjusted
debt/operating EBITDAR) was 4.57x (7.76x).

The ratings also reflect JJ's tight liquidity profile, indicated
by an average maximum working capital limit utilization of 91%
during the 12 months ended March 2017.  JJ's operations are
working capital-intensive owing to a high inventory holding
period.  It had a net cash cycle of 56 days in FY16.  The company
is required to maintain a high inventory (FY16: finished goods
accounted for more than 95% of inventory) at their stores at any
given point of time.  Ind-Ra expects net cash cycle to remain
high in the near term due to high inventory days.

The ratings, however, benefit from JJ's founder's over 10 years
of experience in the jewelery manufacturing and trading business.

                        RATING SENSITIVITIES

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

Positive: Substantial improvement in EBITDA margin leading to an
improvement in credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1996 as a proprietorship firm, JJ is engaged in
the retail and wholesale trading of gold, diamond, silver and
other precious gem-studded jewelry items.  JJ has its own
showroom in Ahmedabad. Mr. Anil Soni handles the business.


JOSEPH JOHN: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Joseph John's
Long-Term Issuer Rating at 'IND B+'.  The Outlook is Stable.  The
instrument-wise rating actions are:

  -- INR90 mil. Fund-based facilities affirmed with
     'IND B+/Stable/IND A4' rating;

  -- INR30 (increased from INR20) mil. Non-fund-based facilities
     affirmed with 'IND A4' rating;

  -- INR20 mil. Proposed fund-based facilities* assigned with
     'Provisional IND B+/Stable/Provisional IND A4' rating;

  -- INR10 mil. Proposed non-fund-based facilities* assigned with
     provisional 'IND A4' rating

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by Joseph to the satisfaction of Ind-Ra.

                        KEY RATING DRIVERS

The affirmation reflects Joseph's continued small scale of
operations and weak credit metrics.  According to provisional
financials for FY17, revenue was INR79 million (FY16: INR161
million; FY15: INR68 million).  The decline in revenue was due to
a pending payment for a project that will be received in FY18.
In FY17, net leverage (adjusted debt net of cash/EBITDA) was 6.5x
(FY16: 4.1x; FY15: 8.4x) and EBITDA interest coverage (operating
EBITDA/gross interest expense) was 1.2x (2.0x; 1.8x).  Credit
metrics deteriorated on account of decline in operating EBITDA.

The ratings are constrained by volatile EBITDA margin (7.3%-15.7%
over FY14-FY16) on account raw material price fluctuations.  As
of April 2017, Joseph had an outstanding order book position of
INR579.154 million (3.6x of FY16 revenue) that will be executed
in the next two years.

The ratings, however, are supported by a comfortable liquidity
position and the proprietor's experience.  The average
utilization of its working capital limits was 61.6% during the 12
months ended March 2017.  The proprietor has two decades of
experience in the engineering procurement construction business.

                        RATING SENSITIVITIES

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

Positive: Significant growth in revenue and EBITDA margin leading
to a sustained improvement in credit metrics will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2002, Joseph is an engineering, procurement and
construction contractor that undertakes projects for the
government of Kerala such as pipeline fitting and water treatment
plant construction and building construction.


K. MANIKANDAN: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the facilities of K. Manikandan (KM). The ratings reflect a
below-average financial risk profile, small scale of operations
with revenue concentration, and exposure to intense competition
in the civil construction segment. These weaknesses are partially
offset by the extensive industry experience of proprietor.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       4         CRISIL B+/Stable
   Bank Guarantee           1         CRISIL A4
   Cash Credit              5         CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations with revenue concentration risks
KM operates in the highly fragmented civil construction industry
with small scale as reflected in expected revenue of INR12 crore
in fiscal 2017. The public works department (PWD) is the primary
customer and operations are largely confined to Kerala, which
increases both geographical and customer concentration risk.

* Exposure to intense competition
Competition is intense as small unorganised players severely
compete for tenders due to low entry barriers. As almost all
sales accrue from tender-based projects, revenue depends on
ability to bid successfully for them.

* Below-average financial risk profile
Financial risk profile is constrained by small networth estimated
at INR1.2 crore as on March 31, 2017, and high gearing of 2.4
times.

Strength

* Extensive experience of proprietor
Mr K Manikandan has over two decades of experience in the civil
construction business. This experience has helped the firm
register revenue estimated at INR12 crore in fiscal 2017, have
outstanding orders worth INR20 crore to be executed in the next
12-18 months, and achieve healthy compound annual growth rate of
52% for the three fiscals through 2017.
Outlook: Stable

CRISIL believes KM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if increase in scale of operations and profitability
improves the financial risk profile. The outlook may be revised
to 'Negative' if inefficient working capital management lowers
liquidity, or sizeable, debt-funded capital expenditure weakens
the capital structure.

Established as a proprietorship concern by Mr. K Manikandan in
1997, KM undertakes civil construction works in Kerala.


KAMACHI STEELS: CRISIL Assigns 'B-' Rating to INR17MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Kamachi steels Limited (KSL) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to its bank facilities.
CRISIL had suspended the ratings on September 7, 2016, as KSL had
not provided the necessary information required for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              17       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Inland/Import             5       CRISIL A4 (Assigned;
   Letter of Credit                  Suspension Revoked)

The rating reflects the company's weak financial risk profile,
stretched liquidity and large working capital requirement. These
weaknesses are partially offset by its promoters' extensive
experience in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement resulting in stretched
liquidity:
The operations of the company are working capital intensive
marked by high gross current assets (GCA). GCA rose from 161 days
as on March 31, 2015, to 320 days as on March 31, 2016 due to
increase in inventory and debtor level.

* Weak financial risk profile: The company's financial risk
profile is constrained by high total outside liabilities to
tangible net worth ratio of 4.29 times as on March 31, 2016, and
weak interest coverage ratio of 1.2 times for fiscal 2016.

Strength

* Promoters' extensive industry experience: The promoters'
experience of 2 decades in the steel industry should support the
company's business risk profile
Outlook: Stable

CRISIL believes KSL will continue to benefit from its promoters'
extensive industry experience and its established relationships
with key customers. The outlook may be revised to 'Positive' if
significant revenue growth and higher-than-expected profitability
result in increased accrual, or if improvement in working capital
management leads to a better financial risk profile. The outlook
may be revised to 'Negative' if decline in revenue or
profitability or sizeable, debt funded capital expenditure leads
to deterioration in liquidity.

KSL, taken over by the Kamachi group from Tulsyan Steels in 1996,
manufactures thermo-mechanically-treated bars. The Kamachi group,
set up by Mr. G L Kothari in 1978, is a non-integrated secondary
steel player in Chennai.

KSL reported net profit of INR0.43 crore on operating income of
INR151.03 crore in fiscal 2016, against net profit of INR3.64
crore on operating income of INR258.24 crore in fiscal 2015.


KAMAL KRISHNA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamal Krishna
Builders Private Limited (KKBPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  Instrument-wise rating action
is:

  -- INR62.5 mil. Term loan assigned with 'IND BB-/Stable' rating

                         KEY RATING DRIVERS

The ratings reflect KKBPL's small project size of INR209.09
million of its residential project, Krishnanchal, which began in
2011.

However, the ratings are supported by the completion of the
construction work, which will help the company in generating cash
flows as there will be no further operational outflows in the
coming years.  As of March 2017, 55% of the total flats were
booked and KKBPL had achieved 70.60% of its break even.

The ratings also derive strength from the promoters' close to two
and a half decades of experience in the construction of
residential and commercial projects.

                       RATING SENSITIVITIES

Negative: Any delays or cost overruns in the project affecting
cash flows will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, KKBPL is a Bhopal-based construction
company promoted by Mr. Sanjay Bulchandani, Mahendra Bulchandani
and Mahesh Dewani.


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

  -- INR99 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Karan Rice Mills is a partnership firm based in Punjab.  The
entity is a manufacturer, exporter and wholesale supplier of
basmati rice and other rice varieties with processing capability
of 2tons/hr.


KRISHNA ENTERPRISES: CRISIL Cuts Rating on INR1.6MM Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with Krishna
Enterprises - Hyderabad (KE) 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
   ----------          ---------      -------
   Bill Discounting        23.4       CRISIL A4 (Issuer Not
   under Letter of                    Cooperating; Downgraded
   Credit                             from 'CRISIL A4+)

   Cash Credit-Book         1.6       CRISIL B/Stable/Issuer Not
   Debt                               Cooperating (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 Krishna Enterprises -
Hyderabad. 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 Krishna Enterprises -
Hyderabad 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.

KE, established in 1992 and based in Hyderabad, trades in
chemicals and fatty acids. It is owned and managed by Mr. P
Brahmanandam.


LOOMTEX FABRICS: CRISIL Lowers Rating on INR8MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Loomtex Fabrics
(Loomtex) for obtaining information through letters and emails
dated January 20, 2017, and February 10, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable)

   Proposed Long Term       4        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 Loomtex Fabrics. 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 Loomtex Fabrics 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.

Established in 1993, by Mr. Shahnawaz Qureshi, Loomtex is an
Ahmadabad based proprietorship firm engaged in manufacturing and
trading of shirting and suiting fabrics, dress material, towel
and home furnishing material such as bed sheets.


MILANO IMPEX: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Milano Impex
Private Limited (MIPL) 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              5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable)

   Inland/Import            4        CRISIL A4 (Issuer Not
   Letter of Credit                  Cooperating; Reaffirmed)

   Proposed Fund-           1        CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Downgraded
                                     from 'CRISIL B+/Stable)

   Proposed Non Fund        1        CRISIL A4 (Issuer Not
   based limits                      Cooperating; 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 Milano Impex 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 Milano Impex 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 B/Stable and
reaffirmed the short term rating at CRISIL A4.

MIPL was set up in Delhi in 2006 by Mr. Alok Rai, Mr. Vivek Rai
and Mr. Prem Raj Sharma. The company is the sole authorised
distributor for EC's entire footwear range in India.


MNR DAIRY: CRISIL Reaffirms 'D' Rating on INR25MM Term Loan
-----------------------------------------------------------
CRISIL has been consistently following up with MNR Dairy Farms
(MNR) 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
   ----------          ---------      -------
   Term Loan                25        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MNR Dairy Farms. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for MNR Dairy Farms 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.

MNR was set up as a partnership concern in 2011 Mr. M Narsi Reddy
and family. The firm processes milk, which it sells under the
brand Kiaro. It is based in Hyderabad.


NAGPAL WAREHOUSE: CRISIL Lowers Rating on INR6MM Term Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Nagpal Warehouse
Inc. (NWI) for obtaining information through letters and emails
dated November 24, 2016 and January 17, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                6         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 Nagpal Warehouse Inc.. 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 Nagpal Warehouse Inc. 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.

NWI, a partnership firm set up in 2012, is promoted by Mr.
Kanhaiya Nagpal and his son Mr. Ajay Nagpal. The firm has a
warehouse on 226,512 square feet (sq ft) of land to facilitate
storage of agriculture-based products in Sonepat (Haryana).


NAKKHEERAN PUBLICATIONS: CRISIL Reaffirms B Cash Credit Rating
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Nakkheeran Publications (NP) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B/Stable (Reaffirmed)

   Long Term Loan           8        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13        CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile because of weak capital structure and below-average debt
protection metrics and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of its proprietor and established reader base.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth is estimated to
be small at INR9.1 crore as on March 31, 2017, while gearing is
high at 2.56 times.  Debt protection metrics are below-average
with estimated interest cover ratio of 1.58 times and net cash
accrual to adjusted debt of 0.06 times in fiscal 2017.

* Working capital-intensive operations: Gross current assets are
estimated to be high at 206 days as on March 31, 2017, due to
large raw material inventory of 60-90 days and stretched
receivables of around 100 days as on March 31, 2017. In order to
remain competitive, the firm has to extend credit of over 90 days
to customers.

Strengths

* Extensive experience of proprietor and established reader base:
The firm's flagship magazine, Nakkheeran, from which it derives
90% of revenue, is one of the oldest periodicals in Tamil Nadu.
NP also publishes five other magazines in segments such as
astrology and films. The firm has a vast network of 750 agents
spread across Tamil Nadu and parts of other metros.

Outlook: Stable

CRISIL believes NP will benefit over the medium term from the
extensive experience of its proprietor. The outlook may be
revised to 'Positive' if significant increase in revenue and
operating margin or better working capital management improves
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if inefficient working capital
management or decline in cash accrual weakens financial risk
profile.

Set up in 1988 as a proprietorship firm by Mr. Nakkheeran Gopal,
Chennai-based NP publishes and distributes Tamil magazines and
books.

For fiscal 2016, profit after tax (PAT) was INR1.14 crore on
total income of INR20.16 crore, against a PAT of INR96 lakh on
total income of INR21.57 crore for the previous fiscal.


SAFE CERAMIC: CRISIL Reaffirms B+ Rating on INR4.87MM Term Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Safe Ceramic
Private Limited (SCPL) for obtaining information through letters
and emails dated September 30, 2016 and January 30, 2017, 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; Rating
                                     Reaffirmed)

   Cash Credit              2        CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .13      CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.87      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 Safe Ceramic 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 Safe Ceramic Private Limited is
consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B+/Stable/CRISIL A4.

Incorporated in January, 2014, SCPL is promoted by Mr. Anilbhai
Makasana and his family members and relatives. SCPL has set up a
plant for manufacturing wall tiles at Morbi, Gujarat. The company
is expected to begin manufacturing ceramic glazed tiles from mid-
June, 2015.


SAHIBZADA TIMBER: Ind-Ra Migrates BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sahibzada Timber
& Ply Private Limited's (STPPL) 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:

   -- INR200 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

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

COMPANY PROFILE

Founded in 1992 as a proprietorship concern, STPPL was registered
as a private limited company on June 30, 2012.  The company is
based in Mohali, Punjab and managed by Narinder Singh Sandhu and
his son Jaspratap Singh Sandhu.  STPPL processes and trades
timber and ply.


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

  -- INR90 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category;

  -- INR35 mil. Proposed fund-based working capital limit
     migrated to Non-Cooperating Category;

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

  -- INR15 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 27, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997 in Delhi, SPPL is a plastic granules dealer
in north India.


SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR7.7MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Sahyadri Healthcare and Diagnostics Private Limited (SHD) at
'CRISIL B+/Stable'. The rating continues to reflect a below-
average financial risk profile because of weak debt protection
metrics, a small networth, stretched liquidity, and average
gearing. This rating weakness is partially offset by benefits
derived from an association with Narayana Health Pvt Ltd (NHPL)
for management of the company's hospital venture, and support
received from the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      4.85     CRISIL B+/Stable (Reaffirmed)

   Term Loan               7.70     CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
The networth was modest at INR10.9 crore as on March 31, 2016,
due to losses incurred since fiscal 2014. Despite this, the
capital structure was comfortable as reflected in a gearing of
0.6 time as on March 31, 2016. The gearing has improved over the
years due to higher repayment of loan contracted to set up the
hospital. Debt protection metrics were below average primarily
due to low accrual. The gearing and debt protection metrics are
expected to improve marginally over the medium term in the
absence of significant debt-funded capital expenditure (capex)
and repayment of term loans.

Strengths

* Benefits from association with NHPL and need-based financial
support from the promoters
SHD has a contract with NHPL for management of the Sahyadri
Narayana Multispeciality Hospital. NHPL is reputed for its
medical faculty. The association will help to build trust among
patients and compete against other nearby hospitals. Furthermore,
the need-based financial support from the promoters and another
group entity was crucial so far for meeting repayment obligation
on time. Continuation of financial support from the promoters
will remain a rating sensitivity factor over the medium term.

Outlook: Stable

CRISIL believes SHD will continue to benefit over the medium term
from its association with NHPL. The outlook may be revised to
'Positive' if significantly high cash accrual and additional
capital infusion result in improvement in the financial risk
profile, especially liquidity. The outlook may be revised to
'Negative' if sizeable, debt-funded capex or considerably lower-
than-expected cash accrual weakens debt-servicing ability.

SHD was incorporated in 2009, promoted by Mr. Raghavendra
Yeddyurappa and Mr. Vijayendra Yeddyurappa. The company has set
up a multi-speciality hospital in Shimoga, Karnataka. It has tied
up with NHPL (promoted by Dr Devi Prasad Shetty) for management
of the hospital, which commenced operations in November 2012.

In fiscal 2016, net sales were INR2.07 crore and net loss INR0.72
crore, against INR1.71 crore and INR1.5 crore, respectively, in
fiscal 2015.


SAI BALAJI: CRISIL Lowers Rating on INR2.75MM Term Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sai Balaji Paraboiled Rice Mill (SBP) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable', while reaffirming its rating on the
short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.26      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         .25      CRISIL A4 (Reaffirmed)

   Term Loan               2.75      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects weakening of the business risk
profile, driven by decline in revenue, stretch in the working
capital cycle, and decline in cash accrual. Revenue is estimated
at INR10 crores in fiscal 2017, lower than INR13.9 crore in
fiscal 2016. Gross current assets have also doubled to 112 days
estimated as on March 31, 2017, from 52 days as on March 31,
2015. Net cash accrual is likely to be insufficient to cover the
maturing debt in the medium term.

The ratings reflect a modest scale of operations in the intensely
competitive rice milling industry, susceptibility of
profitability margins to volatility in paddy prices,
vulnerability of operations to regulatory changes,. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive rice
milling industry
Intense competition and limited value addition in the rice
milling business, coupled with the modest capacity vis-a-vis
other large players, have kept the scale of operations modest, as
reflected in revenue of INR10.3 crore estimated in fiscal 2017.

* Susceptibility to regulations, volatility in raw material
prices, and uneven monsoon: Since cost of paddy accounts for 80-
85% of total production cost, operating margin will remain
exposed to any sharp volatility in paddy prices. Furthermore, in
response to domestic market conditions, government periodically
imposes restrictions on rice exports and price increases in the
domestic market, thereby constraining rice millers'
profitability.

Strengths

* Extensive experience of partners: Benefits from the two decade-
long experience of the partners in the rice industry, their keen
grasp over local market dynamics, and established relationships
with customers and suppliers, will continue.

Outlook: Stable

CRISIL believes SBP will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a sustained growth in revenue and
profitability, or if sizeable capital infusion by the partners,
leads to a substantial increase in networth. The outlook may be
revised to 'Negative' in case of a steep decline in operating
margins, or significant deterioration in capital structure,
caused most likely by large debt-funded capital expenditure or
stretch in working capital cycle.

SBP was set up in June 2011, as a partnership firm. It mills and
processes paddy into rice, and generates by-products, such as
broken rice, bran, and husk. Its rice mill is located in
Mahbubnagar district, Telangana. The firm is managed by nine
partners, comprising Mr. K Kannaiah Setty and his family members.

In fiscal 2016, profit after tax (PAT) was INR0.1 crore on net
sales of INR13.9 crore, against a PAT of INR0.1 crore on net
sales of INR21.5 crore in fiscal 2015.


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

  -- INR180 mil. Fund-based working capital limit migrated to
     Non-Cooperating Category; and

  -- INR154 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIL manufactures PVC conduit pipes, PVC casing & capping, PVC/
PP-R Plumbing Pipes, and PVC insulated domestic wires & cables.
The company is also in to the trading of PVC resins and other
related chemicals.  The manufacturing facility of SIL is located
in Paonta Sahib, Himachal Pradesh with installed capacities of
6,000MT for PVC pipes and 36,000km for PVC wires & cables.


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

  -- INR20.7 mil. Term loan migrated to Non-Cooperating Category;

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, SPF is engaged in poultry farming and
manufacturing of poultry feed.


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

   -- INR800 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SPJP was set up in 2001 in Odisha for the retailing of liquor for
various brands.  The firm has around 40 retail shops spread
across entire 14 districts of Odisha.  The promoter, Mr. Rajesh
Kumar Sahu, oversees the firm's daily operations.  The firm
purchases liquor from Orissa State Breweries Corporation.


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

  -- INR50 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 28, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, SIPL manufactures garments at its plant in
Gurgaon and exports them mainly to Dubai, South Africa and
Germany.


SINGH NATURAL: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Singh Natural Resource Private Limited.

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

   Proposed Long Term
   Bank Loan Facility       4       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile because of small networth and weak
interest coverage ratio, and modest scale of operations in the
highly fragmented coal trading business. These weaknesses are
partially offset by its promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average Financial Risk profile: Financial Risk Profile
continues to remain below average marked by low networth, at
INR3.13 crore as on March 31, 2016, is expected to remain small
over the medium term because of limited accretion to reserves.
The small networth renders the company's credit risk profile
vulnerable to sudden change in business conditions. High gearing
at 2.42 times and subdued profitability have resulted in weak
interest coverage (1.23 times for fiscal 2016). However liquidity
remains comfortable with moderate reliance on bank loans and
absence of  term loan obligations.

* Modest scale of operations: SNRPL is a small player in the
highly fragmented coal trading business. Although revenue rose to
INR26.06 crore in fiscal 2016 from INR21.67 crore in fiscal 2015,
it is expected to remain low in the medium term. Estimated
revenues for Fiscal 2017 is INR 24.19 crores. CRISIL believes
SNRPL's scale of operations will remain small in the highly
competitive coal trading business.

Strength

* Promoter's extensive experience in coal trading business:
Although SNRPL commenced coal trading business in 2008, its
promoter director Mr. Tej Pratap Singh has been engaged in the
business for 25 years. His extensive experience has helped the
company establish its customer base and build healthy
relationships with logistic providers.

Outlook: Stable

CRISIL believes SNRPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if substantial accrual and improved working
capital management lead to a better financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if financial risk profile, especially liquidity, weakens because
of a stretch in working capital cycle, or low accrual, or
sizeable debt-funded capital expenditure.

SNRPL, incorporated in 2008, trades in domestic coal. Its
promoter Mr. Tej Pratap Singh is engaged in coal trading business
for more than 2 decades. The company procures coal through e
auction process of Coal India Ltd (CIL) and sale the same to
customers based in UP and Bihar.

Profit after tax was INR0.15 crore on net sales of INR26.06 crore
for fiscal 2016, against a profit after tax of INR0.13 crore on
net sales of INR21.67 crore in fiscal 2015.


SOMESHWAR ORGANISORS: CRISIL Reaffirms B+ Rating on INR23MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating to the long-term bank facilities
of Someshwar Organisors (SO) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility        2      CRISIL B+/Stable (Reaffirmed)

   Term Loan                23      CRISIL B+/Stable (Reaffirmed)

   Term Loan                21      CRISIL B+/Stable (Reaffirmed)

The rating reflects firm's exposure to geographical concentration
in its revenue profile and susceptibility to inherent risks and
cyclicality in the real estate industry. These rating weaknesses
are partially offset by the extensive industry experience of SO's
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to geographical concentration in its revenue profile:
SO's project caters to Surat (Gujarat) and its surrounding
suburbs, exposing the firm to area-specific downturns in Surat's
real estate industry.

* Susceptibility to inherent risks and cyclicality in the real
estate industry: India's real estate sector is cyclical, and
fragmented with few dominant regional players. The industry
observed robust growth from 2001 while it got adversely hit in
2008 due to overall economy slowdown followed by weak global
economic conditions.

Strengths

* Extensive industry experience of promoters: With over 16 years
of industry experience, the promoters completed over 15 projects
in and around Surat; all these projects received favourable
market response.
Outlook: Stable

CRISIL believes that SO will benefit over the medium term from
its promoters' extensive experience in the real estate sector.
The outlook may be revised to 'Positive' if the firm records
better-than-expected booking of units at its ongoing project,
along with receipt of customer advances, resulting in sizeable
cash inflows. Conversely, the outlook may be revised to
'Negative' if SO's cash accruals decline because of reduced
demand in Surat's real estate sector, or if its promoters
withdraw sizeable capital from the firm, or if it incurs time or
cost overruns in project execution.

SO, set up in 2014, undertakes real estate development in Surat.
At present, the firm is executing one project in Surat. SO is
managed by partners Mr. Satyanarayan Rathi and his son, Mr.
Abhishek Rathi.

Profit after tax was INR0.38 crore on net sales of INR1.07 crore
in fiscal 2016 as against profit after tax of INR0.05 crore on
net sales of INR0.69 crore in fiscal 2015.


STEWARTS & LLOYDS: Files for Insolvency
---------------------------------------
Business Standard reports that Kolkata-based Stewarts & Lloyds
has filed for insolvency under the provisions of the Insolvency
and Bankruptcy Code, 2016.

The company has filed for insolvency with the National Company
Law Tribunal's Kolkata bench, the report says.

While the company has paid its financial creditors, dues to
operational creditors have not been paid yet, according to
Business Standard. "The company's dues to operational creditors
continue to be INR82 crore," the report quotes a source aware of
the development as saying.

This source also said that the company had settled dues to banks
such as State Bank of India, HDFC and Bank of Baroda. These dues
amounted to INR40 crore, Business Standard relates.

According to Business Standard, the auditor's note in the annual
report for 2015-16 mentions that the company has defaulted
payment to tax bodies as well. As of March 31, 2016, the company
had not paid service tax of more than INR37 lakh and INR25 lakh
worth value-added tax (VAT), Business Standard discloses. It also
has disputed sales tax matters worth INR7 crore, more than
INR4.96 crore of income tax matters that are disputed and another
INR3 crore of disputed service tax matters.

During 2015-16, the company bagged orders aggregating INR1.69
crore. Revenue for the financial year was INR6.34 crore against
INR16.99 crore in the previous year. At the end of 2015-16, the
company had accumulated losses of INR78.50 crore, Business
Standard discloses.

The company was referred to the Board for Industrial and
Financial Reconstruction (BIFR) in October 2014, the report
notes.

In its latest annual report, the company mentioned that due to
non-availability of banking facilities, it could not enter into
any new project business during the year under review and had to
mainly depend upon maintenance jobs at Tata Steel, Jamshedpur,
according to Business Standard.

Stewarts and Lloyds of India Limited is engaged in execution of
erection projects in India, which, in most cases involve supply
of materials (procured or manufactured). The Company is involved
in project management and construction in various projects sites
and fabrication of structural materials.


SUNNY STAR: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sunny Star
Hotels 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 ratings
will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the
agency's website.  The instrument-wise rating action is:

  -- INR99.7 mil. Term Loan Migrated to Non-Cooperating category
     migrated to Non-Cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Sunny Star Hotels operates a five-star
hotel namely The Panache in Patna, Bihar.



=========
M A C A U
=========


MCE FINANCE: Crown Asia Exit from JV No Impact on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service says that MCE Finance Limited's Ba3
corporate family rating and stable rating outlook are unaffected
by Crown Asia Investments Pty. Ltd's (unrated) exit as a joint
venture shareholder of US-listed Melco Resorts and Entertainment
Limited (unrated).

Melco Resorts and Entertainment is the parent of MCE Finance.
Crown Asia, the seller, is a wholly owned subsidiary of Crown
Resorts Limited (Baa2 stable).

On May 8, Melco Resorts announced that it will repurchase Crown
Asia's remaining 11.2% shareholding, funded solely with proceeds
from the offering of approximately the same number of shares by
Melco Resorts. Upon completion of Melco Resorts' share offering
and its concurrent repurchase of Crown's remaining shares on 15
May, subject to certain customary closing conditions, Melco
International's ownership in Melco Resorts will remain unchanged
at 51.2%.

Melco Resorts will own most of the gaming projects, while Hong
Kong-listed Melco International will function largely as a
holding company for Melco Group's major gaming interests.

"Moody's believes that the share purchase will have no impact on
the credit profile of MCE Finance or its ultimate parent Melco
International, given that the share repurchase is fully funded
from the concurrent equity share offering," says Stephanie Lau, a
Moody's Vice President and Senior Analyst.

Moody's also expects MCE Finance's current management and
financial practices will remain unchanged.

In addition, the change in shareholding will not trigger any
change of control provisions within MCE Finance's senior
unsecured notes. The change of control clause requires the
sponsors -- namely Melco International Development and Crown
Resorts Limited -- to collectively own at least 30% of the
outstanding capital stock of Melco Crown Entertainment.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

MCE Finance Limited is a wholly-owned subsidiary of Melco Resorts
and Entertainment, which is in turn owned by the Hong Kong-listed
Melco International Development Ltd. All of MCE Finance's
operations are currently located in Macau.

Through Melco Crown Gaming, MCE Finance operates two wholly-owned
casinos in the territory, namely, Altira Macau and City of
Dreams. It also has non-casino based operations at its Mocha
Clubs, and provides both gaming and non-gaming services to Studio
City.

The company is currently developing Morpheus, the fifth hotel
tower at City of Dreams in Cotai, Macau.



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


GENESIS ENERGY: S&P Assigns BB+ Rating to Sub. Capital Securities
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' long-term issue
credit rating to the proposed subordinated capital securities to
be issued by Genesis Energy Ltd. (Genesis Energy: BBB+/Stable/--
). S&P has rated the capital securities two notches below Genesis
Energy's stand-alone credit profile (SACP) of 'bbb' and three
notches below the issuer credit rating of 'BBB+' on the company.
This is to reflect the securities' subordinated status and
optional deferability.

S&P expects to assign intermediate equity content to the issuance
based on these key features of the instrument:

   -- Optional deferral of coupon payments for up to five years;
   -- No material step-up of the margin;
   -- The instrument's subordinated recovery position relative to
      all senior unsecured creditors of the group, including
      Genesis Energy's bank debt, senior bonds, U.S. private
      placement notes; and
   -- Its equal ranking with Genesis Energy's other subordinated
      debt.

Furthermore, a key consideration in S&P's assessment of the
intermediate equity content is Genesis Energy's intention to
replace redeemed or repurchased securities with instruments with
equivalent equity content.  If Genesis Energy indicates any plan
to deviate from its replacement intention, S&P would revise its
assessment of the equity content to minimal, and therefore, treat
the instrument entirely as debt.  In addition, S&P would revise
the equity content assessment to minimal no later than 2027, when
the time to expected maturity would fall below 20 years.

Given the intermediate equity content, S&P will classify 50% of
the principal as equity and 50% of the coupon payments as
distributions when calculating S&P's financial ratios for the
company.  S&P expects Genesis Energy to use the proceeds from the
issuance to finance the acquisition of Nova Energy's liquefied
petroleum gas distribution business.



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


MAGNACHIP SEMICONDUCTOR: Moody's Hikes CFR to B3; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 MagnaChip
Semiconductor Corporation's corporate family and senior unsecured
bond ratings.

The rating outlook is stable.

RATINGS RATIONALE

"The rating action reflects MagnaChip's improved liquidity and
operational turnaround, the latter of which is putting it on
track to start generating positive operating income on a
sustained basis," says Gloria Tsuen, a Moody's Vice President and
Senior Analyst.

Moody's expects Magnachip's reported operating income to turn
positive in 2017 for the first time in four years, underpinned by
an improvement in its core foundry and display product businesses
as well as cost-reduction measures. Consequently, the company's
adjusted EBIT/interest expense will likely reach 1.1x in 2017
from negative 0.2x in 2016, and adjusted debt/EBITDA will improve
to about 6.0x from 8.6x.

Moody's expects 2018 will show further improvement, helped by the
full-year benefit of cost cuts, compared with only about a half-
year benefit in 2017.

The company is implementing a new cost reduction program this
year. The new headcount reduction program, which has an expected
payback period of less than 1.5 years, will generate annual cost
savings of $23-$27 million at a total cash cost of $29-$33
million. The program will be substantially completed by the end
of 2Q17.

Moody's expects low-single digit revenue growth in 2017, driven
by continued improvements in MagnaChip's foundry and power
businesses, and renewed growth in 2H 2017 of the AMOLED display
product line. Revenue growth in 2018 will be higher than in 2017,
driven by the new AMOLED products.

MagnaChip's profit margins will benefit from product mix upgrades
and cost cuts.

MagnaChip's recorded 9% year-on-year revenue growth in both
1Q2017 and 2016, while its gross margins rose 2.6 percentage
points to 25.7% and 1.4 percentage points to 22.7%, respectively.
Importantly, the company's reported operating income before gains
and charges turned positive in 3Q2016.

MagnaChip's liquidity has significantly improved since the
issuance in January 2017 of about $86 million in exchangeable
notes. Its cash position rose to $133 million at the end of
1Q2017 from $83 million at end-2016. It has no debt maturities
until 2021.

Proceeds from the offering are being used for the headcount
reduction program, capital expenditures, share buyback, and for
general corporate purposes.

MagnaChip has remediated the material weaknesses related to its
internal controls that had caused restatements of its financial
reports for the fiscal years of 2011 and 2012 and for the first
three quarters of the fiscal year 2013 until February 2015. These
same material weaknesses had also caused delays in the company's
financial reports for the fiscal year 2014 until May 2015 and for
the first quarter of 2015 until June 2015. The company has
settled the related regulatory and legal issues.

The stable outlook reflects Moody's expectation that MagnaChip
will maintain its positive operating margin and solid liquidity.

Upward ratings pressure could emerge if the company further
improves its operating performance, such that (1) adjusted
debt/EBITDA declines to below 5x, and (2) adjusted EBIT/interest
expense improves to 2x.

On the other hand, downward ratings pressure could emerge if the
company: (1) returns to reporting negative EBIT or funds from
operations; or (2) reports cash on hand below $70 million.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

MagnaChip Semiconductor Corporation is a Korea-based designer and
manufacturer of analog and mixed signal semiconductor products
for consumer, communication, industrial and computing
applications.


SONGIN BOOKS: Placed Under Court Receivership
---------------------------------------------
Yonhap News Agency report that South Korean court on May 1
decided to place Songin Books, a troubled book wholesaler, under
court receivership amid concerns that its bankruptcy will trigger
a chain reaction of collapses in the publishing industry.

The news agency relates that the decision was made only one week
after the country's second largest book wholesaler that went
insolvent early this year filed for the court-administered
corporate rehabilitation procedure on April 24.

After the request was made, the Seoul Bankruptcy Court called in
the president of Songin Books, officials from the domestic online
bookseller Interpark that showed an intent to take over the
insolvent firm and its creditor banks to discuss the details of
the upcoming rehabilitation process, according to Yonhap.

Yonhap relates that the court and the parties concerned agreed
during the discussion to take the process in a pace faster than
the typical "fast track" mode.

The court now plans to end the court receivership for Songin
Books in mid-August, the report says citing court officials.

The decision for a swift process is based on the judgment that
considerable progress was made in negotiations before the
application for court receivership was filed, a court official
said, adds Yonhap.


                             *********

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
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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
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Information contained herein is obtained from sources believed
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