TCRAP_Public/170517.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Wednesday, May 17, 2017, Vol. 20, No. 97

                            Headlines


A U S T R A L I A

AWT INTERNATIONAL: First Creditors' Meeting Set for May 23
B.C.I. FINANCES: Files for Chapter 15 Amid Tax Avoidance Case
CHALLENGER MILLENNIUM: Fitch Affirms B Ratings on Class B Notes
CLIFFS NATURAL: Will Take Legal Action Over 'Inaccurate' Comments
GUANGDONG RISING: First Creditors' Meeting Set for May 24

GUVERA LTD: Shuts Down Operations; Co-Founder Claes Loberg Leaves
INFRASTRUCTURE ELECTRICAL: 2nd Creditors' Meeting Set for May 24
KS SERVICE: First Creditors' Meeting Set for May 23
QUINTIS LIMITED: Moody's Cuts Corporate Family Rating to B3
RETAIL ADVENTURES: Liquidation in Final Stage

SAVANNA ENERGY: Reports Q1 Results, Enters Into Amended Waiver
SOUTHERN AUSTRALIAN: In Liquidation; Meeting Set for May 19


C H I N A

TONGJI HEALTHCARE: Amends Form 10-K to Disclose Accountant Fees


I N D I A

AKAR CREATIONS: CRISIL Lowers Rating on INR20MM Overdraft to D
APHRODITE INFRA: CRISIL Lowers Rating on INR40MM LT Loan to B+
AUTOLINE: CRISIL Reaffirms 'D' Rating on INR3.90MM LT Loan
BATANAGAR EDUCATION: CRISIL Reaffirms 'D' Rating on INR13MM Loan
BHARAT SCANS: CRISIL Lowers Rating on INR2.75MM LT Loan to 'B'

DESAI TEXTILES: CRISIL Reaffirms 'D' Rating on INR4.62MM Loan
GANPATI MINETECH: CRISIL Reaffirms B+ Rating on INR6.25MM Loan
GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR5MM Loan
GAS PROJECTS: CRISIL Lowers Rating on INR3.0MM Cash Loan to 'B'
GODHANI GEMS: CRISIL Reaffirms 'D' Rating on INR101.73MM Loan

GOYAL ISPAT: CRISIL Assigns 'C' Rating to INR12.5MM Cash Loan
GRITTON CERAMICS: CRISIL Lowers Rating on INR8.5MM Loan to 'D'
HARIHAR INDUSTRIES: CRISIL Reaffirms B Rating on INR6MM Loan
HEMNIL METAL: CRISIL Reaffirms 'D' Rating on INR9.62MM Term Loan
JAMNADAS AND CO: CRISIL Lowers Rating on INR14MM Cash Loan to D

KEYUR INDUSTRIES: CRISIL Cuts Rating on INR8MM Cash Loan to B+
KUSMASULI MULTIPURPOSE: CRISIL Reaffirms 'B' Loan Ratings
MANN RESIDENCY: CRISIL Raises Rating on INR19MM Term Loan to B-
MUTHULAXMI SPINNING: CRISIL Cuts Rating on INR6.5MM Loan to 'B'
NILESH TIMBERS: CRISIL Lowers Rating on INR8MM Loan to 'B'

ORACLE HOME: CRISIL Reaffirms 'D' Rating on INR25.16MM Loan
RADHE GIRDHARI: CRISIL Assigns 'B' Rating to INR5.6MM LT Loan
RAGHU INFRA: CRISIL Reaffirms 'D' Rating on INR75MM Bank Loan
RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
RAJSHREE SUGARS: CRISIL Reaffirms 'D' Rating on INR411.45MM Loan

RAM DEV: CRISIL Reaffirms 'D' Rating on INR189.07MM Cash Loan
SNB INFRASTRUCTURE: CRISIL Ups Rating on INR20MM Loan from D
SRI VEDHAA: CRISIL Reaffirms 'D' Rating on INR7.5MM LT Loan
SSMP INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR10.5MM Loan
SUNIL TRADE: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan

SUPER SHIV: CRISIL Lowers Rating on INR21.25MM Cash Loan to D
TRIDENT SUGARS: CRISIL Places 'C' Ratings on Rating Watch Dev.
USHA CUBALS: CRISIL Reaffirms 'B-' Rating on INR12MM Cash Loan


I N D O N E S I A

INDOSAT TBK: Moody's Ups Issuer Rating from Ba1; Outlook Stable
MNC INVESTAMA: Moody's Cuts CFR to Caa2 on Refinancing Risk


J A P A N

SURUGA BANK: Fitch Affirms 'B' Support Rating Floor


N E W  Z E A L A N D

MAD BUTCHER: Franchisee in Papanui Placed in Liquidation
PK FURNITURE: Goes Into Receivership


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: B2 Rating Reflects Pressure on Liquidity


S O U T H  K O R E A

HYUNDAI MERCHANT: Q1 Loss Widens to KRW735B on Lower Freight Rate


                            - - - - -


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A U S T R A L I A
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AWT INTERNATIONAL: First Creditors' Meeting Set for May 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of AWT
International Pty Ltd will be held at Level 7, 175 Eagle Street,
in Brisbane, Queensland, on May 23, 2017, at 2:30 p.m.

Anthony Norman Connelly and William James Harris of McGrathNicol
were appointed as administrators of AWT International on May 15,
2017.


B.C.I. FINANCES: Files for Chapter 15 Amid Tax Avoidance Case
-------------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reports that BCI
Finances PTY Ltd. and three other related companies asked a New
York bankruptcy court for Chapter 15 protection, hoping to avoid
obstructions in the process of winding down. Liquidator John
Sheahan and Ian Russell Lock are asking the bankruptcy court to
recognize the companies' wind down proceedings taking place in
Australia, where they are seeking more than $120 million in
relation to tax avoidance claims against the companies'
directors, Law360 relates.

                       About BCI Finances

B.C.I. Finances PTY Ltd. is an Australian borrowing and lending
entity that operated within a complex group of companies targeted
by Australian authorities for 25 years of tax avoidance.
B.C.I. Finances Pty Limited (in Liquidation) and three
affiliates, Binqld Finances Pty Limited (in Liquidation), E.G.L.
Development (Canberra) Pty Limited (in Liquidation), and Ligon
268 Pty Limited (in Liquidation) filed Chapter 15 petitions
(Bankr. S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek
recognition of their winding down proceedings in Australia.

John Sheahan and Ian Russell Lock, the foreign representatives,
signed the Chapter 15 petitions. The Hon. Sean H. Lane presides
over the Chapter 15 cases. Robert N. H. Christmas, Esq., and
Christopher J. Fong, Esq., at Nixon Peabody LLP, in New York,
serve as counsel to the petitioners.


CHALLENGER MILLENNIUM: Fitch Affirms B Ratings on Class B Notes
---------------------------------------------------------------
Fitch Ratings affirmed 29 classes of notes from nine transactions
of the Interstar Millennium Series and Challenger Millennium
Series. These transactions are backed by pools of Australian
conforming residential mortgages originated through a network of
mortgage originators and brokers under the Challenger Millenium
Trust and Interstar Millenium Trust Securitisation programmes.

KEY RATING DRIVERS

The affirmations of the 29 RMBS classes reflect Fitch's view that
the available credit enhancement supports the notes' current
ratings, the agency's expectations of Australia's economic
conditions and that the credit quality and performance of the
loans in the collateral pools have remained within the agency's
expectations.

As of March 31, 2017, the 30+ days arrears for all transactions
ranged from 2.01% (2005-3E) to 8.04% (2006-4H); all above the
4Q16 Dinkum Index of 1.09%.

All loans in the underlying portfolios have 100% lenders'
mortgage insurance (LMI) in place, provided mainly by QBE
Lenders' Mortgage Insurance Limited (Insurer Financial Strength
Rating: AA-/Stable) and Genworth Financial Mortgage Insurance Pty
Limited (Insurer Financial Strength Rating: A+/Stable). Losses
have remained within expectations. All losses that were not
covered by LMI have been covered by excess spread or the residual
unit holders.

The ratings of the notes (except class B notes) for the 2007-2L,
2005-2L, 2006-1, 2006-2G, 2006-3L and 2006-4H transactions also
reflect the pro rata pay structure throughout the majority of the
life of the transactions that leaves notes exposed to tail risk
as the transaction gets smaller. Payment priority in these
transactions reverts to sequential paydown if there are carryover
charge-offs or if 60+ days arrears are greater than 5% of the
pool balance. Fitch makes the assumption in all structured
finance ratings that no clean-up call options are exercised
unless originators are obligated to do so, which is not the case
in the Interstar transactions. In recent years Challenger has
chosen not to exercise clean-up call options.

2007-1E, 2005-2L, 2005-3E and 2006-2G are exposed to foreign-
currency risk in the event that the Euribor, USD Libor or GBP
Libor turn negative and the trust has to make additional payments
to the currency-swap provider in the relevant foreign currency.
Excess spread is likely to be sufficient to cover any payments
due by the trust. Since closing, the trust has had a positive
excess spread.

The Royal Bank of Scotland plc (BBB+/F2/Stable) is the currency-
swap provider for the 2005-3E transaction. RBS has been
collateralising in accordance with the transaction documents,
which reflected Fitch's counterparty criteria at the time of the
transaction's closing. Fitch always applies its current criteria
in assessing transactions. Fitch has assessed the gap in
collateralisation between the two criteria remains significant
and the class A and AB notes remain capped at 'Asf' in accordance
with the minimum derivative counterparty ratings under Fitch's
counterparty criteria.

A full assessment of the transactions cash flows was not
completed on any of the reviewed transactions because there have
been no significant changes to the transaction structures and
asset performance is within expectations.

The class B notes were affirmed based on the transactions'
continued performance, low losses and deleveraging with at least
five years of seasoning. LMI providers continue to pay all
submitted claims. Fitch does not expect the sponsor to call the
transaction as the sponsor has called very few transactions.
Default risk is still present, however, a limited safety margin
remains. Fitch expects net excess spread to be sufficient to
cover principal shortfalls and full repayment of the notes.
However, the notes are exposed to deterioration in the economic
environment.

RATING SENSITIVITIES

Credit enhancement levels for the class A and AB notes across the
transactions can support many multiples of the arrears levels
reported in the latest investor reports. The ratings are not
expected to be affected by modest changes in performance.

The class B notes may be downgraded if there is a significant
deterioration in performance, with losses being above
expectations, a significant reduction in the payment of LMI
claims or a significant decrease in excess spread.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third party assessment of the asset portfolio as part of its
ongoing monitoring.

As part of its on-going monitoring, Fitch conducted a file review
of a small targeted sample of Challenger Mortgage Management Pty
Ltd's origination files and found the information contained in
the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

VARIATIONS FROM CRITERIA

The criteria variation from the "APAC Residential Mortgage Rating
Criteria" arises from the potential negative foreign-currency
exposure. A full assessment of the cash flows to account for the
potential impact of any unhedged residual foreign-exchange (FX)
exposure was not completed for 2005-2L, 2005-3E, 2006-2G and
2007-1E.

There have been no changes to the FX swap margins, the applicable
FX stresses and no significant changes to the transaction
structure or asset performance since the cashflow assessment was
completed in May 2016. All rated notes passed the relevant
stresses and negative interest rates were not a rating driver.

There is no rating impact on the transactions as a result of the
criteria variation.

SOURCES OF INFORMATION

The information below was used in the analysis:

Loan-by-loan data provided by Advantedge Financial Services Pty
Ltd as at March 31, 2017.

Transaction reporting data provided by Advantedge Financial
Services Pty Ltd as at March 31, 2017.

Loan enforcement details provided by Advantedge Financial
Services Pty Ltd as at March 31, 2017

The issuer has informed Fitch that not all relevant underlying
information used in the analysis of the rated notes is public.

The full list of rating actions is shown below (note balances as
end-March 2017):

Challenger Millennium Series 2007-1E (2007-1E):
USD19.3m Class A2a (ISIN XS0280784637) affirmed at 'AAAsf';
Outlook Stable
GBP11.9m Class A2b (ISIN XS0280786335) affirmed at 'AAAsf';
Outlook Stable
EUR31.0m Class AB (ISIN XS0280787226) affirmed at 'AAAsf';
Outlook Stable
EUR32.5m Class B (ISIN XS0280788976) affirmed at 'Bsf'; Outlook
Stable

Challenger Millennium Series 2007-2L (2007-2L):
AUD68.6m Class A (ISIN AU0000CHUHA5) affirmed at 'AAAsf'; Outlook
Stable
AUD6.4m Class AB (ISIN AU0000CHUHB3) affirmed at 'Asf; Outlook
Stable
AUD4.9m Class B (ISIN AU0000CHUHC1) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2004-5 Trust (2004-5):
AUD15.1m Class AB (ISIN AU300INTA032) affirmed at 'AAAsf';
Outlook Stable
AUD11.3m Class B (ISIN AU300INTA040) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2005-2L Trust (2005-2L):
USD19.9m Class A1 (ISIN US46071TAA16) affirmed at 'AAAsf';
Outlook Stable
AUD39.8m Class A2 (ISIN AU300INTC012) affirmed at 'AAAsf';
Outlook Stable
AUD6.3m Class AB (ISIN AU300INTC020) affirmed at 'Asf'; Outlook
Stable
AUD3.4m Class B (ISIN AU300INTC038) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2005-3E Trust (2005-3E):
GBP17.3m Class A2 (ISIN XS0232803709) affirmed at 'Asf'; Outlook
Stable
AUD37.0m Class AB (ISIN AU300INTD010) affirmed at 'Asf'; Outlook
Stable
AUD44.5m Class B (ISIN AU300INTD028) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2006-1 Trust (2006-1):
AUD51.2m Class A (ISIN AU300INTE018) affirmed at 'AAsf; Outlook
Stable
AUD1.9m Class AB (ISIN AU300INTE026) affirmed at 'BBBsf; Outlook
Stable
AUD2.2m Class B (ISIN AU300INTE034) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2006-2G Trust (2006-2G):
USD42.2m Class A1 (ISIN USQ49677AA73) affirmed at 'AAsf'; Outlook
Stable
USD38.7m Class A2 (ISIN USQ49677AB56) affirmed at 'AAsf'; Outlook
Stable
AUD5.3m Class AB (ISIN AU0000INBHC6) affirmed at 'BBBsf'; Outlook
Stable
AUD6.2m Class B (ISIN AU0000INBHD4) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2006-3L Trust (2006-3L):
AUD119.6m Class A2 (ISIN AU0000INNHB3) affirmed at 'AAAsf';
Outlook Stable
AUD9.5m Class AB (ISIN AU0000INNHC1) affirmed at 'Asf'; Outlook
Stable
AUD7.3m Class B (ISIN AU0000INNHD9) affirmed at 'Bsf'; Outlook
Stable

Interstar Millennium Series 2006-4H Trust (2006-4H):
AUD32.8m Class A2 (ISIN AU3FN0000816) affirmed at 'Asf'; Outlook
Stable
AUD6.0m Class AB (ISIN AU3FN0000824) affirmed at 'BBsf'; Outlook
Stable
AUD6.2m Class B (ISIN AU3FN0000832) affirmed at 'Bsf'; Outlook
Stable


CLIFFS NATURAL: Will Take Legal Action Over 'Inaccurate' Comments
-----------------------------------------------------------------
Cliffs Natural Resources Inc. disclosed it has already instructed
its outside legal counsel to pursue appropriate legal action
against all parties involved in the publication of "inaccurate"
and "materially misleading" remarks regarding Lourenco Goncalves'
previous share purchases.  Cliffs said these comments were
intended to manipulate the Company's share price.

On May 4, 2017, Barron's Ben Levisohn and Axiom Capital
Management's Gordon Johnson reported the open market purchase of
200,000 Cliffs shares made on May 3 by Mr. Goncalves, the
Company's chairman, president and CEO.  In particular, Cliffs
noted, Barron's and Axiom inaccurately reported that Mr.
Goncalves' last open market share purchase occurred in March 2015
when, in fact, Mr. Goncalves has made multiple significant open
market purchases of Cliffs shares since March 2015, totaling
300,000 shares, including two purchases in May 2015 and one
purchase in May 2016.  The Company maintained that all of these
purchases were reflected in Form 4's filed with the United States
Securities and Exchange Commission.

"Both Barron's and Axiom would have been well aware of these
later trades from publicly available information at the time
their comments were made," Cliffs stated in a regulatory filing
with the SEC.  "Cliffs believes that such materially misleading
misstatements are an intentional attempt to manipulate Cliffs'
share price to support the "bearish" position Mr. Johnson's firm
Axiom has historically taken with respect to Cliffs' stock."

                  About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.  As of
March 31, 2017, Cliffs Natural had $1.92 billion in total assets,
$2.62 billion in total liabilities and a $703 million total
deficit.

                       *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs to 'B' from 'CCC+' after the
company announced a $591 million equity issuance and the tender
offer for high-cost debt.  The outlook is stable.


GUANGDONG RISING: First Creditors' Meeting Set for May 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

-- Guangdong Rising (Australia) Pty Ltd,
-- Caledon Coal Pty Ltd,
-- CC Pty Ltd,
-- Blackwater Coal Pty Ltd, and
-- Bowen Basin Pastoral Company Pty Ltd

will be held at Ballroom 2, Stamford Plaza, Corner Edward and
Margaret Streets, in Brisbane, Queensland, on May 24, 2017, at
11:00 a.m.

Martin Ford, Grant Sparks and Stephen Longley of PPB Advisory
were appointed as administrators of May 12, 2017.


GUVERA LTD: Shuts Down Operations; Co-Founder Claes Loberg Leaves
-----------------------------------------------------------------
Michael Bailey at The Australian Financial Review reports that
Guvera Limited has ceased all operations nearly a year after the
ASX rejected the music streaming service's controversial
AUD1.3 billion float, with co-founder Claes Loberg stepping down
as director and major backer Steve Porch also giving up.

AFR relates that in a note on May 12 to the 3,000 shareholders
from whom Guvera raised AUD185 million between 2008 and 2016,
sole remaining director Darren Herft asked for two volunteers to
replace the departees on Guvera's board and help him "rebuild our
company".

Messrs. Loberg and Porch owned 11.5% and 6.5% of Guvera shares
respectively as at the 2016 prospectus. Mr. Herft indicated
Mr. Porch's Coterie Nominees had provided further funding over
the past 12 months, but that had now ceased.

After narrowly escaping an insolvency bid in January from an
investor owed AUD1.8 million, Guvera briefly reinvented itself as
provider of a tracking tool for advertisers on a white-labelled
streaming service in India and Indonesia, according to AFR.

AFR relates that the company needed the revenue to meet terms of
a deed of company arrangement (DOCA) administered by Deloitte,
after it placed subsidiaries Guvera Australia and Guv Services
into administration last year, sacking 80 staff. Under the DOCA,
Guvera was supposed to pay $180,000 a month to creditors of the
subsidiaries, but Mr. Herft admitted that DOCA may now be subject
to "further claims," according to the report.

Mr. Herft still held out some hope of a capital return to
shareholders, saying Guvera Limited held "valuable IP" which
could be commercialised or sold, AFR says. The company owns
shares in video messaging play Kwickie, of which Mr. Herft is
also a director, and Street Talk reported in February that he had
approached Guvera shareholders to buy shares in this venture.
Mr. Herft claimed Guvera now wanted to sell its Kwickie shares to
"re-establish working capital".

According to the report, Mr. Herft claimed Guvera Limited was
also owed $6 million in refunds for company tax and research and
development. In his note, Mr. Herft lamented that the R&D had
been registered by AusIndustry last September and the refund was
supposed to be payable within 30 days, but accepted that "the
Australian Tax Office is following a process it is entitled to".

However, the ATO is expected to find an extra $4 billion from
'integrity measures' in 2017-18, and even one of the 'big four'
accountants is understood to have written several cheques
refunding commission to clients whose R&D claims have been
retrospectively rejected. So Mr. Herft could be waiting a while
yet, AFR relays.

On the downside, Mr. Herft noted two court cases involving Guvera
Limited remained outstanding: one against staff from failed
acquisition Blinkbox Music, who are claiming entitlements, and a
related case against former UK direct Michael de Vere, AFR says.

According to the report, Mr. Herft co-owns AMMA Private Equity,
who together with its network of accounting firms raised most of
Guvera's funding, much of it from self-managed superannuation
funds. Mr. Herft said he was "as upset as anyone" about the
company's predicament, adds AFR.

                            About Guvera

Guvera offered online music and entertainment streaming service.
Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services.

According to The Australian, the firm recently pulled out of the
Australian market after a failed attempt to list on the ASX, in a
float that would have valued the company at more than AUD1
billion.

The company -- which lost CEO Darren Herft to co-founder
Claes Loberg, who has taken the job on a temporary basis -- has
also recently pulled out of several other markets, including the
US and Russia, The Australian said.

A memo to investors said shutting the Australian market was
linked to changes in its product and a "strategic re-evaluation
of the business," The Australian added.


INFRASTRUCTURE ELECTRICAL: 2nd Creditors' Meeting Set for May 24
----------------------------------------------------------------
A second meeting of creditors in the proceedings of
Infrastructure Electrical Services Pty Ltd has been set for
May 24, 2017, at 11:00 a.m. at the offices of Heard Phillips
Chartered Accountants, Level 12, 50 Pirie Street, in Adelaide,
SA.

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 23, 2017, at 5:00 p.m.

Andrew Heard and Anthony Phillips of Heard Phillips were
appointed as administrators of Infrastructure Electrical on


KS SERVICE: First Creditors' Meeting Set for May 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of AKS
Service City Smash Pty Ltd, formerly trading as "AKS SERVICE CITY
SMASH" will be held at the boardroom of Chifley Advisory, Suite
3.04, Level 3, 39 Martin Place, in Sydney, NSW, on May 23, 2017,
at 3:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory Pty Ltd were
appointed as administrators of KS Service on May 11, 2017.


QUINTIS LIMITED: Moody's Cuts Corporate Family Rating to B3
-----------------------------------------------------------
Moody's Investors Service has downgraded Quintis Limited's
(formerly known as TFS Corporation Ltd) corporate family rating
and senior secured debt rating to B3 from B2, and has placed the
ratings on review for downgrade.

RATINGS RATIONALE

"The rating action and review follows a number of negative
announcements by Quintis which could reduce the company's future
earnings and cash flow generation, and potentially negatively
affect the willingness of wholesale investors to invest in new
plantations", says Maurice O'Connell, Vice President, Senior
Credit officer.

The most recent announcement relates to Quintis' subsidiary,
Santalis Pharmaceuticals, which had entered into a 20 year
contract to supply East Indian sandalwood oil to pharmaceutical
company Galderma, a subsidiary of Nestle. Quintines supplied over
1200 Kg of oil to Galderma during the 2014-15 calendar years.

On May 9, 2017, Quintis' board was advised that Santalis'
licensing and supply arrangements had terminated with effect from
January 1, 2017.

Moody's notes that Santalis made no sales to Galderma in FY17 and
that the Quintis' guidance for FY17 does not factor in any sales
to Galderma. However, the loss of the contract beyond FY17
creates some uncertainty around the sustainability of its future
earnings and cash flow generation, as well as the effectiveness
of management reporting.

News of this development follows a previous announcement in March
2017, that Quintis had ceased shipping to its largest Chinese
customer, and that its Managing Director had resigned.

Quintis production sandalwood and sandalwood oil is still ramping
up as its first plantations reach maturity. In the interim, sales
of investments in plantation assets still represent a material,
albeit declining, source of revenue for the company.

Consequently, should the flow of negative news affect investor
sentiment, the impact on revenues and cashflow could be material.

Quintis currently has elevated levels of leverage of more than
5.0x adjusted debt/EBITDA for the half year ended December 31,
2016, which further limits the company's ability to manage any
unforeseen events.

The rating review will focus on company's ability to secure new
contracts to maintain its earnings; the ongoing rate of take-up
of investments in plantation assets; whether a put option to sell
400 hectares of plantation assets back to the company is
exercised; clear direction from new management; and greater
clarity on management reporting and corporate governance.

What could change the rating - Down

Quintis' rating could be downgraded if: [1] the company is unable
to execute its strategy of increasing revenue from the sale of
oil and heartwood; [2] there are adverse tax rulings affecting
its MIS business; [3] or yields and sales from its harvests fall
below expectations. Any of the above could reduce expected cash
flow generation and ongoing demand for its investment products
such that credit metrics fall outside of the range expected for
the rating.

Credit metrics that Moody's would look for on a continuing basis
to maintain the current rating include, FFO-to-Interest remaining
above 1.5x and FFO-to-Debt above 10%.

Downward pressure could also emerge if Quintis does not maintain
adequate liquidity on the balance sheet to mitigate the highly
seasonal cash flows.

What Could Change the Rating - Up

The outlook will return to stable if Quintis is able to
demonstrate investor demand substantially in line with previous
years and obtains new contracts for its oil and hardwood products
to replace lost revenue from the cessation of the Chinese
contract as well as maintaining adequate liquidity.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.

Quintis Limited is one of the world's largest vertically
integrated manager and grower of Indian Sandalwood plantations,
with over 12,182 hectares of sandalwood trees under management.


RETAIL ADVENTURES: Liquidation in Final Stage
---------------------------------------------
Michael Gorey at The Sydney Morning Herald reports that
liquidation of the company that operated discount retail brands
Crazy Clark's and Sam's Warehouse is close to being finalised,
with unsecured creditors expected to receive 17.44 cents in the
dollar.

Fairfax Media has obtained the annual report of liquidator
Deloitte into Retail Adventures Pty Ltd, which entered voluntary
administration on October 26, 2012, SMH relates.

According to SMH, the administrators sold the business to DSG
Holdings on March 13, 2013 and the company went into liquidation
on February 3, 2014.

The annual report dated April 27 said the estimated dividend of
17.44 cents is higher than earlier predictions of up to 15.32
cents, SMH discloses.

SMH says the liquidator initiated legal action in the NSW Supreme
Court in October 2015 against 18 creditors who it identified as
having received almost AUD50 million in preferential payments
before the company went into voluntary administration.

The annual report reveals almost AUD8.5 million was recovered,
SMH discloses.

SMH notes that the final dividend is subject to collection of
settlement funds, the finalisation of two public liability
claims, proofs of debt and appeals.

Kathmandu founder Jan Cameron bought the discount variety chain
out of receivership in March 2009, hoping it would fund her
philanthropic activities, SMH recalls.  At its peak the chain had
more than 300 stores trading as Crazy Clark's, Sam's Warehouse,
Go-Lo and Chickenfeed.  After racking up losses of AUD114 million
between 2010 and 2012, Retail Adventures collapsed for the second
time.

The first creditors' meeting in November 2012 heard Retail
Adventures "examined every possible measure to reduce costs
without going into administration," SMH recalls.

Almost 1,700 unsecured creditors were owed AUD97.6 million
excluding landlord and employee claims.

SMH relates that in the first year following acquisition the
company closed 80 unprofitable stores at a cost of AUD28 million
and in the second year closed its distribution centres in NSW and
Tasmania.

According to SMH, retail wages were found to have been around
five per cent above market benchmarks for three years, resulting
in variable cost overspends of almost AUD7 million per year.
This was identified by senior management, but efforts to reduce
wages were unable to take effect in time to stabilise the
business.

In order to preserve leases on acquisition, creditors heard the
company agreed to uncommercial leases at above market rents,
costing more than AUD7 million a year, SMH relays.

In July 2014, Ms Cameron told Fairfax Media she was relieved that
her five-year foray into the struggling discount variety sector
had come to an end, according to SMH.

"I'm relieved that I can stop worrying and trying desperately to
make the company work," the report quotes Ms. Cameron as saying.
"I don't feel bitter (but) disappointed for all the staff. Some
of them are finding jobs, but it will be very difficult for
others."

The liquidator said in the annual report that payment of a final
dividend is expected to be made in December, adds SMH.


SAVANNA ENERGY: Reports Q1 Results, Enters Into Amended Waiver
--------------------------------------------------------------
Savanna Energy Services Corp. reported financial results for the
first quarter of 2017.

First Quarter Results

Savanna (SVY) generated revenue of $117.3 million, EBITDAS of
$10.8 million and a net loss, attributable to shareholders of the
Company, of $19.8 million or $0.17 per share in the first quarter
of 2017, compared to revenue of $93.7 million, EBITDAS of $20.3
million and a net loss, attributable to shareholders of the
Company, of $10.1 million or $0.11 per share in Q1 2016.
Improving industry sentiment in late 2016 and into 2017, resulted
in increased activity levels throughout Savanna's business lines
in Canada and drilling activity in the U.S.  The increased
activity in Canada resulted in revenue and operating margin
increases in Canadian drilling, well servicing and rentals
compared to Q1 2016, despite lower year-over-year pricing.
However, lower utilization and operating margins in Savanna's
Australian divisions, combined with the effect of 2016 contract
rollovers and negative operating margins realized in the
Company's U.S. drilling division, resulted in lower overall
operating margin and EBITDAS in Q1 2017 compared to Q1 2016.
Savanna's negative operating margins in U.S. drilling resulted
from increased operating costs associated with reestablishing a
more significant operation in the Permian basin.

In Canada, revenues increased by $25.8 million and operating
margin increased by $2.5 million relative to Q1 2016.  In the
U.S., compared to Q1 2016, revenues increased by $4 million while
operating margin declined by $8.7 million.  In Australia,
revenues were $6.2 million lower and operating margin was $3.8
million lower compared to Q1 2016.  Savanna's overall operating
margin in Q1 2017 was $10 million lower relative to Q1 2016, and
operating margin percentages were 15 percentage points lower.
General and administrative expenses declined from $7.8 million in
Q1 2016 to $7.3 million in Q1 2017. As a result, EBITDAS was $9.5
million lower than in Q1 2016.

Long-reach drilling, shallow drilling, well servicing and rentals
in Canada all experienced increases in utilization and activity,
which resulted in higher revenue and operating margins compared
to Q1 2016, despite year-over-year pricing decreases.  Billable
days in long-reach drilling increased by 123% relative to Q1
2016, while average day rates were 11% lower.  The shallow
drilling fleet achieved a 51% increase in billable days with
average day rates 16% lower relative to Q1 2016.  Activity in
well servicing increased by 47%, while pricing remained
relatively flat compared to Q1 2016, after increasing from Q4
2016 levels to cover higher labour costs. Other than labour costs
in Canadian well servicing, per day/hour rig costs and field
office costs were relatively in-line with Q1 2016, in each of
Savanna's Canadian operating divisions.  Overall in Canada during
Q1 2017, Savanna generated $11.5 million in operating margin on
$63.8 million of revenue, compared to $9 million in operating
margin on $38 million of revenue in Q1 2016. Sequentially,
operating margins increased compared to the $4.6 million
generated on $41.8 million of revenue in Canada in Q4 2016 as a
result of a seasonal increase in activity levels.

In the U.S., increases in drilling activity were driven by a
larger number of drilling rigs working in the quarter, which
resulted in increased revenue in Q1 2017, relative to Q1 2016,
despite a 31% decrease in average day rates.  The decrease in day
rates in the U.S. were based on 2016 contract roll overs on two
of Savanna's three Velox triple drilling rigs with Q1 2017 rates
approximately $10,000 U.S. dollars per day lower than in Q1 2016,
and changes in rig mix, as seven rigs were upgraded and
reactivated in the Permian basin in the second half of 2016.  A
delay in the commencement of work under the two new Marcellus
contracts, as well as crew retention, rig move, and repairs and
maintenance costs associated with those two rigs and the rigs
recently reactivated in West Texas, combined with an increase in
field office costs and operational challenges in the region in Q1
2017, resulted in negative operating margins in Savanna's U.S.
drilling division in the quarter.  In Savanna's U.S. well
servicing division, both utilization and pricing decreased in Q1
2017, relative to Q1 2016, which resulted in decreases in revenue
and operating margin. Overall in the U.S., Savanna generated
negative $1.9 million in operating margin on $21 million of
revenue in Q1 2017, compared to $0.1 million in operating margin
on $22.3 million of revenue in Q4 2016 and $6.8 million in
operating margin on $17 million of revenue in Q1 2016.  Negative
operating margins have been realized in the Company's West Texas
operation in the last two quarters and management is focused on
improving results in the region. Savanna's strategic decision to
reactivate drilling rigs in the Permian basin is expected to
yield positive results as this market continues to improve and
efforts to improve the efficiency of operations take effect.

In Australia, Savanna's drilling, well servicing and trucking
divisions experienced activity and revenue declines relative to
Q1 2016.  The decreases were driven by fewer rigs under contract
and a decrease in trucking activity related to lower well
servicing and drilling activity.  Operating margin percentages
also decreased in the quarter based on a greater proportion of
operating versus stand-by activity in Q1 2017 relative to Q1
2016. Savanna generated $8.4 million in operating margin on $32.5
million of revenue in Australia in Q1 2017, compared to $12.3
million in operating margin on $38.7 million of revenue in Q1
2016.  Sequentially, operating margin decreased from the $13.2
million generated on $40.1 million of revenue in Australia in Q4
2016.  The decrease in operating margin sequentially was a result
of decreases in drilling, well servicing and trucking activity in
the quarter.

Overall for the quarter, lower utilization and operating margins
in Savanna's Australian divisions and U.S. well servicing
division, combined with the negative operating margins realized
in the Company's U.S. drilling division, resulted in a 47%
decrease in EBITDAS, compared to Q1 2016.  Additionally in Q1
2017, Savanna incurred $8.8 million of expenses with respect to
Total Energy Services Inc.'s ("Total") take-over bid and
Savanna's strategic review process undertaken in response
thereto.  The expenses incurred include financial and advisory
costs, severance and other change of control costs, as well as
legal and other professional fees.  The acquisition by Total of
more than 50% of the outstanding common shares of Savanna also
triggered accelerated vesting provisions with respect to all of
Savanna's share-based rewards, which resulted in a $2.2 million
increase in share-based compensation expense.  The decrease in
EBITDAS, combined with the take-over bid related costs and
increase in share-based compensation expense, resulted in a $9.5
million, or 94%, increase in the Company's net loss, compared to
Q1 2016.  Sequentially, Savanna's overall EBITDAS decreased from
the $12.2 million generated in Q4 2016, in part due to increases
in general and administrative expenses.  Compared to Q4 2016
general and administrative expenses increased in Q1 2017, as a
result of salary and wage roll back reversals, a reduction in the
amount of salaries and wages capitalized toward Savanna's
enterprise resource planning system upgrades, fees related to the
audit of the Company's annual financial statements, and bad debt
expenses. Savanna's net loss attributable to the shareholders of
the Company increased from the Q4 2016 net loss attributable to
the shareholders of the Company of $18.9 million, or $0.20 per
share. The sequential increase in net loss was primarily a result
of lower EBITDAS and the take-over bid and strategic review
expenses outlined above, partially offset by an increase in
deferred income tax recoveries due to a $4.3 million write-down
against deferred tax assets in Q4 2016.

Balance Sheet

Savanna's working capital(1) at March 31, 2017, was $61.8
million, which included $25.4 million in cash.  Savanna's total
long-term debt outstanding on March 31, 2017, excluding
unamortized debt issue costs, was $281.7 million, compared to
$249.7 million outstanding at December 31, 2016.  The March 31,
2017 total long-term debt amount included $4.2 million in gross
partnership debt, of which Savanna's proportionate share is
approximately 50%. Savanna's total debt position at March 31,
2017, net of cash, was $256.2 million compared to $235.1 million
at December 31, 2016. Savanna's total debt, net of cash increased
from the end of the year based on working capital requirements in
the first quarter.

The acquisition by Total of more than 50% of the outstanding
common shares of Savanna was an event of default under Savanna's
syndicated credit facility, second lien senior secured term loan,
and mortgage.  After evaluating its options and consulting with
Total, Savanna determined to issue a change of control offer to
repurchase the outstanding principal of senior unsecured notes at
a price of 101% of the principal amount thereof.  A holder of $60
million aggregate principal amount of senior unsecured notes
agreed that it will not tender to the change of control offer,
which expires on June 22, 2017.  As a result of the defaults and
change of control offer, all of the amounts under the syndicated
credit facility, second lien senior secured term loan, and
mortgage, and $47.1 million of the senior unsecured notes have
been classified as a current liability on the Company's balance
sheet at March 31, 2017.

Savanna has engaged with Total who currently owns approximately
86% of the outstanding common shares of Savanna, and expects that
any refinancing required with respect to its syndicated credit
facility, second lien senior secured term loan, mortgage, and/or
senior unsecured notes will be available to Savanna on a timely
basis.

On April 21, 2017, Savanna entered into a temporary waiver
agreement with the lenders of its syndicated credit facility.  In
May 2017, Savanna also received a waiver in respect of its
mortgage.

On May 12, 2017, Savanna entered into an amended and restated
temporary waiver agreement (the "Waiver") with the lenders of its
syndicated credit facility.  Pursuant to the Waiver, such lenders
have: (a) acknowledged certain defaults under the syndicated
credit facility that have occurred as a result of the acquisition
by Total of more than 50% of the outstanding common shares of
Savanna and the previously announced demand for payment pursuant
to Savanna's second lien credit facility; and (b) waived such
defaults until the earliest to occur of: (i) 2 business days
immediately preceding the date of any repayment or redemption of
Savanna's senior unsecured notes, (ii) the occurrence of any
other default or event of default under the syndicated credit
facility or other credit document, (iii) 2 business days
immediately following the date upon which Savanna becomes a
wholly owned subsidiary of Total, and (iv) June 30, 2017.

Outlook

The positive oil and natural gas industry sentiment entering
2017, contributed to significant improvement in North American
industry activity in Q1 2017.  In Canada, activity levels
increased significantly in Q1 2017 relative to Q1 2016, however
meaningful price increases did not materialize.  Based on current
stated customer intentions, Savanna expects activity to continue
improving for the remainder of 2017 relative to 2016.  With
continued increases in activity, Savanna expects pricing
will begin to improve gradually into the second half of 2017 in
Canada.

In the U.S., Savanna currently has two AC double drilling rigs
and one Velox AC triple drilling rig under contract throughout
2017 and most of 2018 in the Marcellus.  Rates, particularly with
respect to Savanna's Velox AC triple drilling rigs, are beginning
to show signs of upward momentum.  In Q2 2017, Savanna signed a
two-year contract on its Velox AC triple drilling rig in West
Texas with a day rate over 30% higher compared to the lows
reached in 2016. Savanna's third Velox triple drilling rig, not
under long-term contract, is currently working at rates 15%
higher than the lows reached in 2016.  With respect to the
drilling rigs reactivated in the Permian basis in the second half
of 2016, Savanna expects operating margins on these rigs to begin
improving later in the quarter and through the remainder of 2017,
relative to the negative margins realized over the last two
quarters. Additional drilling rig reactivations in the Permian
basin, will be deferred until profitability in the region
improves.

In Australia, Savanna expects to have a new contract with an
existing customer finalized in Q2 2017.  The terms of the new
contract have been agreed to outside of the formal tender
process, which will cover one drilling rig, five service rigs and
two flush-by units.  All of these rigs are currently working for
the same customer under various contacts. The drilling rig will
start working under the new contract once finalized, while the
seven original new-build contracts still in place in Australia
will move onto the new contract as the original ones expire
throughout the second half of 2017.  The Company also has two
other service rigs and one drilling rig on contract with a second
customer and expects a third drilling rig to begin work with a
third customer later in Q2 2017.  Savanna believes its built-for-
purpose drilling and service rigs, as well as its operational and
safety performance, puts the Company in a strong competitive
position to re-contract all of its drilling and service rigs in
Australia.

On April 5, 2017 the Board of Directors of Savanna was
reconstituted and Daniel Halyk was appointed President and CEO of
Savanna.  Following this reconstitution, Savanna began the
process of engagement with Total to formulate a business
integration plan.  Such plan will be premised on the primary
objective of improving the financial performance of the combined
entity by achieving revenue synergies and realizing operational
and administrative efficiencies and cost savings.  Execution of
such plan will be completed as soon as reasonable practicable
following completion of the acquisition of Savanna by Total,
which is expected to occur prior to June 30, 2017.

FIRST QUARTER RESULTS

Overall contract drilling revenue increased relative to Q1 2016
as a result of higher activity levels in Canada and the U.S.,
notwithstanding lower day rates.  Savanna increased market share
in Canada in Q1 2017, despite having only one drilling rig on a
long-term contract, and the higher activity levels resulted in
revenue and operating margin increases relative to Q1 2016.  In
Canadian long-reach drilling, billable days increased by 123%
while day rates were 11% lower compared to Q1 2016, and in
shallow drilling in Canada, billable days increased by 51% while
day rates were 16% lower.  Competitive pressures in Canada,
combined with pricing of Q1 work in the fall 2016, held day rates
relatively low in the quarter which was the primary driver for
the decrease operating margin percentages in Canada relative to
Q1 2016. Billable days in the U.S. increased 108%, based on more
rigs working, relative to Q1 2016, while average day rates were
31% lower.  The decrease in day rates in the U.S. were based on
2016 contract roll overs on two of Savanna's three Velox triple
drilling rigs with Q1 2017 rates approximately $10,000 U.S.
dollars per day lower than in Q1 2016, and changes in rig mix, as
seven rigs were upgraded and reactivated in the Permian basin in
the second half of 2016.  A delay in the commencement of work
under the two new Marcellus contracts, as well as crew retention,
rig move, and repairs and maintenance costs associated with those
two rigs and the rigs recently reactivated in West Texas,
combined with an increase in field office costs and operational
challenges in the region in Q1 2017, resulted in negative
operating margins in the U.S. in the quarter.  In Australia,
revenue decreased compared to Q1 2016 based on a 35% decrease in
billable days. There were also additional costs related to
mobilizing one of the drilling rigs for work with a new customer
that commenced late in Q1 2017.  The decrease in billable days
combined with the mobilization costs resulted in a decrease in
operating margin and operating margin percentages in Australia
drilling in Q1 2017, compared to Q1 2016.

FIRST QUARTER RESULTS

Revenue for Savanna's oilfield services division in Q1 2017
increased relative to Q1 2016, as increases in activity in Canada
more than offset decreases in activity in the U.S. and Australia
in the respective periods.  In Canada, revenue and operating
margin in Q1 2017 increased relative to Q1 2016 based on a 47%
increase in operating hours in Canadian well servicing and a 22%
increase in Canadian rental revenue.  In U.S. well servicing,
revenue and operating margin decreased relative to Q1 2016 based
on a 12% decrease in activity and pricing.  The revenue decreases
in Australia in Q1 2017 compared to Q1 2016 were based on a 22%
decrease in billable hours in Australia well servicing and a
decrease in trucking activity.  The decrease in billable hours,
as a result of having one less service rig and one less flush-by
unit on contract, were partially offset by higher rates, which
were based on a greater proportion of operating hours versus
stand-by hours in Q1 2017 relative to Q1 2016.  The decrease in
billable hours did negatively affect Australian operating margin
in Q1 2017 as per hour operating margins were relatively flat
compared to Q1 2016.
                         About Savanna

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


SOUTHERN AUSTRALIAN: In Liquidation; Meeting Set for May 19
-----------------------------------------------------------
Timothy Clifton and Mark Hall of Ferrier Hodgson were appointed
as Joint and Several Liquidators of Southern Australian Seafoods
Pty Ltd on May 5, 2017.

A meeting of creditors will be held at 10:30 a.m. on May 19, 2017
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.



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


TONGJI HEALTHCARE: Amends Form 10-K to Disclose Accountant Fees
---------------------------------------------------------------
Tongji Healthcare Group Inc. filed an amendment No. 1 on Form
10-K/A to amend its annual report on Form 10-K for the fiscal
year ended Dec. 31, 2016, as originally filed with the Securities
and Exchange Commission on April 18, 2017, as it had
inadvertently excluded information about its principal accounting
fees and services for fiscal year 2016.

The Company was billed by its current independent public
accounting firms Anton & Chia, LLP, for the following
professional services they performed for the Company during the
years ended Dec. 31, 2016, and 2015:

                               Year Ended December 31
                                  2016          2015
                               ----------  ----------
Audit fees                     $41,000      $38,700
Audit-related fees             $21,738      $16,500
Tax fees                       $-           $-
All other fees                 $62,738      $55,200

A full-text copy of the Form 10-K/A is available for free at:

                    https://is.gd/MmIqdV

                   About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,557 on $2.35 million of
total operating revenue for the year ended Dec. 31, 2015.  As of
Dec. 31, 2016, Tonji had $8.36 million in total assets, $14.52
million in total liabilities and a total stockholders' deficit of
$6.16 million.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the Company has
negative working capital of $6,745,663, an accumulated deficit of
$7,206,416, and shareholders' deficit of $6,162,728 as of
Dec. 31, 2016.  The Company's ability to continue as a going
concern ultimately is dependent on the management's ability to
obtain equity or debt financing, attain further operating
efficiencies, and achieve profitable operations.

Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,557 on $2.35 million of
total operating revenue for the year ended Dec. 31, 2015. As of
Dec. 31, 2016, Tonji had $8.36 million in total assets, $14.52
million in total liabilities and a total stockholders'
deficit of $6.16 million.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the Company has
negative working capital of $6,745,663, an accumulated deficit of
$7,206,416, and shareholders' deficit of $6,162,728 as of
Dec. 31, 2016. The Company's ability to continue as a going
concern ultimately is dependent on the management's ability to
obtain equity or debt financing, attain further operating
efficiencies, and achieve profitable operations.



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


AKAR CREATIONS: CRISIL Lowers Rating on INR20MM Overdraft to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Akar Creations Private Limited (ACPL) to 'CRISIL D'
from 'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Drop Line Overdraft     25        CRISIL D (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Loan Against             3.5      CRISIL D (Downgraded
   Property                          from 'CRISIL BB-/Stable')

   Mortgage Loan           10.0      CRISIL D (Downgraded
   Facility                          from 'CRISIL BB-/Stable')

   Overdraft               20.0      CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term       4.2      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

   Term Loan                2.3      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects excess drawing in the working capital
facilities for more than 30 days continuously and delays in
meeting interest obligation on the facilities due to weak
liquidity. Downturn in the residential real estate market in Goa
because of weak consumer sentiment post demonetization, led to
lower-than-expected bookings for the company's project, leading
to inadequate cash flows.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing due to weak bookings
ACPL has delayed meeting its debt obligation following muted
bookings for its residential real estate projects. The peak
season for Goa residential real estate market is the second half
of a fiscal, which was lean in fiscal 2017 because of weak
consumer sentiment post demonetization. The resultant lower than
expected customer advances led to stretched liquidity and delays
in timely servicing debt obligations.

* Susceptibility to cyclicality inherent in the real estate
sector
Exposure to risks and cyclicality inherent in the real estate
sector may result in volatility in both saleability and
realisations, and hence, cash flow. The residential real estate
sector has been under pressure due to weak demand and bearish
consumer sentiment over the past few years, increasing leverage
and refinancing needs of players. Demonetisation has further
affected demand in the near term. The current weak business
environment will continue to constrain the outlook for the real
estate sector in the near term. The impact on sales will remain a
key rating sensitivity factor.

Strength

* Promoters extensive experience in the real estate market
The promoters' extensive experience in developing real estate
projects in Goa and Mumbai market. Their work has resulted in
establishing a name in these regions and has helped the company
build relationships with customers.

ACPL, incorporated in 1993 by the Borkar family, develops real
estate projects in Goa and Mumbai. The company's key promoters
are Mr. Avinash Borkar and Mr. Chinmai Borkar.


APHRODITE INFRA: CRISIL Lowers Rating on INR40MM LT Loan to B+
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aphrodite
Infra Private Limited (AIPL) for obtaining information through
letters and emails dated November 30, 2016 and January 17, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           40       CRISIL B+ (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 Aphrodite Infra 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 Aphrodite Infra 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'.

AIPL is promoted by the Patel and Ramani families, based in
Surat. The company is currently developing 69 residential
apartments in Vesu, Surat, at a total project cost of around
INR1.07 billion, to be funded through bank debt of around INR400
million, promoters' contribution of INR495.1 million; the rest
will be funded through customer advances.


AUTOLINE: CRISIL Reaffirms 'D' Rating on INR3.90MM LT Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Autoline
for obtaining information through letters and emails dated
January 27, 2017, and February 24, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           3.9      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       2.09     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Autoline. 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 Autoline 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.

Autoline, promoted by the Desphande, Vyas, and Kulkarni families,
was established in 1996 in Kolhapur (Maharashtra). The firm
manufactures auto components and components for diesel pumps.


BATANAGAR EDUCATION: CRISIL Reaffirms 'D' Rating on INR13MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Batanagar
Education and Research Trust (BERT) for obtaining information
through letters and emails dated January 27, 2017, and
February 28, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                13       CRISIL D (Issuer Not
                                     Co-operating; 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 Batanagar Education and
Research Trust. 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 Batanagar Education and
Research Trust 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.

BERT was registered in February 2007 as a public, non-profit,
charitable trust. It has set up an engineering college, Batanagar
Institute of Engineering Management and Science, at Maheshtala in
Kolkata.


BHARAT SCANS: CRISIL Lowers Rating on INR2.75MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Bharat Scans Private Limited (BSPL) for obtaining information
through letters and emails dated January 20, 2017 and February
19, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             .47       CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Long Term Loan          2.75      CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Overdraft               4.00      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Proposed Working        1.31      CRISIL B (Issuer Not
   Capital Facility                  Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Working Capital         .97       CRISIL B (Issuer Not
   Facility                          Cooperating; Downgraded
                                     from 'CRISIL BB/Stable')

   Working Capital         .50       CRISIL B (Issuer Not
   Term Loan                         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 Bharat Scans 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 Bharat Scans 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.

Set up in 1995, BSPL operates six diagnostic centres in Tamil
Nadu. It is promoted by Dr. Rajamani Emmanuel Gunaseelan and Dr.
Beula Emmanuel.


DESAI TEXTILES: CRISIL Reaffirms 'D' Rating on INR4.62MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Desai
Textiles (DT) for obtaining information through letters and
emails dated January 27, 2017, and February 24, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .88      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.62      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 Desai Textiles. 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 Desai Textiles 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.

Set up in 1991, DT is a partnership firm based in Surat
(Gujarat), promoted by Mr. Pankajbhai Arvindlal Desai and Mr.
Chetankumar Arvindlal Desai. The firm manufactures and markets
yarn and grey fabric and undertakes sizing of beam.


GANPATI MINETECH: CRISIL Reaffirms B+ Rating on INR6.25MM Loan
--------------------------------------------------------------
CRISIL Ratings has been seeking information and a discussion with
the management of Ganpati Minetech Private Limited since
October 2016. Despite several emails and calls, the company has
not submitted any information. CRISIL had, through a senior
director letter dated April 12, 2017, informed the company of the
extant guidelines and requested for cooperation. The issuer,
however, remains non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.25       CRISIL A4 (Issuer Not
                                     Cooperating; Removed from
                                     'Notice of withdrawal';
                                     Rating Reaffirmed)

   Cash Credit            1.00       CRISIL B+/Stable (Issuer
                                     Not Cooperating; Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)

   Proposed Long Term     6.25       CRISIL B+ (Issuer Not
   Bank Loan Facility                Cooperating; Removed from
                                     'Notice of withdrawal';
                                     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 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of GMPL and removed it from 'Notice of
Withdrawal', in line with its revised policy regarding withdrawal
of ratings.

Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the company. GMPL scores low ('L') on availability of
past information. It scores low ('L') on future information due
to unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating.

Outlook: Stable

CRISIL believes GMPL will continue to benefit from its promoter's
extensive experience in the spare parts trading business, and
will maintain its comfortable capital structure. The outlook may
be revised to 'Positive' if substantial growth in revenue and
profitability, or improved working capital management, leads to
better liquidity. The outlook may be revised to 'Negative' if
lower-than-expected cash accrual, stretched working capital
cycle, or large, debt-funded capital expenditure weakens the
financial risk profile, especially liquidity.

GMPL was incorporated in 2004. The company is a distributor of
Sandvik Asia Ltd's spare parts for earthmoving, mining, and
construction equipment in Jharkhand. It is also a dealer for ESAB
India Ltd and undertakes some civil construction work for
government and private entities. Mr. Pravin Kumar Agarwal, Mr.
Chandra Sekhar Agarwal, Mr. Ajay Sharma, and Ms Preeti Agarwal
are the company's directors. Operations are, however, primarily
managed by Mr. Pravin Kumar Agarwal.

Profit after tax (PAT) was INR21 lakhs on revenue of INR13.27
crore in fiscal 2015.


GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Gargo Motors Limited (GML).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              3       CRISIL B+/Stable (Reaffirmed)

   Channel Financing        5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        2      CRISIL B+/Stable (Reaffirmed)


The rating continues to reflect a modest scale of operations in
an intensely competitive industry and a below average financial
risk profile because of small networth and subdued debt
protection metrics. These weaknesses are mitigated by the
extensive experience of its promoters and an established
relationship with the principal, Tata Motors Ltd (TML).

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to intense competition
Operating income has been modest and was at INR32.42 crore in
fiscal 2016 against INR42.20 crore in fiscal 2015. Further GML
faces intense competition from other dealers of TML as well as
from dealers of other passenger vehicle manufacturers. The
revenues are likely to remain modest over the medium term which
shall continue to constrain the business profile.

* Below average financial risk profile
GML's financial risk profile is constrained by its small networth
which was at INR4.94 crore as on March 31, 2016, and is expected
to remain small over the medium term because of muted accretion
to reserves. High gearing at 1.76 times and subdued profitability
have resulted in weak interest coverage (1.25 times for fiscal
2016).

Strengths

* Promoter's extensive experience and established relationship
with the principal, TML
The promoters have been involved in automobile dealership
business for over a decade, and have established cordial
relations with TML. A group entity, Gargo Motors (rated 'CRISIL
B+/Stable'), has also been dealing in commercial vehicles of TML
for the past 16 years.

Outlook: Stable

CRISIL believes GML will continue to benefit over the medium term
from the extensive experience of its promoter and diverse
customer base.The outlook may be revised to 'Positive' if
significant cash accrual or large equity infusion improves the
capital structure  alongwith the northward movement in the
topline while maintaining consistencies in the working capital
operations . The outlook may be revised to 'Negative' with the
increase in pressure on topline and profitability or large, debt
funded capital expenditure weakens the financial risk profile and
stretch in working capital creates challenges with the normal
operations of the business.

Incorporated in 1996, GML is a closely held public-limited entity
promoted by Mr. Kamakhya Borthakur; it commenced operations in
2006. The company is an authorised dealer for passenger cars of
TML in Assam. Mr. Borthakur has also promoted Gargo Motors, which
is an authorised dealer of TML's commercial vehicles. GML has
five showrooms in Assam: at Tinsukia, Duliajan, Jorhat, Sibsagar,
and Dibrugarh. It also has stockyards and workshops at Guwahati,
Tinsukia, Dibrugarh, and Duliajan.

Profit after tax was INR0.20 crore on net sales of INR32.42 crore
in fiscal 2016, against INR0.24 crore and INR42.20 crore,
respectively, in fiscal 2015.


GAS PROJECTS: CRISIL Lowers Rating on INR3.0MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gas
Projects India Private Limited (GPIPL) for obtaining information
through letters and emails dated November 21, 2016 and
December 22, 2016 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5.75      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             3.00      CRISIL B (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      0.25      CRISIL B (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 Gas Projects India 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 Gas Projects India 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.

Incorporated in 2001, GPIPL manufactures storage and distribution
systems for compressed gases and fuels such as liquefied
petroleum gas (LPG) bobtail and road tankers, vaporisers, and
reticulated gas systems, and provides turnkey-based services for
the same. The company is promoted by Mr. Sachin Parikh and its
manufacturing facilities are located in Navi Mumbai
(Maharashtra).


GODHANI GEMS: CRISIL Reaffirms 'D' Rating on INR101.73MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Godhani Gems Private Limited (GGPL) for obtaining information
through letters and emails dated February 6, 2017 and
February 22, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Export Packing         43.69       CRISIL D (Issuer Not
   Credit                             Cooperating; Rating
                                      Reaffirmed)

   Post Shipment         101.73       CRISIL D (Issuer Not
   Credit                             Cooperating; Rating
                                      Reaffirmed)

   Proposed Long          58.58       CRISIL D (Issuer Not
   Term Bank Loan                     Cooperating; Rating
   Facility                           Reaffirmed)

   Proposed Short           3.00      CRISIL D (Issuer Not
   Term Bank Loan                     Cooperating; Rating
   Facility                           Reaffirmed)

   Standby Line of          6.00      CRISIL D (Issuer Not
   Credit                             Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

GGPL, set up in 1995 as a partnership firm by Mr. Ramesh V
Godhani, Mr. Vinod V Godhani, and their family members, was
reconstituted as a private limited company in 2011. The company
cuts and polishes diamonds.


GOYAL ISPAT: CRISIL Assigns 'C' Rating to INR12.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Goyal Ispat Limited (GIL) and has assigned its
'CRISIL C/CRISIL A4' ratings to its bank facilities. CRISIL had
suspended the ratings on September 7, 2016, as GIL 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             12.5      CRISIL C (Assigned;
                                     Suspension Revoked)

   Letter of Credit         5.0      CRISIL A4 (Assigned;
                                     Suspension Revoked)

The rating reflects instances of overdrawn working capital limits
followed by stretch in receivable cycle. These weaknesses are
partly offset by promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement:
GIL has large working capital requirement with gross current
assets of 213 days as on March 31, 2016, driven by stretch in
receivables to over 150 days. Consequently, cash credit limit was
also overdrawn over the six months through February 2017.

* Exposure to volatility in steel prices:
Slump in steel prices and low capacity utilisation led to
operational losses in fiscal 2016, affecting the business and
financial risk profiles.

Strengths:
*Promoter's experience: Promoters industry experience of more
than 30 years is expected to support the business risk profile of
the company over the medium term.

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it
was purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL
has a thermo-mechanically treated bar manufacturing facility in
Chennai.

GIL reported net loss of INR4.36 crore on operating income of
INR64.54 crore in fiscal 2016 against net loss of INR0.28 crore
on operating income of INR49.56 crore in fiscal 2015.


GRITTON CERAMICS: CRISIL Lowers Rating on INR8.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has consistently followed up with Gritton Ceramics
Private Limited (GCPL) for obtaining information, through letters
and emails (dated October 4, 2016; January 24, 2017; February 13,
2017; and February 21, 2017, among others), apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              8.5      CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

CRISIL has downgraded its ratings on the bank facilities of GCPL
to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4' because
of continued irregularity in working capital limit beyond 30 days
because of weak liquidity.

Despite repeated attempts to engage with the company's
management, CRISIL failed to receive information on either the
financial performance or strategic intent of GCPL. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. As GCPL's management has not been
cooperative, the rating action is based on best available
information. CRISIL has obtained information, from sources it
believes to be reliable, that GCPL's liquidity is under pressure
and the company has not been regular in servicing its debt.

The company has a weak financial risk profile and constrained
business risk profile. However, it benefits from its promoters'
experience in the ceramic tiles industry.

Incorporated in 2014, GCPL is promoted by Ahmedabad, Gujarat-
based Mr. Ashok Garg, Mr. Pervinderkumar Mechu, and Mr.
Rameshbhai Patel. The company manufactures ceramic wall tiles.


HARIHAR INDUSTRIES: CRISIL Reaffirms B Rating on INR6MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Harihar
Industries - Kadi (HI) for obtaining information through letters
and emails dated January 25, 2017 and February 14, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        2       CRISIL B/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Reaffirmed)

   Term Loan                 2       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 Harihar Industries - Kadi.
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 Harihar Industries - Kadi is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with Crisil B Rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable'.

Established in 2014, HI is a Gujarat-based partnership firm
promoted by Mr. Pushkarbhai Patel and his family members. The
firm is engaged in cotton ginning and pressing operations, and
started its commercial operations from June 2015.


HEMNIL METAL: CRISIL Reaffirms 'D' Rating on INR9.62MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hemnil
Metal Processors Private Limited (HMPPL) for obtaining
information through letters and emails dated January 27, 2017,
and February 22, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                9.62     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 Hemnil Metal Processors
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 Hemnil Metal
Processors Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has reaffirmed the rating at
CRISIL D.

Incorporated in 1996, HMPPL cuts coils or sheets in sizes as
specified by customers, mainly from the automobile industry.
Operations are managed by key promoter, Mr. Hemant Mehta.


JAMNADAS AND CO: CRISIL Lowers Rating on INR14MM Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Jamnadas and Company (JNC) to 'CRISIL D' from 'CRISIL
B/Stable'.

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

The downgrade reflects excess drawing of the working capital for
over 30 continuous days and delays in interest repayment, due to
weak liquidity. This is due to stretch in working capital.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing due to weak sales: The firm delayed in
meeting debt repayment obligation following stretch in working
capital.

* Weak financial risk profile: Highly leveraged capital structure
with gearing estimated above 8 times as on March 31, 2016 and
muted debt protection metrics with interest coverage ratio
estimated at 1.1 time in fiscal 2016 has resulted in weak
financial risk profile.

Strength

* Experience of partners: Benefits derived from the partners'
family presence for six decades in steel products trading
industry and established relationships with customers and
suppliers; should continue to support the business risk profile.

Set up in 1969 in Nagpur as a partnership firm by Mr. Jamnadas
Udeshi and his family, JNC trades in structural steel products
such as mild steel angles, beams, channels, flat, and round and
square bars.

For fiscal 2016, JNC provisionally reported profit after tax
(PAT) of INR0.29 crore on operating income of INR79.86 crore as
against PAT of INR0.38 crore on operating income of INR83.41
crore in fiscal 2015.


KEYUR INDUSTRIES: CRISIL Cuts Rating on INR8MM Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Keyur
Industries (KI) for obtaining information through letters and
emails dated November 30, 2016 and January 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase-           2        CRISIL A4 (Issuer Not
   Discounting                       Cooperating; Downgraded
   Facility                          from 'CRISIL A4+')

   Cash Credit              8        CRISIL B+ (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 keyur industries. 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 keyur industriesis 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/ CRISILA4'.

Established in 1974, KI commenced operations as a small-scale
manufacturer and exporter of psyllium seed (popularly known as
Isabgol), psyllium husk, and psyllium husk powder. The firm is
promoted by Mr. Girdharlal Patel and is currently managed by Mr.
Manubhai Girdharlal Patel and family members. Its production
facilities are in Sidhpur in the Mehsana district of Gujarat.


KUSMASULI MULTIPURPOSE: CRISIL Reaffirms 'B' Loan Ratings
---------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Kusmasuli Multipurpose Cold Storage Private Limited (KMCSPL)
at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.13      CRISIL A4 (Reaffirmed)

   Cash Credit            5.29      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.38      CRISIL B/Stable (Reaffirmed)

   Term Loan              2.13      CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility                .45      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile and
exposure to risks relating to unfavorable regulations and intense
competition in the cold storage industry in West Bengal (WB).
These weaknesses are partially offset by the promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to highly regulated and intensely competitive nature
of cold storage industry: The potato cold storage industry in WB
is regulated by the West Bengal Cold Storage Association, with
rental rates are fixed by Department of Agricultural Marketing,
WB. The fixed rental will continue to limit players' ability to
earn profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilisation of storage capacity, especially given the intense
competition, will also constrain profitability.

* Weak financial risk profile: Networth remains modest (Rs 22.4
million as on March 31, 2017), despite marginal improvement in
recent years on account of accretion to reserve. Gearing was high
at 3.30 times on account of loans extended to farmers, especially
around end of fiscal.  Debt protection metrics are likely to
remain moderate: interest coverage and net cash accrual to total
debt ratios were 2.07 times and 0.09 time in fiscal 2017.

Strengths

* Promoters extensive experience: Benefits from the promoters'
experience of over 25 years, and strong relationships with potato
farmers should continue to support business risk profile. They
continue to help maintain healthy utilisation of storage capacity
(90% on average in fiscal 2017).

Outlook: Stable

CRISIL believes KMCSPL will continue to benefit over the medium
term from the promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' if the company
efficiently manages farmer credit financing, significantly scales
up operations, and improves profitability. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
liquidity because of delays in repayment by farmers, low cash
accrual, or large debt-funded capital expenditure.

KMCSPL, incorporated by Mr. Nandalal Ghosh and Mr. Bibekananda
Sannigrahi in 2011, operates a cold storage unit for potatoes,
with capacity of 16,000 tonne, in Paschim Medinipur, West Bengal.
The company occasionally trades in potatoes to ensure optimum
capacity utilisation of the cold storage unit. It also finances
farmers' potato storage, which is refinanced by banks.

The company has recorded profit after tax (PAT) of INR0.09 crore
on net sales of INR2.38 crore in 2015-16 as against PAT of
INR0.10 crore on net sales of INR2.72 crore in 2014-15.


MANN RESIDENCY: CRISIL Raises Rating on INR19MM Term Loan to B-
---------------------------------------------------------------
CRISIL Ratings has upgraded the rating on the bank facilities of
Mann Residency Private Limited (MRPL) to 'CRISIL B-/Stable' from
'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               19        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade is driven by MRPL's improved liquidity driven
by timely repayment of debt obligation and expected improvement
in cash accrual, backed by improved scale of operations resulting
in healthy cash accruals along with continued support from
promoters in the form of unsecured loans.  The overall liquidity
is expected to improve further with improving scale of operations
and healthy accruals, expected to cover the debt repayment
obligations over the medium term.

CRISIL's ratings on the bank facilities of MRPL continue to
reflect its moderate financial risk profile because of negative
networth owing to losses incurred in previous years which is
expected to become positive due to generation of profits and
small scale of operations in the hospitality industry. The
company has limited track record (about six years) of managing a
hotel. However, MRPL benefits from its favorable location.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth is negative due to losses
incurred in the past.

* Limited experience of promoters: The promoters do not have
experience in running a hotel. They have also not collaborated
with any experienced player in the industry.

Strengths
* Improving liquidity: The company is repaying its due
installments of term loans on time and has no working capital
limit.

* Strong funding support: The promoters are likely to continue
extending unsecured loans to support liquidity.

Outlook: Stable

CRISIL believes MRPL's business risk profile will improve over
the medium term with the expected increase in operating income,
thus supporting liquidity. The outlook may be revised to
'Positive' in case of significant rise in operating income and
profitability. Conversely, the outlook may be revised to
'Negative' if large debt-funded capital expenditure or decline in
operating income or profitability weakens liquidity.

MRPL, incorporated in 2007 and promoted by Mr. Joginder Singh
Mann and his family, operates a four-star hotel, Hotel Clarence,
in Gurugram, Haryana. The hotel became operational in October
2011.

Profit after tax was INR1.66 crore on net sales of INR11.65 crore
in fiscal 2016, against a profit after tax of INR1.81 crore on
net sales of INR14.95 crore in fiscal 2015.


MUTHULAXMI SPINNING: CRISIL Cuts Rating on INR6.5MM Loan to 'B'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Muthulaxmi
Spinning Mills Private Limited (MSMPL) 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             6.5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        2.0       CRISIL A4 (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 Muthulaxmi Spinning Mills
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 Muthulaxmi Spinning
Mills 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 short term rating at CRISIL A4.

Incorporated in 1996 by Mr. Shanmugavel, MSMPL manufactures
cotton yarn of 20s to 40s counts.


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

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Letter           8        CRISIL B/Stable (Issuer Not
   of Credit                         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 Nilesh Timbers. 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 Nilesh Timbers 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.

Nilesh Timbers, located in Shecottah, Tamil Nadu, is involved in
the trading of timber majorly in Tamil Nadu and Karnataka. NT is
promoted and managed by Mr.Nilesh Patel and his family members.


ORACLE HOME: CRISIL Reaffirms 'D' Rating on INR25.16MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Oracle
Home Textile Limited (Oracle) for obtaining information through
letters and emails dated January 27, 2017, and February 24, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Purchase-         3.75        CRISIL D (Issuer Not
   Discounting                        Cooperating; Rating
   Facility                           Reaffirmed)

   Cash Credit            2.00        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Letter of Credit       4.00        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Packing Credit        22.45        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Post Shipment Credit   7.10        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Standby Export         6.70        CRISIL D (Issuer Not
   Packing Credit                     Cooperating; Rating
                                      Reaffirmed)

   Term Loan              25.16       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 Oracle Home Textile 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 Oracle Home Textile Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/CRISIL D.

Oracle was originally set up in 1992 by Mr. Sanjay Dave and Ms.
Shilpa Dave as a partnership firm, Oracle Exports; this firm was
reconstituted as a closely held public limited company under the
current name in August 2011. The company exports 75 per cent of
its output of terry towels and home textiles to makers of leading
global brands such as Esprit, Hollister, Kmart, and Tommy
Hilfiger; the balance 25 per cent is sold in the domestic market.
Oracle has a diverse customer base across different geographies,
including the US, Europe, Australia, the Middle East, and Africa.
The company is among the leading manufacturers of terry towels in
the jacquard segment in India. It has vertically integrated
operations, comprising weaving, yarn and fabric dyeing, and
finishing facilities.


RADHE GIRDHARI: CRISIL Assigns 'B' Rating to INR5.6MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Radhe Girdhari Cold Storage Private
Limited (RG).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              1.8        CRISIL B/Stable
   Cash Credit            0.3        CRISIL B/Stable
   Long Term Loan         5.6        CRISIL B/Stable

The rating reflects RG's nascent stage of operations and exposure
to delays in payments by farmers because of adverse market
conditions. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
experience in the agro industry and its established relationships
with its customers.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to delays in payments by farmers because of
adverse market conditions: The cold storage obtains loans from
banks on behalf of the farmers and traders, and extends loans and
advances to farmers and traders. However, the primary
responsibility to repay the bank loan lies with cold storages. In
the event of adverse market trends and the company's presence in
an agriculture-based seasonal business renders it vulnerable to
such downturns.

Strengths

* Track record and extensive experience of promoters: RG's
promoters have extensive experience in the agro industry for over
a decade. The day to day operations are managed by Mr. Randhir
Kesari.

Outlook: Stable

CRISIL believes that RG will continue to benefit over the medium
term from its promoters' extensive experience and its established
relationship with its customers. The outlook may be revised to
'Positive' in case the company reports efficient management of
farmer credit financing, along with significant ramp up in its
scale of operations and profitability. Conversely, the outlook
may be revised to 'Negative' in case RG reports pressure on its
liquidity because of delays in repayments by the farmers, lower-
than-expected cash accruals, or undertakes an additional debt-
funded capital expenditure programme.

Incorporated in 2017, Radhe Giridhari Cold Storage Private
Limited (RG) operates a cold storage unit for storing potatoes,
with a capacity of 6,000 MT, in the Khagaria district of Bihar.
The company also, at times, undertakes trading in potatoes to
ensure optimum capacity utilisation of its cold storage unit. It
also provides funding to the farmers against the potatoes stored,
which is in turn re-financed by the banks. The company was
started by Mr. Randhir Kesari.


RAGHU INFRA: CRISIL Reaffirms 'D' Rating on INR75MM Bank Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Raghu
Infra Private Limited (RIPL) for obtaining information through
letter dated April 5, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           75       CRISIL D (Issuer Not
                                     Cooperating; Removed
                                     from 'Notice of withdrawal';
                                     Rating Reaffirmed)

   Cash Credit              40       CRISIL D (Issuer Not
                                     Cooperating; Removed
                                     from 'Notice of withdrawal';
                                     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 RIPL
at 'CRISIL D/CRISIL D' and has removed the ratings from 'Notice
of Withdrawal',in line with the CRISIL's withdrawal policy.

The ratings continue to reflect the delays in debt servicing by
RIPL due to its weak liquidity.

RIPL is exposed to intense competition in the fragmented civil
construction industry. However, the company benefits from its
promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

*Susceptibility to risks related to fragmentation and intense
competition in civil construction industry
As almost all the sales of the company were tender based, and the
revenue was dependent on its ability to bid successfully for
tenders. The margins came under pressure because of the
competitive pricing nature of the industry.

Strengths

* Promoters' extensive industry experience
RIPL was initially set up as a family-held partnership concern
with full management control and decision-making vested with the
managing director, Mr. K Shiva Rao. Mr. Rao is assisted by a team
of professionals.

Set up in 1980, RIPL undertakes civil construction projects,
especially works related to irrigation and roads. The Bengaluru-
based company is promoted by Mr. K Shiva Rao and his family
members.


RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Rajkamal Textiles (Rajkamal) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          .65      CRISIL A4 (Reaffirmed)

   Cash Credit            8.50      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.44      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         0.50      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect Rajkamal's moderate scale of
operations and, vulnerability of operating margin to raw material
price fluctuations and, moderate financial risk profile marked by
moderate gearing and below average debt protection metrics. These
rating weaknesses are partially offset by the benefits the
company derives from the extensive experience of its promoter in
the grey melange yarn industry and established relationship with
customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatility in raw material prices:   Cost of
cotton constitutes about 75 per cent of the firm's total cost of
production. Any drastic volatility in raw material prices will
effect company's performance over the medium term.

* Moderate scale of operations in highly fragmented grey melange
yarn industry: The scale of operation remain moderate with
expected revenue of around INR 37.6 crore in fiscal 2017. The
operations remain exposed to intense competition in the
fragmented grey melange yarn industry.

* Modest Financial Risk profile: Rajkamal has below-average
financial risk profile marked by small networth and moderate
gearing of INR5.8 crore and 1.76 times, respectively, as on
March 31, 2016. Its debt protection metrics are also average with
interest coverage of 1.63 times for fiscal 2016. Financial risk
profile will continue to remain below-average over the medium
term with moderately high reliance on working capital debt and
modest operating profitability.

Strengths

* Established track record: Promoter's presence of over two
decades in grey melange yarn business. This enabled a healthy
growth in revenue. An established relationship with major
suppliers and customers further strengthens the market position.

Outlook: Stable

CRISIL believes that Rajkamal will continue to benefit over the
medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if the firm
scales up its operations and generates more-than-expected cash
accruals on a sustained basis, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Rajkamal's capacities are under-utilized, resulting
in low cash flows, if the operating margin declines, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn with counts ranging from 20s to
40s. It is based in Coimbatore in Tamil Nadu.

For 2015-16, Rajkamal has registered a profit after tax (PAT) of
INR10 lakh on net sale of INR37.59 crore, as against a PAT of
INR9.7 Lakh on net sale of INR35.40 crore for 2014-15.


RAJSHREE SUGARS: CRISIL Reaffirms 'D' Rating on INR411.45MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Rajshree Sugars and Chemicals Limited (RSCL) at
'CRISIL D'.

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility      169.89       CRISIL D (Reaffirmed)

   Rupee Term Loan         411.45       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan                62.66       CRISIL D (Reaffirmed)

CRISIL's ratings continue to reflect instances of delay by RSCL
in servicing its term debt obligations.

The ratings also factors RSCL's weak financial risk profile,
marked by high gearing and below average debt protection metrics,
and the company's susceptibility to regulatory risks in the sugar
industry. However, these rating weaknesses are partially offset
by the promoters' extensive industry experience and availability
of diverse revenue streams.

CRISIL while assigning the rating on bank facilities of RSCL, had
earlier combined the business and financial risk profiles of RSCL
with its wholly-owned subsidiary Trident Sugars Ltd (TSL). CRISIL
now considered the standalone business and financial risk
profiles of RSCL for rating its bank facilities following the
announcement by RSCL's management confirming divestment of its
entire stake in TSL.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Company's financial risk
profile continue to be weak marked by high gearing and subdued
debt protection metrics. Substantial losses incurred in the past
and sizeable debt has resulted in leveraged capital structure.
Debt protection metrics, albeit improving, remains subdued marked
by interest coverage of 1.4 times for the nine months period
December 2016.

Strengths

* Established regional presence and diverse revenue streams:
RSCL has established presence in sugar industry as reflected from
its healthy scale of operations in the range of INR 585 to 854
crore over the 3 years ended fiscal 2016. The company has
integrated operations with bagasse-based cogeneration plant of
57-MW and distillery capacity of 125 kilo litres per day. Revenue
contribution from power and rectified spirits was around 23 per
cent of revenues in 2015-16. CRISIL believes that established
presence and diverse revenue streams will benefit RSCL over the
medium term.

Based in Coimbatore (Tamil Nadu), RSCL was incorporated in 1986
and is a fully integrated sugar manufacturer with distillery and
cogeneration capabilities. The company's operations are managed
by chairman-cum-managing director, Ms. Rajshree Pathy.

For the three quarters ended December 2016, on a provisional
basis, RSCL reported net profit of INR2.1 crores on income from
operations of INR490 crores. The company reported net losses of
INR14.3 crore on income from operations of INR570 crores for
fiscal 2016.


RAM DEV: CRISIL Reaffirms 'D' Rating on INR189.07MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ram Dev
International Limited (RDIL) for obtaining information through
letters and emails dated January 27, 2017, and February 22, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           189.07      CRISIL D (Issuer Not
                                     Cooperating; Reaffirmed)

   Export Packing        174.93      CRISIL D (Issuer Not
   Credit                            Cooperating; Reaffirmed)

   Foreign Exchange        6.35      CRISIL D (Issuer Not
   Forward                           Cooperating; Reaffirmed)

   Standby Line of        10.00      CRISIL D (Issuer Not
   Credit                            Cooperating; Reaffirmed)

   Term Loan              15.39      CRISIL D (Issuer Not
                                     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 Ram Dev International 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 Ram Dev International Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL D/CRISIL D.

RDIL was set up in 1999 by Mr. Naresh Singla and Mr. Suresh
Singla. The company mills and processes basmati rice, which it
sells in India and abroad. It has processing plants in Daha and
Hemda, near Karnal, Haryana.


SNB INFRASTRUCTURE: CRISIL Ups Rating on INR20MM Loan from D
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
SNB Infrastructure Private Limited to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D' and has placed its ratings on
'Notice of Withdrawal' for 90 days on working capital limit, and
withdrawing the rating on Proposed bank loan facility on SNB's
request and receipt of no-due certificate (NOC) from banker. The
ratings will be withdrawn at the end of the notice period. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Upgraded from
                                    'CRISIL D'; Placed on
                                    'Notice of Withdrawal')

   Cash Credit             14       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D'; Placed
                                    on 'Notice of Withdrawal')

   Proposed Long Term
   Bank Loan Facility       16      CRISIL B-/Stable (Withdrawal)

The upgrade reflects the regularization of its working capital
limit over the past six months ended March 2017.

The rating continues to reflect SNB's large working capital
requirement and weak financial risk profile primarily liquidity.
These rating weaknesses are partially offset by its promoter's
extensive experience of more than three decades in the
construction business.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement
SNB's operations are working capital intensive indicated by Gross
current assets of about 264 days as on March 2016.

* Weak financial risk profile
The financial risk profile is expected to remain weak
particularly its liquidity.

Strengths

* Extensive experience of promoters
The promoter is in construction business of more than three
decades.

Outlook: Stable

CRISIL believes that SNB will continue to benefit from promoter's
extensive experience in the construction industry. The outlook
may be revised to 'Positive' if the company successfully scales
up its operations, while maintaining its profitability, or in
case of improvement in its working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of significant
increase in SNB's debt, which could lead to further deterioration
in its debt protection measures, or if there are any significant
delay in realization of receivables.

SNB was originally set up in 1977 as a partnership firm named
Shyam Narayan & Brothers, and was reconstituted as a private
limited company with the current name with effect from October 1,
2009. The Company, based in Mumbai, is managed by Mr. Ram Narayan
Upadhyay and other Directors. SNB undertakes infrastructure-
related construction activities and earthwork projects for
government and private-sector entities.

In fiscal 2016, profit after tax (PAT) was INR0.84 crore (INR3.62
crore loss in fiscal 2015) and operating income was INR74.39
crore (INR76.66 crore).


SRI VEDHAA: CRISIL Reaffirms 'D' Rating on INR7.5MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri Vedhaa
Creations Private Limited (VCPL) for obtaining information
through letters and emails dated January 24, 2017, and
February 14, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          7.5       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 Sri Vedhaa Creations 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 Sri Vedhaa Creations Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL D.

Incorporated in 2003 by Mr. G Ravichandran, VCPL undertakes real
estate development in Tamil Nadu. Prior to 2003, Mr. Ravichandran
developed plots in and around Puducherry under a proprietorship
concern, the business of which was taken over by VCPL during
2003.


SSMP INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR10.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with
SSMP Industries Limited (SSMP) for obtaining information through
letters and emails dated January 24, 2017, and February 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             2        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Packing Credit         10.5      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 SSMP Industries 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 SSMP Industries Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
reaffirmed the rating at CRISIL D/CRISIL D.

Incorporated in 2007 in New Delhi, SSMP is a closely held public-
limited company. SSMP processes fruit pulp, largely mango pulp.
The company generates majority of its revenue via export of pulp,
under the brand Garden Fresh, to the Middle East countries.


SUNIL TRADE: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been seeking information and a discussion with
the management of Sunil Trade Links (STL) since October 2016.
Despite several emails and calls, the firm has not submitted any
information. CRISIL had, through a senior director letter dated
April 12, 2017, informed the firm of the extant guidelines and
requested for cooperation. The issuer, however, remains non-
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.25      CRISIL A4 (Issuer Not
                                     Cooperating; Removed from
                                     'Notice of withdrawal';
                                     Rating Reaffirmed)

   Cash Credit             5.50      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Removed from
                                     'Notice of withdrawal';
                                     Rating Reaffirmed)

   Proposed Long Term      1.50      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Removed from
                                     'Notice of withdrawal';
                                      Rating Reaffirmed)

   Proposed Short Term     0.75      CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Removed from
                                     'Notice of withdrawal';
                                     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 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of STL and removed them from 'Notice of
Withdrawal', in line with its revised policy on withdrawal of
ratings.

Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the firm. STL scores low ('L') on availability of past
information. It scores low ('L') on future information due to
unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating, leading to reaffirmation of the
ratings.

Outlook: Stable

CRISIL believes STL will benefit over the medium term from its
promoters' experience and established distribution network. The
outlook may be revised to 'Positive' if significant and
sustainable increase in revenue and profitability leads to higher
cash accrual and improved capital structure. The outlook may be
revised to 'Negative' if financial risk profile, especially
liquidity, weakens because of low cash accrual or large working
capital requirement.

STL, incorporated in 2014 and based in Patna, is promoted by Mr.
Kanhaiya Mehrotra and Ms Roli Mehrotra. The firm is an authorised
distributor of mobile handsets and smartphones of Karbonn and
TATA salt in Bihar. The firm began commercial operations in
November 2013.

Profit after tax (PAT) was INR50 lakhs on revenue of INR87.46
crore in fiscal 2015.


SUPER SHIV: CRISIL Lowers Rating on INR21.25MM Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Super Shiv
Shakti Chemicals Private Limited (SSCPL) for obtaining
information through letters and emails (dated February 8,
2017,March 22,2017,April 20, 2017 and April 24, 2017, among
others), apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            21.25      CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Term Loan              12.75      CRISIL D (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

CRISIL has downgraded its ratings on the bank facilities of SSCPL
to 'CRISIL D' from 'CRISIL BB-/Stable' due to delay in term debt
obligations.

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSCPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. As SSCPL's management has not been cooperative, the
rating action is based on best available information. CRISIL has
obtained information, from sources it believes to be reliable,
that SSCPL's liquidity is under pressure and the company has not
been regular in servicing its debt.

The company has a weak financial profile and constrained business
profile of the company. The company' promoters have extensive
industry experience.

SSCPL is engaged into manufacturing of industrial explosives,
detonating fuse and detonators. It has its manufacturing facility
based in Bhilwara and was incorporated in 2005.


TRIDENT SUGARS: CRISIL Places 'C' Ratings on Rating Watch Dev.
--------------------------------------------------------------
CRISIL Ratings has placed its rating on the bank facilities of
Trident Sugars Limited (TSL) on 'Rating Watch with Developing
Implications' while reaffirming the ratings at 'CRISIL C'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term       34.2      CRISIL C (Placed on
   Bank Loan Facility                 'Rating Watch with
                                      Developing Implications')

   Rupee Term Loan          15.8      CRISIL C (Placed on
                                      'Rating Watch with
                                      Developing Implications')

The rating action follows the announcement by Rajshree Sugars and
Chemicals Limited (RSCL) confirming divestment of its entire
stake in TSL. CRISIL is in discussions with the management to
evaluate the extent of impact of the divestment on TSL's credit
risk profile and will remove the ratings from watch and take a
final rating action upon receiving adequate clarity.

CRISIL while assigning the rating on bank facilities of TSL, had
earlier combined the business and financial risk profiles of TSL
with its parent RSCL. In view of the stake divestment, CRISIL has
now considered the standalone business and financial risk
profiles of TSL.

The ratings also reflect TSL's below-average financial risk
profile marked by high gearing and below average debt protection
metrics, and the company's susceptibility to regulatory risks in
the sugar industry. These rating weaknesses are partially offset
by TSL's long-standing regional presence.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Company's financial risk
profile continue to be weak marked by high gearing and subdued
debt protection metrics. Substantial losses incurred in the past
and sizeable debt has resulted in leveraged capital structure.
Debt protection metrics remains subdued marked by interest
coverage of 0.39 for fiscal 2016.

Strengths

* Long-standing regional presence in Telanagana: TSL has a long
standing presence in Zaheerabad, Telangana region. The plant
currently has a crushing capacity of 3000 TCD (tonnes of cane per
day).  TSL's plant (crushing unit) is located close to sugar
crane growing region. CRISIL believes that long standing presence
in Telangana region and plant's proximity to crane growing
regions will benefit TSL over the medium term.

Based in Zaheerabad (Telanagana), TSL was incorporated in 2002 is
into manufacturing of sugar and has a crushing capacity of 3000
TCD (tonnes of cane per day).

For the fiscal 2016, TSL reported net loss of INR4.9 crores on
income from operations of INR149.7 crore. The company reported
net loss of INR12.9 crore on income from operations of INR161.25
crore for fiscal 2015.

Status of non-cooperation with previous CRA:
TSL has not cooperated with ICRA Ltd which has classified it as
non-cooperative vide release dated January 04, 2017. The reason
provided by ICRA Ltd is absence of the requisite information from
the company.


USHA CUBALS: CRISIL Reaffirms 'B-' Rating on INR12MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on bank facilities of
Usha Cubals Private Limited (UCPL) at 'CRISIL B-/Stable'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          8        CRISIL B-/Stable (Reaffirmed)

CRISIL's rating on the long-term bank facilities of Usha Cubals
Pvt Ltd (UCPL) continues to reflect a below-average financial
risk profile because of a weak capital structure and subdued debt
protection metrics, susceptibility of operating margin to
volatility in gold prices, and exposure to significant regulatory
risks. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the gold-
trading business.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile
Usha Cubals  has a below average financial risk profile marked by
low net worth at around INR7 cr as on March 31, 2017 however
partially comforted by a moderate gearing close to  1.48 times.
The debt protection metrics are subdued due to low profitability.
CRIISL believes that the company's financial risk profile is
expected to remain below average due to its working capital
intensive operations.

* Susceptibility of operating margins to volatility in gold
prices
The domestic prices of commodities are generally aligned to the
international prices. Any sharp fall in prices of gold/copper
scrap can result in inventory losses for players such as UCPL,
impacting the operating performance. CRISIL believes that the
operating margins of the company will remain susceptible to
volatility in gold prices.

Strengths

* Promoter's extensive industry experience
UCPL's promoter, Mr. S K Agarwal, has an extensive experience of
over two decades in the metal trading industry. In 2010, Mr.
Agarwal started UCPL to trade in metals such as gold and copper.
Their extensive industry experience of the promoter has helped
the company establish healthy business relationships with its
suppliers and customers. CRISIL believes that the promoter's
extensive industry experience will help UCPL maintain its
business risk profile over the medium term.

Outlook: Stable

CRISIL believes UCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, driven by improvement in scale of
operations and profitability, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, most-likely because of a decline in revenue or
profitability, or a stretched working capital cycle.

UCPL, set up in 2010 by Mr. S K Agarwal, trades in bullion and
copper scrap, with bullion trading contributing most of its
revenue. The company currently trades in gold jewellery.

UCPL, reported loss of INR0.89 cr on net sales of INR 51 cr for
2015-16, against profit after tax (PAT) of INR0.27 cr on net
sales  of INR180 cr for 2014-15.



=================
I N D O N E S I A
=================


INDOSAT TBK: Moody's Ups Issuer Rating from Ba1; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
issuer rating of Indosat Tbk. (P.T.) (Indosat Ooredoo).

The outlook for the rating is stable.

At the same time, Moody's has withdrawn the company's Ba1
Corporate Family Rating.

RATINGS RATIONALE

"The rating upgrade reflects the continued strengthening of
Indosat Ooredoo's operational metrics as well as the ongoing
stabilization of its financial profile, including lower leverage
levels," says Nidhi Dhruv, a Moody's Vice President and Senior
Analyst.

The Baa3 issuer rating continues to incorporate a one-notch
uplift to reflect Moody's expectation of extraordinary support
from the parent company, Ooredoo Q.S.C. (A2 stable), in a
distressed situation. Ooredoo has a 65% shareholding in Indosat
Ooredoo.

"Although the Indonesian mobile sector remains competitive with
around seven operators, industry consolidation in recent years
has led to moderating price competition. Moody's expects Indosat
Ooredoo's revenue to grow around 7% in 2017, supported by the
increasing contribution from data revenue as more subscribers
utilize its 3G and 4G services," adds Dhruv, also Moody's lead
analyst for Indosat Ooredoo.

The company's subscriber base grew by 22.8% year-on-year to 85.7
million in 2016. The increase was driven by subscriber
acquisition strategies, which included generous mobile data
allowances, and which also targeted prospective subscribers
outside the main Indonesian island of Java.

While these initiatives resulted in a slight contraction in
average revenue per user (ARPU), Indosat Ooredoo's adjusted
EBITDA margin actually increased to around 52% in 2016 from 49%
in 2015 due to tighter cost controls on its selling, general and
administrative expenses in 2016.

Moody's also expects the company to maintain its strong EBITDA
margins over the next two years through further cost controls,
including better management of network-related costs, such as
through securing lower rentals on renewals of tower lease
contracts.

"Leverage -- as measured by adjusted debt/EBITDA -- declined to
around 2.1x in 2016 from 2.5x in 2015 -- reflecting both lower
debt levels and higher EBITDA. In addition, the company's US
dollar debt exposure declined to around 10% from around 22% in
2015. Moody's expects a further reduction to a mid-single digit
percentage over the next 12-18 months as the company continues to
refinance its US dollar revolvers with rupiah bonds," adds Dhruv.

Management has guided towards maintaining the company's net
leverage at 1.4x-1.5x, on a reported basis, a level which
supports the Baa3 rating. This ratio stood at 1.7x as of December
2016.

In 2016, Indosat Ooredoo reported positive net profit after three
years of losses. Although Moody's expects the company to re-
initiate dividend payouts, any shareholder returns will likely be
reasonable and adhere to the company's overall leverage and cash
flow policies.

"In keeping with the investment-grade rating, Moody's expects the
company to maintain a prudent financial policy, with low
leverage, and prioritizing the deployment of excess cash towards
debt repayments and capital expenditures instead of large
acquisitions and significant increases in shareholder returns,"
adds Dhruv.

Given the continued investments needed to enhance its 3G and 4G
LTE networks, Moody's expects Indosat Ooredoo's cash capex in
2017 to be around IDR7.0-7.5 trillion, in line with its capex for
2016 of IDR7.3 trillion, as it continues to increase its network
capacity and coverage, especially outside of Java.

Indosat Ooredoo's cash balance and projected cash flow from
operations will be insufficient to meet its capex requirements
along with its large debt maturities of around IDR8.3 trillion
over the next 12 months. However, Moody's considers refinancing
risk to be limited, given the company's strong access to the
local bank and bond markets, as evidenced by its issuance of
around IDR10 trillion local currency bonds between December 2014
and September 2016.

The company also plans to issue an additional IDR3 trillion local
currency bonds by June, with around 70% of the proceeds to be
applied towards debt reduction, and the remainder applied to
network-related costs.

Indosat Ooredoo's rating reflects its fundamental credit
strength, underpinned by its strong market position, established
network, high margins, and improved financial profile, despite
the competitive character of the operating environment. As a
result, it is well positioned to benefit from the favorable
growth dynamics existent in the industry.

The stable outlook reflects Moody's expectations that Indosat
Ooredoo will maintain a strong financial profile through steady
revenue and earnings growth, and that the competitive and
regulatory environments remain benign.

What Could Change the Rating -- Up

Further upward pressure is limited, given the small scale and the
still competitive operating environment. However, positive rating
pressure may build over time if there is consistent improvement
in Indosat Ooredoo's financial profile, such that (1) adjusted
debt/EBITDA falls below 1.5x on a consistent basis, and (2)
retained cash flow/adjusted debt remains above 40%-45% on a
sustained basis.

What Could Change the Rating -- Down

The rating could be downgraded if there is a material
deterioration in its underlying credit strength, arising from
diminishing profit margins, weaker operating cash flows, or
increased shareholder returns. Metrics indicative of downward
pressure include (1) adjusted debt/EBITDA rising above 2.5x, or
(2) retained cash flow/adjusted debt falling below 30% on a
sustained basis. In addition, the one-notch uplift -- based on
expected support from the parent company, Ooredoo Q.S.C. -- could
be removed if its stake falls below 50%, or if it indicates that
Indosat Ooredoo is no longer a core asset.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Indosat Tbk. (P.T.) is a fully integrated telecommunications
network and services provider in Indonesia. The company is the
second-largest cellular operator in the country in terms of
revenue and active subscribers, as well as the leading provider
of international call services. It also provides multi-media,
data communications, and internet services. The company is 65%
owned by Ooredoo Q.S.C.


MNC INVESTAMA: Moody's Cuts CFR to Caa2 on Refinancing Risk
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of MNC Investama Tbk. (P.T.) (BHIT) to Caa2 from
Caa1, and the senior secured rating on the notes, issued by its
wholly-owned subsidiary, Ottawa Holdings Pte. Ltd., and
unconditionally and irrevocably guaranteed by BHIT, to Caa3 from
Caa2.

The outlook on the ratings is negative.

Through its 52.84% stake in PT Global Mediacom Tbk (BMTR ), BHIT
has stakes in media operating companies PT Media Nusantara Citra
Tbk (MNCN), Indonesian's leading free-to-air broadcast company,
and PT MNC Sky Vision Tbk, Indonesia's leading pay-TV operator.
BHIT also has a significant interest in PT MNC Kapital Indonesia
Tbk, a leading financial services company in Indonesia.

RATINGS RATIONALE

"The downgrade of BHIT's CFR rating to Caa2 reflects the
significant and pressing level of refinancing risk throughout the
group. As of March 31, 2017, BHIT's consolidated short-term,
current debt and bonds payable totaled IDR6.3trillion . In
addition, BHIT's $365 million senior secured notes are due in May
2018," said Annalisa DiChiara, a Moody's Vice President and
Senior Credit Officer.

Most of the short-term and current debt maturities are at the
operating subsidiary levels, including a $250 million (IDR 3.4
trillion) bank loan maturing at MNCN, and an IDR999 billion bond
payable at BMTR.

In addition, the $365 million 5.875% senior secured notes --
issued by BHIT's wholly-owned subsidiary Ottawa Holdings Pte.
Ltd. and unconditionally and irrevocably guaranteed by BHIT--
mature in May 2018. In Moody's views, the absence of a definitive
refinancing plan to secure funding one year prior to maturity
exposes the company to a material level of refinancing risk and
market risk.

The BHIT bond is secured by 3,276,739,031 shares of BMTR (equal
to 2.0 times the principal amount of the notes offered as of the
date of the offering memorandum in May 2013 based on the BHIT's
financial statement disclosure). However, based on a closing
price on May 10, 2017, the value of those shares is currently
equal to just 0.4x of the principal amount of the $365 million
senior secured notes outstanding.

Moody's notes that the debt service account -- equal to two semi-
annual interest payments - was fully funded with an amount equal
to $10.7 million at March 31, 2017, according to the disclosure
in BHIT's financial statements.

At the same time, the Caa2 CFR reflects BHIT's complex
organizational structure.

BHIT owns less than 100% of its operating subsidiaries, including
MNCN. As a result, Moody's also analyzes BHIT on a standalone
basis whereby the company's EBITDA consists primarily of the cash
dividends it receives from its subsidiaries, based on its
effective equity ownership.

For example, although fully consolidated, as of March 31, BHIT's
effective interest in MNCN -- which Moody's estimates contributes
a majority of BHIT's consolidated EBITDA -- was only around 33%.
This is because BHIT owns around 52.84% of BMTR, which then owns
around 62.66% of MNCN .

Moody's believes this standalone analysis results in
significantly higher leverage and weaker interest coverage than
the 4.5x adjusted debt/EBITDA and 3.2x EBITDA/interest BHIT
recorded on a Moody's adjusted consolidated basis for the 12
months ended 30 Dec 2016.

Finally, although on a consolidated basis, cash and current
financial assets totaled IDR8.2 trillion at March 31, 2017, a
portion of this amount is at operating subsidiaries, including
BMTR and MNCN, which are less than 100% owned. Moody's is also
cognizant that a portion of consolidated cash and financial
assets is either deposited in, or held in financial securities
issued by, related parties, and so may not be immediately
realizable.

The outlook is negative, reflecting the persistent level of
refinancing risk present throughout the BHIT group over the next
12-15 months, including the $365 million senior secured notes
maturity in May 2018.

Further negative ratings pressure could emerge should BHIT's
operating subsidiaries fail to service or successfully refinance
their maturing loans or BHIT's bond.

Upward rating pressure is unlikely over the near term, given the
significant level of refinancing risk associated with debt
maturing at BHIT's key operating subsidiaries and its own bond
maturity in May 2018.

However, the ratings could be upgraded should BHIT refinance its
upcoming bank and bond maturities in a timely manner and without
a significant increase in interest costs.

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

Headquartered in Jakarta, MNC Investama Tbk. (P.T.) (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, energy and real
estate. BHIT is controlled by Mr. Hary Tanoesoedibjo.



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


SURUGA BANK: Fitch Affirms 'B' Support Rating Floor
---------------------------------------------------
Fitch Ratings has revised the Outlook for The Shizuoka Bank, Ltd.
to Stable from Negative and affirmed the Long-Term Issuer Default
Rating (IDR) at 'A'. In addition, Fitch has affirmed Suruga Bank
Ltd.'s IDR at 'A-' with a Stable Outlook.

The Outlook revision for Shizuoka follows the affirmation of
Japan's sovereign rating at 'A' and revision of the Outlook to
Stable from Negative on April 27, 2017 (see Fitch Revises Outlook
on Japan to Stable; Affirms at 'A'.)

Fitch expects the operating environment for Japanese banks to
stabilise. Market sentiment has begun to improve as the domestic
economy gains some positive momentum leading to low positive,
instead of negative, domestic market interest rates. As a result,
Fitch has changed Fitch outlooks on the banking system to stable
from negative as cyclical pressure is easing and credit costs
remain low. This will support the stabilisation of Japanese
regional banks' earnings in the fiscal year ending March 2018
(FYE18).

Fitch believes regional banks that serve respective domestic
regions' financial needs will remain more vulnerable to low
interest rates and the competitive environment than Japan's major
banks. This is due to their high dependence on interest revenue,
with limited diversification of revenue sources, such as fees and
overseas businesses.

KEY RATING DRIVERS
IDRS AND VIABILITY RATING (VR)

The IDRs of Shizuoka and Suruga are driven by their VRs.

Shizuoka's VR of 'a' reflects its strong capitalisation (with an
FCC ratio of 17% and common equity tier 1 ratio of 16.3% at
FYE17), which Fitch expects can be sustained over the medium
term, although it will become more challenging should pressure on
profitability increase. The bank has a leading franchise in
Shizuoka Prefecture and potential buffers against credit-risk
through high guarantee/collateral coverage, including public
guarantees. Constraining factors for Shizuoka's VR include
limited options to diversify its revenue base and the prevailing
low interest rates coupled with intense competition increasingly
pressuring profitability due to the bank's reliance on lending.

Suruga's VR of 'a-' factors in its above-domestic peer
profitability, with a return on assets of 0.9% for the nine
months ending 2016, compared with the mega bank average of 0.4%
and Shizuoka's 0.3%. Its operating profit/risk weighted assets
ratio for the same period was 2.5%, compared with the mega bank
average of 1.1% and Shizuoka's 0.7%. Suruga has also improved its
net interest margin, with increased balance in higher-yield non-
housing loans, whereas the net interest margins of domestic peers
contracted. The bank's high profitability is backed by its unique
business model, which differentiates itself from typical Japanese
commercial banks by providing multi-purpose loans to a range of
retail clients. Profitability is also supported by Suruga's
proactive risk control, although to some degree it may reflect
the bank's higher risk appetite. Suruga's VR is constrained by a
lack of diversification due to its concentration on retail
lending and small asset size, with consolidated total assets of
JPY4.5 trillion at end-2016, compared with Shizuoka's JPY12
trillion.

Strong funding and liquidity, sustained by a firm deposit base,
are key strengths for Japan's banking system and underpin both
banks' ratings. In addition, the banks' credit profiles are
underpinned by adequate risk controls and buffers, particularly
in terms of earning capacity.

The Stable Outlook for Shizuoka's and Suruga's IDRs reflects the
stable domestic operating environment and Fitch's view that
overall asset quality will remain favourable and loss absorption
buffers are sufficiently strong relative to the ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

Shizuoka's Support Rating of '2' and Support Rating Floor of
'BBB-' reflect Fitch's view that the sovereign has a strong
propensity to support the bank, if necessary, due to Shizuoka's
size relative to other banks in its prefecture and nationally.
The bank accounts for 31% and 24% of Shizuoka prefecture's loans
and deposits, respectively.

Fitch believes the sovereign's propensity to support Suruga,
which has a Support Rating of '4' and a Support Rating Floor of
'B', would be more limited due to its marginal systemic
importance to Japan's financial system and small operational
size, ranking 33rd in net asset size.

RATING SENSITIVITIES
IDRS AND VR

Both banks' VRs and IDRs could be downgraded if unexpected
deterioration in the operating environment increases performance
volatility, resulting in the banks taking more risk, especially
credit risk - the bulk of these banks' risks - without a
corresponding increase in loss-absorption buffers. This also
includes increased exposure to market risk, although Fitch
expects it to be small, or involvement in industry consolidation,
leading to potentially higher volatility in earnings or capital.

Shizuoka's VR is sensitive to further downward pressure on
profitability to a level that would affect its solid
capitalisation, narrowing the gap between it and domestic peers.
Its VR and IDR could also face negative rating action if the
sovereign's rating or Fitch Outlooks on the rating was revised
downward, in light of its ratings proximity to the sovereign.
There is limited upside scope to Shizuoka's VR as it is rated at
the same level as the sovereign.

Suruga's VR is sensitive to the bank adopting a higher risk
appetite to defend its competitive position without increasing
its loss absorption buffers. Positive rating action for Suruga is
likely to stem from further structural improvement in the
domestic operating environment, leading to sustainable loan
expansion and faster internal capital generation without a large
increase in risk appetite. However, Fitch believes such
structural improvement will take some time.

SUPPORT RATING AND SUPPORT RATING FLOOR

Shizuoka's Support Rating and Support Rating Floor are sensitive
to a change in Fitch's assessment of the sovereign's ability and
willingness to support the bank. A downgrade in the sovereign's
ratings to 'A-' or below would be likely to lead to a downgrade
in Shizuoka's Support Rating and Support Rating Floor.

Suruga's Support Rating and Support Rating Floor are not
immediately sensitive to the sovereign rating, as Fitch already
factors in a limited probability of support. Changes to the
regulatory support framework could lead to a change in Fitch
perceptions about the sovereign's propensity to support Suruga.

The rating actions are:

Shizuoka:
- Long-Term Foreign- and Local-Currency IDRs affirmed at 'A';
  Outlook revised to Stable from Negative
- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1'
- Viability Rating affirmed at 'a'
- Support Rating affirmed at '2'
- Support Rating Floor affirmed at 'BBB-'

Suruga:
- Long-Term Foreign- and Local-Currency IDRs affirmed at 'A-';
  Outlook Stable
- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1'
- Viability Rating affirmed at 'a-'
- Support Rating affirmed at '4'
- Support Rating Floor affirmed at 'B'



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


MAD BUTCHER: Franchisee in Papanui Placed in Liquidation
--------------------------------------------------------
Hamish McNicol at Stuff.co.nz reports that a former Mad Butcher
franchisee was not making enough money due to rising costs and
low profit margins, liquidators said.

Stuff relates that the company which formerly operated the Mad
Butcher store in Papanui, Christchurch, went into liquidation
last week.

Insolvency Management liquidator Wayne Deuchrass was appointed
the store's liquidator last week, but at the time said it was too
early to say what had happened, Stuff discloses.

Veritas Investments chairman Tim Cook was overseas and could not
comment on the matter, Stuff says.

On May 16, however, the first liquidators' report for the store
said it had ceased trading earlier this month after the
franchisor was granted an injunction against it by the High Court
in Christchurch, according to Stuff.

The store had operated for about two-and-a-half years before
this, the liquidators' report, as cited by Stuff, said.  "But
increased operational costs combined with inadequate margins and
funding costs ultimately lead to declining profitability and
insufficient cash flow to pay debts as they fell due."

It was estimated there would be a NZ$660,000 shortfall to
creditors, Stuff discloses.


PK FURNITURE: Goes Into Receivership
------------------------------------
NZ Herald reports that retailer PK Furniture -- which has close
to 150 staff and 17 stores -- has gone into receivership.

The company, which advertises itself as New Zealand's lowest-
priced furniture retailer, has stores across the North Island.

Receiver Andrew McKay, of BDO, told the Herald the chain employed
between 140 and 150 staff and that it would continue to trade.

The receivers were looking for a buyer, he said, the Herald
relates.

He could not reveal the extent of the chain's debt, according to
the Herald.

Asked about customers who had orders with the company, Mr. McKay
said the receivers were working through the legal position, the
Herald relays.

Some customers, for example, had paid for furniture in full while
others had paid in part.

"We're working to get answers . . . we're working as fast as we
can," the report quotes Mr. McKay as saying.

PK Furniture is the trading name of Greenmark Wholesaler (NZ),
which is directed by Jing Huang, the Herald reports citing
Companies Office records.

The Herald adds that Mr. McKay said the director had asked the
bank to appoint receivers, who took over control of the business
on May 15.



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: B2 Rating Reflects Pressure on Liquidity
----------------------------------------------------------
Moody's Investors Service says that Papua New Guinea's (PNG) B2
rating and stable outlook reflect significant pressure on
government financing and external liquidity amid structurally low
commodity prices and continued weak GDP growth.

Credit challenges also stem from weaknesses in governance and
security, low incomes and poor infrastructure, while domestic
political risk remains a constraint on the sovereign's credit
profile.

Balancing these, PNG's credit strengths include strong growth
potential supported by natural resources wealth and low, albeit
rising, government debt.

Moody's conclusions are contained in its recently released annual
credit analysis, "Government of Papua New Guinea -- B2 Stable."
The report elaborates on PNG's credit profile in terms of
Economic Strength, Low (-); Institutional Strength, Very Low (+);
Fiscal Strength, Moderate (+); and Susceptibility to Event Risk,
Moderate; the four main analytic factors in Moody's Sovereign
Bond Rating Methodology. It does not constitute a rating action.

Moody's forecasts real GDP growth of around 3% in the coming
years as the economy adjusts to persistently lower commodity
prices than in the first half of the decade.

Stronger mining and agricultural production and construction
ahead of the 2018 Asia-Pacific Economic Cooperation summit will
support output; however, continuing fiscal tightening, high
inflation and a shortage of foreign currency weigh on consumption
and investment.

Despite government efforts to curb expenditure, fiscal deficits
remain wide and debt levels continue to climb. Government
liquidity risks have risen due to an increasing reliance on
short-term financing, while higher interest rates reduce debt
affordability.

External liquidity pressures are prominent. A backlog of foreign-
exchange payments highlights a greater degree of balance of
payments stress than PNG's metrics capture. Clearing this backlog
will continue to place high demands on the country's foreign
reserves.

The rise in government debt since 2011, in contravention to
fiscal rules, is an indication of limited fiscal policy
effectiveness. Such debt breached the legislated limit of 30% of
GDP in 2016.

The government's new Medium Term Fiscal Strategy (MTFS) 2018-
2022, to be formulated later this year, will provide greater
clarity on limits around fiscal deficits, debt and foreign
currency borrowings. The MTFS, if successfully adhered to, could
allow the government to build fiscal buffers that can help
mitigate the impact of potential future negative shocks.

Moody's expects the government's revenue performance to remain
subdued because of persistent weak domestic demand and low
commodity prices. The government is responding to fiscal pressure
with broad-based cuts in expenditure, including operational
expenses and capital investment.

The stable outlook balances the weak near-term growth outlook
against more robust prospects over the longer term. The boost to
potential growth from investment in large energy and mining
projects in the coming years would help alleviate fiscal and
external pressures, and could lead to upward pressure on the
rating.

Downward rating pressure could develop as a result of (1) a re-
emergence of wide fiscal deficits, leading to a rapid rise in
government debt; (2) deteriorating growth prospects that
ultimately weigh on fiscal and debt sustainability; and (3) a
further decline in foreign currency reserves that increases
external payment risks.



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


HYUNDAI MERCHANT: Q1 Loss Widens to KRW735B on Lower Freight Rate
-----------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. said
on May 15 that its loss widened in the first quarter from the
previous quarter largely due to lower freight rates.

Yonhap relates that net loss reached KRW735 billion (US$653
million) in the January-March period, compared with an operating
loss of KRW276 billion in the three-month period a year earlier,
Yonhap relates citing a regulatory filing.

Hyundai Merchant said operating losses reached KRW131 billion in
the first quarter, narrowing from an operating loss of KRW163
billion the previous year, while sales rose 7% on-year to KRW1.3
trillion over the cited period, Yonhap relays.

Hyundai Merchant handled 958,000 twenty-foot equivalent (TEU)
containers in the first quarter, up 37 percent from a year
earlier, with shipments to the American and Asian regions spiking
41.4 percent and 62.4 percent on-year during the cited period,
the report discloses.

Hyundai Merchant expects freight rates to improve down the road
on seasonal factors, adds Yonhap.

"Entering the third and fourth quarters of the year, we will see
an improvement (in the company's performance)," the report quotes
Hyundai Merchant chief executive Yoo Chang-keun as saying in a
press briefing.

Yonhap relates that the top executive said Hyundai Merchant's
stable profit is eyed next year on the back of improved business
conditions, reduced costs and realigned routes.

Hyundai Merchant Marine Co., Ltd. -- http://www.hmm21.com/-- is
a Korea-based company specializing in the provision of shipping
services.  The Company provides its services under two main
segments: container and bulk.

Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.

On Feb. 9, Hyundai Merchant said Korea Investor Service (a
Moody's Affiliate) upgraded HMM's credit rating from D (Default)
to BB (Stable).

Korea Investor Service said:

  * HMM has successfully overcome all the challenges through debt
    for equity swap and changing conditions (adjustment of
    charter fee/debt adjustment with bondholders etc)

  * Favorable conditions for HMM including reduced HMM's
    financial burden, benefits from Korean government supports,
    a possibility of support from its largest shareholder, and
    merits as Korea's main national flag carrier led to raise
    HMM's credit rating from D to BB.

  * Expected to have a high likelihood of upgrading its credit
    rating based on continuous improvement on earnings.

  * Meanwhile, HMM's debt ratio slightly increased from 186%
    (2016.09) to 235%, as HMM issued convertible bonds, and
    acquired overseas shipping terminals etc.



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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