TCRAP_Public/170519.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

             Friday, May 19, 2017, Vol. 20, No. 99

                            Headlines


A U S T R A L I A

ANGEL ACCOMMODATION: First Creditors' Meeting Set for May 26
ASPHALT MAN: First Creditors' Meeting Set for May 25
BARMINCO HOLDINGS: Moody's Raises Corporate Family Rating to B1
HEDGES LAW: Second Creditors' Meeting Set for May 26
SAPPHIRE XVI: Fitch Assigns BB(EXP)sf Rating to Class E Notes

TVH ENTERPRISE: Second Creditors' Meeting Set for May 24
WICKED TRAVEL: Goes Into Liquidation Owing AUD1 Million


C H I N A

CHINA SHANSHUI: Fails to Make Medium-Term Note Interest Payment
HONG SENG: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
KWG PROPERTY: S&P Lowers CCR to 'B+'; Outlook Stable
LOGAN PROPERTY: Moody's Assigns 'B1' Rating to Proposed USD Bond
YUEXIU PROPERTY: S&P Lowers CCR to 'BB+' on High Leverage

ZHONGRONG INTERNATIONAL: S&P Affirms 'BB+' ICR; Outlook Stable


H O N G  K O N G

NOBLE GROUP: Fitch Lowers Long-Term IDR to BB-; Outlook Negative


I N D I A

AGARWAL ASSOCIATES: CRISIL Reaffirms 'C' Rating on INR5MM Loan
AMBUJA FASHIONS: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
ANANDESHWAR POLY: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
ANGELS PHARMA: CRISIL Assigns B+ Rating to INR23MM LT Loan
ANUSPAA HERITAGE: CRISIL Reaffirms B- Rating on INR11.5MM Loan

AP INC: CRISIL Reaffirms 'B' Rating on INR26MM Term Loan
B. MANJI: CRISIL Assigns B+ Rating to INR4.75MM Bill Loan
BHAGABATI STORE: CRISIL Reaffirms B+ Rating on INR18MM Loan
C. M. INDUSTRIES: CRISIL Reaffirms B Rating on INR5MM Cash Loan
GTL INFRASTRUCTURE: Stake Sale to Value Firm at INR11,000cr

GURU NANAK: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
HARSHIL TEXTILES: CRISIL Reaffirms B- Rating on INR4MM Loan
ILPEA PARAMOUNT: CRISIL Reaffirms B- Rating on INR9MM Loan
JALGAON GOLDEN: CRISIL Reaffirms 'B' Rating on INR1MM Loan
JASMER FOODS: CRISIL Reaffirms 'C' Rating on INR23.2MM LT Loan

KALOKHE STONE: CRISIL Reaffirms 'C' Rating on INR7.2MM Term Loan
KOCHHAR GLASS: CRISIL Reaffirms B+ Rating on INR7.3MM Cash Loan
M. M. AUTOMOBILES: CRISIL Reaffirms D Rating on INR3.5MM Loan
NISHIT AGGARWAL: CRISIL Reaffirms B+ Rating on INR10MM Loan
PARAMOUNT BLANKETS: CRISIL Reaffirms C Rating on INR9.75MM Loan

PARSHURAM CONSTRUCTION: CRISIL Reaffirms D Rating on INR5MM Loan
PAYYANUR MEDICAL: CRISIL Cuts Rating on INR18MM Loan to 'D'
PHORUM JEWELS: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
R. S. MIRGANE: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
S. K. ENTERPRISES: CRISIL Reaffirms B- Rating on INR7.5MM Loan

S.S. FABRICATORS: CRISIL Cuts Rating on INR10MM Cash Loan to B
SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan
SHILPI CABLE: Overseas Lender Files Insolvency Petition
SHREE DWARKADHISH: CRISIL Cuts Rating on INR10MM Cash Loan to B
SHRI RANISATI: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan

SIDDHI LAXMI: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
SLMI INFRAPROJECTS: CRISIL Ups Rating on INR25MM LT Loan to B
TIMESPAC INDIA: CRISIL Reaffirms 'B' Rating on INR7.88MM Loan
V.M.S. HOSPITAL: CRISIL Reaffirms 'B-' Rating on INR27MM LT Loan
VASAN HEALTHCARE: NCLT Allows Insolvency Resolution Process

VIGHNESHWAR ISPAT: CRISIL Reaffirms B Rating on INR4.5MM Loan
VINAYAKA ELECTROALLOYS: CRISIL Reaffirms B Rating on INR5MM Loan
VISHWAS MILK: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
XPLORE LIFESTYLE: CRISIL Reaffirms 'B' Rating on INR9MM Loan
YESHASHVI STEELS: CRISIL Reaffirms 'B' Rating on INR7.35MM Loan


I N D O N E S I A

MNC INVESTAMA: S&P Lowers CCR to CCC+ on Rising Refinancing Risk
SOECHI LINES: Fitch Publishes B+ Long-Term Issuer Default Rating
SOECHI LINES: Moody's Affirms B1 CFR; Outlook Stable


M A C A U

MELCO RESORTS: Moody's Rates Proposed US Dollar Notes at Ba3


N E W  Z E A L A N D

PROPERTY VENTURES: PWC Helped Skirt Insolvency, Liquidator Says


T A I W A N

ORIENTAL SECURITIES: Fitch Lowers Long-Term IDR to 'BB+'


                            - - - - -


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A U S T R A L I A
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ANGEL ACCOMMODATION: First Creditors' Meeting Set for May 26
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Angel
Accommodation Pty Ltd will be held at the offices of Amos
Insolvency, 25/185 Airds Road, in Leumeah, NSW, on May 26, 2017,
at 3:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Angel Accommodation on May 16, 2017.


ASPHALT MAN: First Creditors' Meeting Set for May 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of The
Asphalt Man Pty. Limited will be held at the offices of PKF,
755 Hunter Street, in Newcastle, West NSW, on May 25, 2017, at
11:30 a.m.

Simon Thorn of PKF was appointed as administrator of Asphalt Man
on May 16, 2017.


BARMINCO HOLDINGS: Moody's Raises Corporate Family Rating to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded Barminco Holdings Pty
Limited's corporate family rating (CFR) to B1 from B2. Moody's
also assigned a definitive B1 rating to the senior secured notes
issued by Barminco Finance Pty Ltd and a definitive Ba3 rating to
its senior secured revolving credit facility. The outlook is
stable.

The B2 rating on the senior unsecured notes of $299 million, due
2018, issued by Barminco Finance Pty Ltd, was withdrawn as these
notes were fully redeemed on May 12, 2017.

The rating actions conclude a review of Barminco's ratings
initiated on April 5, 2017. The assignment of definitive ratings
assigned to the credit facilities follows the successful
execution of the refinancing transaction and Moody's review of
final documentation.

RATINGS RATIONALE

"The upgrade reflects the significant reduction in refinancing
risk and the improvement in the debt maturity profile of the
company", says Maurice O'Connell, a Moody's Vice President and
Senior Credit Officer.

"The upgrade also reflects the company's improved credit profile,
underpinned by higher earnings from new contract wins, and
reduced financial leverage" adds O'Connell.

The company's successful refinancing has improved its debt
maturity profile by pushing out the next material drawn maturity
to 2022 from 2018. As part of the transaction Barminco has also
improved its liquidity profile by entering into a new AUD100
million senior secured revolving credit facility.

Despite somewhat higher drawn debt levels than Moody's
anticipated when the transaction was launched, the rating agency
expects that the resultant credit metrics will be comfortably in
line with its expectations for the B1 rating level. Moody's
expects that leverage, as measured by debt/EBITDA will range
between 3.5-3.8x over the next 12-18 months. This is down from
around 4.1x for the 12 months ended 31 December 2016.

The expectation for lower leverage levels reflects improving
earnings on the back of recent contract wins, including the
Kundana Gold mine in Australia and Rampura Agucha Zinc mine in
India, and increased activity and revenue from some of the
company's existing contracts.

Barmico's ratings continue to reflect its strong position and
franchise in underground hard rock mining. The company is
estimated to have a leading market share in this niche segment of
mining services in Australia and Western Africa. Through the
recent slowdown in the mining sector, Barminco maintained a solid
operational track record of sustaining a stable volume of
contracts and solid EBITDA margins.

The ratings are balanced by the company's exposure to the
cyclical and volatile minerals industry. The rating also reflects
the company's moderate scale and concentrated revenue base, the
capital-intensive industry in which it operates, and the need to
continually replace and renew its contracts to sustain and grow
revenues.

The stable outlook reflects Moody's expectation that the
improvements in the operating environment for the company will
allow it to continue to generate sufficient earnings and margins
to maintain appropriate credit metrics for the rating.

WHAT COULD CHANGE THE RATING

Barminco's ratings could experience positive momentum if the
company is able to successfully strengthen its scale and
diversity through further contract wins and improve credit
metrics to levels more appropriate for higher ratings. This would
include sustaining debt/EBITDA comfortably below 3.50x and
generating positive free cash flow.

The rating could face negative pressure if market conditions
deteriorate despite Moody's expectations for conditions to
stabilize, thereby hindering Barminco's ability to generate
sufficient revenue and earnings to maintain appropriate credit
metrics for the rating. This would include debt/EBITDA increasing
above 4.25x on sustained basis or a sustained period of negative
free cash flow.

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

Barminco Holdings Pty Limited is a market leader in underground
hard rock contract mining in Australia. The company also provides
diamond drilling, crushing and screening support services to its
mining customers. Barminco also has material operations across
Africa, both directly and through its 50% interest in the African
Underground Mining Services joint Venture.


HEDGES LAW: Second Creditors' Meeting Set for May 26
----------------------------------------------------
A second meeting of creditors in the proceedings of Hedges Law
Pty Limited has been set for May 26, 2017, at 12:00 p.m. at Level
2, 151 Macquarie Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 25, 2017, at 4:00 p.m.

Antony Resnick and David Solomons of de Vries Tayeh were
appointed as administrators of Hedges Law on April 28, 2017.


SAPPHIRE XVI: Fitch Assigns BB(EXP)sf Rating to Class E Notes
-------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Sapphire XVI
Series 2017-1 Trust's residential mortgage-backed floating-rate
notes. The issuance consists of notes backed by Australian non-
conforming first-ranking residential loans originated by
Bluestone Group Pty Limited (Bluestone) and Bluestone Mortgages
Pty Limited. The ratings are as follows:

AUD125.0 million Class A1 notes: 'AAA(EXP)sf'; Outlook Stable
AUD48.75 million Class A2a notes: 'AAA(EXP)sf'; Outlook Stable
AUD27.25 million Class A2b notes: 'AAA(EXP)sf'; Outlook Stable
AUD11.5 million Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD12.75 million Class C notes: 'A(EXP)sf'; Outlook Stable
AUD8.25 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD4.5 million Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD3.75 million Class F notes: 'B(EXP)sf'; Outlook Stable
AUD5.75 million Class G notes: 'NR(EXP)sf'; Outlook Stable
AUD2.5 million Class H notes: 'NR(EXP)sf'; Outlook Stable

The notes will be issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XVI Series 2017-1 Trust.

The total collateral pool at the May 1, 2017 cut-off date had a
balance of AUD250.2 million, consisting of 619 loans and 557
obligors, with an average borrower balance of AUD449,137.

KEY RATING DRIVERS

Sufficient Credit Support: The class A1 and A2 notes benefit from
credit enhancement (CE) of 50% and 19.6%, respectively, provided
by the subordinate class B, C, D, E, F, G and H notes; and
Bluestone's servicing and underwriting capabilities

Experienced Originator/Servicer: Bluestone Mortgages Pty Limited
is a specialist non-conforming originator and servicer. Bluestone
Servicing Pty Limited is a wholly owned subsidiary of Bluestone.
The Bluestone group has originated more than AUD6.0 billion worth
of loans, and completed 22 residential mortgage securitisations
in Australia and New Zealand.

Strong Excess Spread: The transaction structure is expected to
benefit from a solid flow of excess spread produced by high
yielding mortgages. The excess income is available to cover
mortgage losses and may also be used to pay down principal for
the class G note via a reverse turbo mechanism to the extent it
is available. The weighted-average (WA) interest rate is 6.8%.

Delinquent Loans Included: The portfolio contains loans that were
in arrears at the cut-off date. The 30+ day arrears were 4.6% of
the pool, with 90+ day arrears totalling 0.7% of the pool. The WA
seasoning of the portfolio is 4 months, with a WA indexed
loan/value ratio (LVR) of 67.3%. Low-documentation loans make up
54.6% of the portfolio and credit-impaired loans 35.7%. Loans
with greater than 80% LVR make up 11.5% of the portfolio.

EXPECTED RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base-case and are likely to result in a
decline in CE and remaining loss-coverage levels available to the
notes. Decreased CE may make certain note ratings susceptible to
negative rating action, depending on the extent of the coverage
decline. Hence, Fitch conducts sensitivity analysis of the
ratings by stressing the transaction's initial base-case
assumptions.

Expected impact upon the note rating of increased defaults:
Expected rating: AAAsf/AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Increase defaults by 15%: AAsf/AAsf/AAsf/AA-sf/A-
sf/BBBsf/BBsf/Bsf
Increase defaults by 30%: AA-sf/AA-sf/AA-sf/A+sf/BBB+sf/BBB-
sf/BBsf/Bsf

Expected impact upon the note rating of decreased recoveries:
Expected rating: AAAsf/AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Reduce recoveries by 15%: AAsf/AAsf/AAsf/A+sf/A-sf/BB+sf/BB-
sf/Bsf
Reduce recoveries by 30%: AA-sf/AA-sf/AA-sf/Asf/BBBsf/BB-
sf/NRsf/NRsf

Expected impact upon the note rating of multiple factors:
Expected rating: AAAsf/AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Increase defaults by 15%; reduce recoveries by 15%:
AA-sf/AA-sf/AA-sf/Asf/BBB+sf/BBsf/Bsf/Bsf
Increase defaults by 30%; reduce recoveries by 30%:
Asf/Asf/Asf/BBB+sf/BBsf/NRsf/NRsf/NRsf


TVH ENTERPRISE: Second Creditors' Meeting Set for May 24
--------------------------------------------------------
A second meeting of creditors in the proceedings TVH Enterprise
(Australia) Pty. Ltd. has been set for May 24, 2017, at
11:00 a.m. at the offices of Cor Cordis, One Wharf Lane, Level
20, 161 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 23, 2017, at 4:00 p.m.


WICKED TRAVEL: Goes Into Liquidation Owing AUD1 Million
-------------------------------------------------------
Emma Koehn at SmartCompany reports that backpacker tour operator
Wicked Travel has entered liquidation owing a reported AUD1
million to employees, customers and other businesses.

On April 29, Lawrence Fitzgerald of William Buck Chartered
Accountants was appointed liquidator of three companies: Wicked
Travel Pty Ltd, Indie Travel Pty Ltd and Out of Bounds
Backpackers Pty Ltd.

ABC News said customers have been left in the lurch by the
collapse and will be unable to secure refunds after paying
thousands of dollars up front for tour bookings, the report
relays.

One former employee told the ABC he is owed AUD10,000 in
entitlements, while several employees on 457 visas have lost
their jobs, SmartCompany relays.

SmartCompany, citing The Northern Star, says Wicked Travel sold
off its assets, business name and systems to another company,
Greyhound Australia, at the end of April. However, a "new"
company, Greyhound Wicked Travel, says on its website it is "in
no way a part of the now liquidated Wicked Travel".

"Greyhound Australia are promising that all coach travel
previously purchased via Wicked Travel will be honoured and
welcome every one with passes or tickets, aboard their luxury
coaches. While we are encouraging all tour operators to do the
same for tours or packages purchased prior to the 29th April 2017
it is not guaranteed," a note on the company's website said,
SmartCompany reports.

Liquidator Lawrence Fitzgerald told The Northern Star liabilities
for Wicked Travel sit at AUD1 million, which includes money owing
to the tax office and individuals that had booked travel
vouchers, who are owed around AUD100,000.

According to SmartCompany, liquidators said they are still
reviewing the books of the businesses and the sale of assets to
the new company, although there's little hope creditors will get
their money back. According to the ABC, Wicked Travel has
approximately $60,000 in cash and assets remaining, SmartCompany
relays.

Wicked Travel operated travel and tour sales shops along
Australia's east coast.



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C H I N A
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CHINA SHANSHUI: Fails to Make Medium-Term Note Interest Payment
---------------------------------------------------------------
Reuters reports that Shanghai Clearing House said China Shanshui
Cement Group Ltd failed to make interest payment on medium-term
note due May 12.

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on China
Shanshui Cement Group Ltd. to 'D' from 'CC'.  At the same time,
S&P lowered its long-term Greater China regional scale rating on
the company to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'.


HONG SENG: S&P Assigns 'B-' Rating to Proposed US$ Sr. Notes
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating and
'cnB+' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Hong Seng Ltd., a subsidiary of Hong Yang Group Co. Ltd.
(B/Stable/--; cnBB-/--).  The parent unconditionally and
irrevocably guarantees the notes.  The rating on the proposed
notes is subject to S&P's review of the final issuance
documentation.

The rating on the notes is one notch lower than the long-term
corporate credit rating on Hong Yang to reflect structural
subordination risk.

S&P expects Hong Yang to use the proceeds for land acquisitions
and other general corporate purposes in accordance with the
company's expansion strategy.  In S&P's view, the new issuance
will help Hong Yang to diversify its funding channels and improve
its maturity profile.


KWG PROPERTY: S&P Lowers CCR to 'B+'; Outlook Stable
----------------------------------------------------
S&P Global Ratings said it lowered its long-term corporate credit
rating on Chinese property developer KWG Property Holding Ltd. to
'B+' from 'BB-'.  The outlook is stable.  At the same time, S&P
lowered its long-term Greater China regional scale rating on KWG
to 'cnBB' from 'cnBB+'.

S&P also lowered its issue rating on the company's outstanding
senior unsecured notes to 'B' from 'B+' and the Greater China
regional scale rating to 'cnBB-' from 'cnBB'.

S&P removed all the ratings from CreditWatch, where it had placed
them with negative implications on March 7, 2017.

"The downgrade reflects our expectation that KWG's financial
leverage will remain elevated for the previous 'BB-' rating
category in the next 12-18 months following a material weakening
in 2016," said S&P Global Ratings credit analyst Matthew Kong.
"We believe the company's overall financial strength has weakened
more than we had earlier expected under our base-case scenario
because of aggressive land acquisitions."

KWG acquired land for about Chinese renminbi (RMB) 23.6 billion
in 2016.  The cash payment of land premiums also reached
RMB14 billion in 2016 (including its attributable portion for
joint-controlled entities), exceeding S&P's expectation of
RMB8 billion.  In addition, the company, together with Logan
Property Holdings Co. Ltd., won the bid for a residential site
with a record high price of Hong Kong dollars (HK$) 16.86 billion
(RMB14.9 billion) in February 2017.

As such, KWG's see-through leverage (after proportionate
consolidation of joint-controlled entities) deteriorated to 9.6x
in 2017 from 5.2x in 2015.  Its total debt increased materially
to about RMB49 billion in 2016 from RMB33 billion a year earlier
as a result of large land acquisitions and domestic bond
issuance. While its cash balance as of the end of 2016 is also
higher than S&P expected, it believes it is unlikely the company
will use the high cash balance to reduce borrowings given its
needs for land acquisitions and maintaining a strong liquidity
position.

In S&P's view, KWG's see-through leverage will not improve to
below 5x in the next two years, given the company's increased
appetite for growth.  S&P expects the company to incur
significant land and construction costs to support its sales
growth aspirations in the coming two years.  Although S&P expects
leverage is likely to improve somewhat due to higher revenue
recognition, S&P believes the see-through debt-to-EBITDA ratio
will only gradually improve to around 9x in 2017 and 8x in 2018.

Nevertheless, S&P expects the company's improving sales and
above-average profitability, its high quality land bank in prime
cities of China, and its strong liquidity to continue to support
its credit profile.

The stable outlook on KWG reflects S&P's view that the company's
leverage will remain high over the next 12 months despite its
improving sales, good profitability, and strong liquidity.  The
outlook also reflects S&P's expectation that the company will
continue to generate a significant portion of its contracted
sales from its joint-controlled entities.

S&P could lower the ratings if KWG's liquidity weakens--such that
liquidity sources over liquidity uses is less than 1.5x in the
next 12 months--the company is unable to sustain its good
profitability, or its leverage further deteriorates.  This could
happen if: the company's cash balance falls substantially from
RMB26 billion as of the end of 2016; the company fails to manage
its debt maturity profile such that its short-term debt due over
the next 24 months increases significantly; or its debt-to-EBITDA
ratio on a proportionate consolidated basis does not improve from
the current level.

The rating upside is limited in the next 12 months because of
KWG's high financial leverage.  However, S&P may raise the
ratings if the company achieves strong sales and reduces
leverage, such that its debt-to-EBITDA ratio on a proportionate
consolidated basis improves below 5x.


LOGAN PROPERTY: Moody's Assigns 'B1' Rating to Proposed USD Bond
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to the proposed USD bond to be issued by Logan Property
Holdings Company Limited (Ba3 stable) and guaranteed by some of
its subsidiaries.

The rating outlook is stable.

The proceeds from the proposed USD bond are intended mainly to
refinance Logan Property's existing debt, including the USD250
million senior note due in 2017, and the USD300 million senior
note callable in 2017.

RATINGS RATIONALE

"Logan Property's debt maturity profile will improve upon the
successful issuance of the proposed bond," says Anthony Lee, a
Moody's Analyst and the Lead Analyst for Logan Property.

Moody's does not expect any material negative impact on Logan
Property's financial metrics from the proposed bond, given that
the bond's main purpose is to refinance debt.

Logan Property's debt leverage - as measured by revenue to
adjusted debt - will likely improve to around 70% over the next
12-18 months from 62% at end-2016, based on estimated revenue
growth of 30%-40% and slower debt growth of 10%-15%.

Moody's expects that the company will control its land
acquisitions in 2017. Moody's explains that Logan Property's debt
leverage rose in 2016, mainly due to the material amount of land
acquisitions during the year.

Moody's notes that the company achieved a year-on-year growth of
40% in contracted sales to RMB28.7 billion in 2016. For the first
four months of 2017, its contracted sales increased 57% year-on-
year to RMB11.4 billion. The growing contracted sales support
higher revenue growth in the foreseeable future.

Logan Property's Ba3 corporate family rating reflects its proven
track record of developing mass-market residential properties in
Guangdong, Guangxi, as well as Shenzhen.

The rating also considers Logan's high gross profit margin when
compared to its Ba-rated peers. This situation is supported by
its strong cost management and low cost land bank.

Its reported gross margin improved to 31.9% in 2016 from 30.4% in
2015. Accordingly, its adjusted EBIT interest coverage increased
to 3.8x in 2016 from 3.1x in 2015. Moody's expects that Logan
Property's coverage ratio will remain at a similar level over the
next 12--18 months as it was in 2016; a situation which is in
line with its Ba-rated peers.

On the other hand, the rating is constrained by its geographic
concentration in Southern China and its high debt leverage.

Logan Property's liquidity position is strong. At end-2016, its
cash to short-term debt registered 285%, due to strong cash
inflows from its robust contracted sales in 2016.

The stable outlook on Logan Property's ratings reflects Moody's
expectation that the company will maintain strong contracted
sales growth, a high gross margin, a strong liquidity position,
high revenue growth, and that it will control its land
acquisitions.

Upward ratings pressure could emerge if the company: (1)
establishes a track record of stable contracted sales growth,
while maintaining its strong liquidity position and profit
margins; (2) grows in scale and improves its geographic
diversification; and (3) improves its debt leverage.

Credit metrics indicative of upward ratings pressure include a
homebuilding EBIT/interest coverage in excess of 3.5x, and
revenue/adjusted debt in excess of 85%-90%.

On the other hand, downward ratings pressure could emerge if
Logan Property shows: (1) a weak contracted sales growth,
aggressive land acquisitions, a weakening liquidity position, or
declining profit margins; or (2) a weakening in its credit
metrics.

Credit metrics that Moody's would consider for a downgrade
include: (1) cash/short-term debt below 100%-125%; (2) a
homebuilding EBIT/interest coverage below 2.5x; or (3)
revenue/adjusted debt below 70%-75% on a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Logan Property Holdings Company Limited - incorporated in the
Cayman Islands - was founded in 1996 in Shantou by Mr. Kei Hoi
Pang, the current chairman and one of the controlling
shareholders of the company.

The group engages in property development, with a focus on low-
to mid-market residential projects in Shenzhen and other cities
in the Pearl River Delta, Shantou in Guangdong, and Nanning in
Guangxi.

The Shenzhen-based company listed on the Hong Kong Stock Exchange
in December 2013. It is 77%-owned by the Kei family trust and Ms.
Kei Perenna Hoi Ting. Ms. Kei is a non-executive director of the
company and the daughter of Mr. Kei.


YUEXIU PROPERTY: S&P Lowers CCR to 'BB+' on High Leverage
---------------------------------------------------------
S&P Global Ratings said it lowered its long-term corporate credit
rating on Yuexiu Property Co. Ltd. to 'BB+' from 'BBB-'.  The
outlook is stable.  In line with S&P's rating action, it affirmed
its 'cnBBB+' long-term Greater China regional scale rating on the
company.  S&P removed all the ratings from CreditWatch, where
they were placed with negative implications on March 1, 2017.

S&P downgraded Yuexiu Property because S&P foresees the company's
debt-to-EBITDA ratio will stay high at 8x-9x in 2017-18,
following a deterioration to 9.4x in 2016 from 8.2x in 2015.

"Leverage rose due to a rising land purchases, slower revenue
recognition, and declining margins," said S&P Global Ratings
credit analyst Matthew Chow.  "In our view, the company intends
to continue purchasing land despite high leverage.  We also
anticipate slower revenue recognition and only a mild margin
recovery in 2017-2018, partly as a result of the company offering
more fully furnished units, which have a longer development
cycle."

Yuexiu Property aspires to grow contracted sales to Chinese
renminbi (RMB) 50 billion a year by 2020.  Given this target, S&P
expects the developer to remain active in land purchases in 2017
to establish or cement its presence in its core markets,
including those in highly populated cities such as Guangzhou,
Hangzhou and Wuhan.  The company spent RMB10.6 billion in 2016 to
buy land, exceeding its original budget of RMB6 billion.

S&P believes Yuexiu Property's gross margin will recover from a
low of 20.8% in 2016, but only slightly.  This is because some of
the company's projects outside of its core Guangzhou market
continue to suffer from low profitability.  Moreover, the
company's decision to sell more fully furnished products
lengthens the project cycle, resulting in slower revenue
recognition.  S&P also expects delayed recognition of recent pre-
sales in higher margin projects.

Slower recognition contributed to the 6% decline in its 2016
sales revenue, and S&P estimates this will likely translate into
modest revenue growth of about 11%-14% per year in 2017-2018,
despite a 20% increase in contracted sales over the past two
years.  Based on the above factors, S&P has revised down Yuexiu
Property's stand-alone credit profile (SACP) to 'bb-' from 'bb'.

Yuexiu Property's group credit profile has weakened accordingly.
Parent Guangzhou Yuexiu Holdings Ltd.'s leverage mildly declined
in 2016 after the parent paid down some headquarter debt.
However, Guangzhou Yuexiu's leverage remains high and S&P do not
expect an improvement in the next 12 months.  This is partially
related to Yuexiu Property's significant 60%-70% contribution to
the parent's non-financial-service EBITDA.  As such, Yuexiu
Property's high leverage will also strain the parent's leverage
profile.

Guangzhou Yuexiu Holdings' funding contributions to the business
expansions of various segments and subsidiaries also contributes
to high leverage.  In S&P's view, this funding activity will
likely continue. Guangzhou Yuexiu Holdings has undertaken
multiple investments and acquisitions in recent years, including
the 2014 purchase of Hong Kong-based Chong Hing Bank Ltd. to
expand its financial services business.  These activities have
resulted in the elevated debt at the headquarter level, which,
despite being partially paid down in 2016, will likely remain
high.

Since S&P sees Yuexiu Property as a core subsidiary of the
parent, its rating continues to be equalized to the group credit
profile.

The stable outlook reflects S&P's view that Yuexiu Property's
leverage will remain high, but likely stabilize at the current
level on the back of double-digit sales growth and improving
margins.  S&P expects the parent company Guangzhou Yuexiu
Holdings' leverage to stabilize accordingly.

S&P may lower its rating if it assess that Yuexiu Property's
strategic importance within the group declines, as indicated by a
decreasing profit contribution to the parent relative to other
members of the group.

A downgrade could also happen if the company's leverage
deteriorates further, with debt/EBITDA ratio materially
increasing, or EBITDA interest coverage weakening below 2.0x on a
sustained basis, such that its weak credit metrics affects the
credit profile of its parent company, Guangzhou Yuexiu Holdings.
That could happen if Yuexiu Property engages in more substantial
debt-funded expansion, or its sales growth and margin recovery
are much weaker than S&P's expectation.

In a less likely event, S&P may also lower the rating if the
parent company's credit profile deteriorates due to significant
debt-funded acquisitions, or the weakening leverage profile of
its other businesses.

S&P may raise the rating if Yuexiu Property's leverage materially
improves with its debt/EBITDA ratio moving towards 5x on a
sustainable basis, such that its parent's leverage profile will
improve accordingly.  That could happen if Yuexiu Property were
able to deliver better execution through improving sales growth
and margin, while at the same time displaying more discipline in
land acquisitions.


ZHONGRONG INTERNATIONAL: S&P Affirms 'BB+' ICR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
and 'B' short-term issuer credit ratings on Zhongrong
International Trust Co. Ltd. (Zhongrong Trust).  The outlook on
the long-term rating is stable.  S&P also affirmed its 'cnBBB+'
long-term and 'cnA-2' short-term Greater China regional scale
ratings on the China-based trust company.

At the same time, S&P affirmed its 'BB-' long-term and 'B' short-
term issuer credit ratings on Zhongrong International Holdings
Ltd. (Zhongrong BVI), the offshore wholly owned subsidiary of
Zhongrong Trust.  The outlook on the long-term rating is
negative. S&P also affirmed its 'cnBB' long-term and 'cnB' short-
term Greater China regional scale ratings on Zhongrong BVI.

In addition, S&P affirmed the 'BB-' long-term issue rating and
'cnBB' Greater China regional scale ratings on the notes that
Zhongrong International Bond 2015 Ltd. and Zhongrong
International Bond 2016 Ltd. issued. Zhongrong BVI
unconditionally and irrevocably guarantees both the notes.

"We affirmed the ratings of Zhongrong Trust because we expect the
company to maintain its strong market position in China and very
low leverage over the next 12-18 months," said S&P Global Ratings
credit analyst Frank Wu.  "That's despite the uncertainty over
implicit support associated with certain trust products."

S&P continues to assess Zhongrong Trust's stand-alone credit
profile (SACP) as 'bb'.  The ratings also reflect S&P's
assessment of a moderate likelihood of extraordinary support for
the trust company from the Chinese government through the China
Trust Production Fund when needed.

Zhongrong Trust's leading market position in China's trust sector
underpins its credit standing. Zhongrong Trust's flexible cost
structure, sustainable profitability, and ongoing diversification
into non-trust related asset management businesses support its
business position.  Potential implicit financial support to
certain trust assets and a bias on risk-taking in management and
governance temper these credit strengths.

Zhongrong Trust has been diversifying its asset management
business through non-trust structures, including private equity,
investments in mergers and acquisitions, mutual funds,
alternative assets investments, and offshore businesses.  This
transition allows the company to focus more on proactively
managed asset management products, earning higher fees and
reducing risks in implicit support associated with the trust
products.

As an active asset manager, Zhongrong Trust assumes multiple
responsibilities, including being the originator, arranger,
promoter, and manager of assets.  Such an approach leaves the
company vulnerable to reputational risks on trust assets that are
under stress, particularly debt-financing trust products and
investments where the underlying assets have poor liquidity.  S&P
estimates that Zhongrong Trust's total trust assets subject to
potential implicit financial support are substantial relative to
the company's assets of Chinese renminbi (RMB) 25.7 billion at
end-2016.

S&P expects Zhongrong Trust's financial metrics to remain strong
over the next 12-18 months.  The company's very low leverage
remains a key rating strength.  The company held about
RMB11.1 billion of cash at end-2016, and was in a net cash
position with RMB6.6 billion of debt.  S&P expects Zhongrong
Trust's increasing focus on active management to result in higher
fee income and support its EBITDA margin.

Zhongrong Trust's potential implicit support for certain trust
products moderates the company's financial metrics.  Although,
from a legal and regulatory perspective, Zhongrong Trust has no
obligation to assume credit or market risk in any asset it
manages, S&P believes Chinese trust firms are under pressure to
provide implicit support to distressed assets under management
because of market expectations, reputational damage, and future
business flow considerations.  This risk is in addition to
operational risks for which the company may bear responsibility.

Such expectation of support weakens the predictability in
Zhongrong Trust's key credit ratios, given the company's small
balance sheet relative to its total trust assets under
management. However, S&P notes that Zhongrong Trust has not
reported using its own balance sheet to support trust assets
under management.  Risks associated with Zhongrong Trust's
financial policy could reduce if he company continues the
practice and fares better than its industry peers.  Successful
measures to reduce the perception of implicit support or the size
of assets under management subject to such support could
strengthen Zhongrong Trust's financial metrics.

S&P continues to view Zhongrong Trust's management and governance
as weak, primarily due to cases of investment products that may
have been interpreted by the market as being for financing
related or associated parties.  Zhongrong Trust's active approach
to strengthening risk management, including several layers of
reserving mechanism used as buffers for potential operating
losses, tempers the risk.

S&P continues to assess Zhongrong Trust as a government-related
entity with a moderate likelihood of receiving support from the
Chinese government.  S&P's assessment reflects Zhongrong Trust's
leading market position among trust companies in China and likely
benefit of support from the China Trust Protection Fund if
needed.

S&P affirmed the rating on Zhongrong BVI because S&P continues to
assess the company as a highly strategically important subsidiary
of the Zhongrong Trust group.  S&P rates the subsidiary one notch
below the parent's unsupported group credit profile (GCP) of
'bb'.

While Zhongrong BVI's profitability is showing signs of
improvement, it remains sensitive to investment risks.  Asset
management-related revenues, although picking up, are not likely
to comprise a significant portion of overall income over the next
12 months.

In S&P's view, Zhongrong BVI remains thinly capitalized despite a
capital injection of RMB220 million from the parent.  At end-
2016, Zhongrong BVI's total equity was about RMB269 million.
Zhongrong Trust's management proposes to inject RMB300 million of
equity into Zhongrong BVI to support business growth.  However,
S&P believes the timing of the new capital infusion is uncertain
because of required regulatory approvals, in particular when the
Chinese government has tightened its stance toward offshore
capital transfers.

"Our stable outlook on Zhongrong Trust reflects our expectation
that the trust company will maintain its market position and
leverage over the next 12-18 months," said Mr. Wu.  "The negative
outlook on Zhongrong BVI reflects a potential weakening of the
company's strategic importance to the Zhongrong Trust group as a
cross-border asset management platform.  S&P also expects
Zhongrong BVI's financial performance to remain under pressure
over the next 12 months."

S&P could lower the rating on Zhongrong Trust if: (1) its ratio
of debt to adjusted EBITDA exceeds 1.5x on a consolidated basis;
(2) the company significantly increases its trust assets under
management with potential implicit financial support; or (3) it
faces significant operational issues that cause sizable
contingent liabilities to the company.

S&P could lower the rating on Zhongrong BVI if: (1) the company
incurs further losses over the next 12 months; or (2) the
parent's core asset management business focus changes
significantly, with persistently low revenue from Zhongrong BVI's
business line.

S&P may raise the rating on Zhongrong Trust if: (1) the company's
trust assets under management that are subject to potential
implicit financial support substantially reduces; (2) market
expectations for implicit financial support reduce such that
investors widely accept payment deferrals and losses on assets
with perceived implicit support; or (3) market perception of
related or associated party financing arrangements reduces.

S&P could revise the outlook on Zhongrong BVI to stable if: (1)
the company has significant profits over a prolonged period; (2)
it demonstrates a record of meeting business and financial
targets and maintaining its strategic alignment with its parent;
and (3) new equity injection from the parent significantly
strengthens the subsidiary's capitalization.



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


NOBLE GROUP: Fitch Lowers Long-Term IDR to BB-; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based commodities trader
Noble Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'BB-' from 'BB+'. The Outlook is Negative. At the
same time, Fitch downgraded Noble's senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'BB-
' from 'BB+'.

The downgrade follows Noble's sustained weak return generation,
as measured by EBITDA/working capital, exemplified by its 1Q17
losses. Fitch believes this may make it difficult for the company
to continue accessing finance on an unsecured basis and for its
return generation to revert to previous levels due to the
challenging operating environment. Noble has adequate liquidity
to cover debt maturities in 2017, but will need to source
external financing in 1H18, when debt totalling approximately
USD1.5 billion is due.

The Negative Outlook reflects the lack of visibility on the
recovery of Noble's operating income from supply chain and
operating cash flow in the next six to 12 months.

KEY RATING DRIVERS
Sustained Weak Return Generation: Noble's quarterly working
capital return, which has been below Fitch 3.0% negative ratings
trigger since 3Q15, deteriorated further to an average of 0.7% in
2016 and turned negative in 1Q17. Fitch believes it is unlikely
that Noble will be able to generate returns at previous levels
and it is uncertain whether the company can improve its return
generation in the next six to 12 months, as the operating
environment remains challenging for trading companies like Noble.

Fitch recognises that Noble has restructured its portfolio to
reflect market conditions and that its weak EBITDA generation in
2016 does not reflect its true 2016 return, as it was largely
attributed to Noble's focus on business restructuring and
balance-sheet improvements.

However, Fitch expects weak profit generation to challenge
Noble's ability to access finance on an unsecured basis, as it
had done in the past. Noble has been switching its focus toward
extensive use of borrowing base facilities secured by working
capital for both the issuance of letters of credit and financing
needs. This heavier emphasis on secured financing is consistent
with Noble's current rating level.

Negative Operating Cash Flow: Noble's cash flow from operation
(CFO) has been negative since 2014 due to a decrease in accounts
payable. Fitch believes this was due to credit-related events in
2015 and 1Q16 that lowered vendor and bank credit lines. This
effect diminished in 2H16, which was evident in improved CFO to
USD56 million in 4Q16, from negative USD486 million in 1Q16; this
was helped by a USD226 million accounts payable increase compared
with falls in previous quarters. However, the improvement was not
sustained in 1Q17 and it remains uncertain whether CFO can
recover, as it can be affected if the company decide to increase
working capital to drive profitability.

Liquidity Under Pressure: Noble's liquidity headroom at end-1Q17
was USD2.4 billion, comprising of USD1.4 billion of unrestricted
cash and equivalents and the remainder in unutilised committed
facilities. Fitch expects liquidity headroom to decrease in 2Q17
to around USD1.3 billion-1.4 billion, post repayment of its
USD650 million term loan - assuming it does not renew its
unsecured revolving credit facilities of USD1 billion in 2Q17.
This will comprise of USD800 million-900 million of cash and
equivalents and USD500 million of undrawn committed facilities as
part of the existing borrowing base facilities.

Noble has sufficient liquidity headroom to cover the remaining
2017 debt repayments of around USD700 million, but Fitch expects
liquidity to further tighten from 2018, with USD1.5 billion of
unsecured debt due in 1H18. This includes USD380 million of
senior unsecured notes due in March 2018 and USD1.1 billion in
bank loans due in May 2018. However, Fitch recognise Noble's high
level of readily marketable inventory of USD1.7 billion and
significant amount of assets available for pledges on its balance
sheet, which can be used toward secured financing. Fitch is
likely to take further negative rating action if Noble does not
work toward addressing the 1H18 debt maturity in the next three
to six months.

Balance Sheet Remains Intact: Noble's ratio of working
capital/total debt, including 50% of its perpetual securities,
remained close to 1.3x at end-1Q17 (1.4x end-2016). This ratio is
in line with those higher rated peers in the investment grade
range.

DERIVATION SUMMARY

Noble's operational scope is in line with large international
traders, but its scale is smaller than that of investment-grade
rated peers, such as Cargill Incorporated (A/Stable), Archer
Daniels Midland Company (A/Stable) and Bunge Limited
(BBB/Stable). Its debt structure is heavier on short-term debt
compared with that of investment-grade rated peers, given its
asset-light strategy. Noble's balance sheet is adequate and in
line with higher-rated peers, but it has much weaker profit-
generation ability.

The downgrade reflects sustained weaker return generation, as
measured by EBITDA/working capital, since 3Q15 and Fitch
expectations that it is unlikely that it will return to previous
levels under a challenging operating environment. The Negative
Outlook reflects the lack of visibility on the recovery of
Noble's operating income from supply chain and operating cash
flow in the next six to 12 months.

KEY ASSUMPTIONS

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

- Sales volume to remain similar to 2016 levels.
- Exceptional losses generated in 1Q17 due to losses in energy
  coal caused by market dislocation to moderate in 2Q and onwards
- Capex (discretionary) of USD100 million a year.

RATING SENSITIVITIES

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

- The Outlook may be revised to Stable if Fitch see improvements
in Noble's operating income from the supply chain, quarterly
return generation - as measured by EBITDA/working capital - and
cash flow from operations and if it addresses the debt maturities
due in 1H18.

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

- Failure to display a trend of normalising profitability,
  leading to negative cash flow from operation for a sustained
  period

- Failure to address financing needs for debt due in 1H18 in the
  next three to six months

- Weakening of EBITDA/working capital below 8%, or quarterly
  EBITDA/working capital below 2.5%, for a sustained period

- Working capital/total debt below 1.0x for a sustained period

- Liquidity position, as defined by unrestricted cash and cash
  equivalent plus undrawn committed facilities/total inventory
  below 1.0x (2016: 1.3x) for a sustained period

- Weakened business strength, as evident from lower funding
  capacity to support working-capital expansion over the cycle; a
  decline in tonnage volume that is more severe than industry
  performance for a sustained period; and evidence of a weaker
  risk management process

- Senior unsecured ratings might be notched down if there is
  insufficient coverage of unsecured debt by unencumbered assets

LIQUIDITY

Noble's liquidity headroom at end-1Q17 was USD2.4 billion,
comprising of USD1.4 billion of unrestricted cash and equivalents
and the remainder in unutilised committed facilities. Fitch
expects liquidity headroom to decrease in 2Q17, post repayment of
its USD650 million term loan, to around USD1.4 billion - assuming
it does not renew its unsecured revolving credit facilities of
USD1 billion in 2Q17. This will comprise of USD800 million-900
million of cash and equivalents and USD500 million of undrawn
committed facilities as part of the existing borrowing base
facilities.

Noble has sufficient liquidity headroom to cover the remaining
2017 debt repayments of around USD700 million, but Fitch expects
liquidity to further tighten from 2018, with USD1.5 billion of
unsecured debt due in 1H18. This includes USD380 million of
senior unsecured notes due in March 2018 and USD1.1 billion in
bank loans due in May 2018. However, Fitch recognises Noble's
high level of readily marketable inventory of USD1.7 billion and
significant amount of assets available for pledges on its balance
sheet, which can be used toward secured financing. Fitch is
likely to take further negative rating action if Noble does not
address the 1H18 debt maturity in the next three to six months.



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


AGARWAL ASSOCIATES: CRISIL Reaffirms 'C' Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Agarwal Associates
and Agencies (Agas) for obtaining information through letters and
emails dated January 19, 2017 and February 09, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       3        CRISIL C (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 Agarwal Associates and
Agencies. 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 Agarwal Associates and
Agencies 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 C.

Agas, established in 1986 as a proprietorship firm by Ms. Manju
Agarwal, is a distributor of writing and printing paper of Orient
Paper Mills Ltd and The Sirpur Paper Mills Ltd. It also trades in
steel products. It is based in Ahmedabad (Gujarat).


AMBUJA FASHIONS: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Ambuja Fashions
Private Limited (AFPL) for obtaining information through letters
and emails dated January 19, 2017 and February 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        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 Ambuja Fashions 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 Ambuja Fashions 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 B/Stable.

AFPL, incorporated in 1989 as a proprietorship firm was
reconstituted as a private limited company under the Directorship
of Ms. Pinky Agarwal and Mr. Mukesh Agarwal. AFPL is a part of
the Anjani group. The promoters have 5-10 years of relevant
experience. The company trades grey clothes as well as sells bed
sheets. The entire process of converting grey cloth into fabric
is outsourced to local vendors. The company rents warehouse
facility as and when required, because most of its goods are
delivered directly to customers.


ANANDESHWAR POLY: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Anandeshwar Poly
Pack Private Limited (APPL) for obtaining information through
letters and emails dated January 19, 2017 and February 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       0.5      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                2.0      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 Anandeshwar Poly Pack 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 Anandeshwar Poly Pack 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 B-
/Stable/CRISIL A4.

Incorporated in 1997, Kanpur (Uttar Pradesh)-based APPL
manufactures multilayer poly films which are used in the flexible
packaging industry. The company also trades in low-density
polyethylene plastic granules. It is promoted by Mr. Ashok
Maheshwari and his family.


ANGELS PHARMA: CRISIL Assigns B+ Rating to INR23MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Angels Pharma India Private Limited (APIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B+/Stable
   Long Term Loan          23        CRISIL B+/Stable

The ratings reflects APIPL's exposure to risks related to the
implementation and stablisation of the company's on-going
project, which involves the setting up of an Active
Pharmaceutical Ingredient (API) plant in Visakhapatnam (Andhra
Pradesh) and its expected below-average financial risk profile
marked by high expected gearing, modest debt protection metrics
and networth. These rating strengths are partially offset by the
benefits derived from the extensive experience of APIPL's
promoters in pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to the implementation and
stablisation of the company's on-going project, which involves
the setting up of an Active Pharmaceutical Ingredient (API) plant
in Visakhapatnam (Andhra Pradesh)

APIPL is exposed to moderate project risk with funding risk being
low. The implementation and demand risk is moderate. APIPL's
credit risk profile is susceptible to time or cost overruns in
the implementation of the project. Successful and timely
implementation of the expansion project will, hence, remain a key
rating sensitivity factor for APIPL.

* Below-average financial risk profile
APIPL is expected to have below average financial risk profile
marked by high expected gearing, modest debt protection metrics
and networth. The gearing is expected to remain above 1 times
with high reliance on external debt and modest debt protection
metrics.

Strengths

* Extensive experience of promoters in the pharmaceutical
industry
APIPL benefits from extensive industry experience of its
promoters in the pharmaceutical industry. The company is promoted
by Mr.K Srinivasa Rao, Mrs.M Raja Kumari, Mr.Y Krishna Rao and
Mr.G Tejo Murthy. The day-to-day operations are managed by Mr.K
Srinivasa Rao who has pharmaceutical experience of more than a
decade. CRISIL believes that the company will benefit from
extensive industry experience of the promoters over the medium
term.

Outlook: Stable

CRISIL believes that APIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company generates
more-than-expected revenue and profits, after stabilising its
operations. Conversely, the outlook may be revised to 'Negative'
if APIPL reports delay in the commissioning of its project
because of unforeseen events, or its financial risk profile
deteriorates because of additional, debt-funded capex.

Established in March, 2016 as a private limited company, Angels
Pharma India Pvt Ltd (APIPL) is a setting up an Active
Pharmaceutical intermediates (APIs) plant in Visakhapatnam,
Andhra Pradesh. The company is promoted and managed by Mr. K
Srinivasa Rao.


ANUSPAA HERITAGE: CRISIL Reaffirms B- Rating on INR11.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Anuspaa Heritage
Products Private Limited (AHPPL) for obtaining information
through letters and emails dated January 19, 2017 and February 9,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit        1.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term     11.5      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               1.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Anuspaa Heritage Products
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 Anuspaa Heritage
Products 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 B-
/Stable/CRISIL A4.

Incorporated in 2006 by Mr. Rakesh Bansal and Ms. Anuradha
Bansal, AHPPL manufactures soap cakes. More than 80 percent of
revenue is derived from contract manufacturing, and the remaining
comes from sales under own brands, Anuspaa and Anuved. The
company has two manufacturing units in Parwanoo, Himachal
Pradesh.


AP INC: CRISIL Reaffirms 'B' Rating on INR26MM Term Loan
--------------------------------------------------------
CRISIL has been consistently following up with AP Inc Lic for
obtaining information through letters and emails dated
January 19, 2017 and February 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                26       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 AP Inc Lic. 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 AP Inc Lic 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.

APIL was established as a partnership firm by Mr. Ashok Saxena
and Met Brass Plasssim India Limited (a unit of the MMG group) in
September 2006. The firm operates a 4 star hotel under the name
'Fortune Landmark' in Ahmedabad.


B. MANJI: CRISIL Assigns B+ Rating to INR4.75MM Bill Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of B. Manji & Co. (BM).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Foreign Bill
   Discounting             4.75       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      3.25       CRISIL B+/Stable

The ratings reflect BM's modest financial risk profile marked by
small net worth and high total outside liabilities to total net
worth (TOL/TNW) ratio and its working capital intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of partners in the diamond industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile marked by small net worth and
high TOL/TNW ratio: The company has a modest financial risk
profile marked by small net worth at INR2.06 crores as on
March 31, 2017 and expected high TOL/TNW ratio at 5.2 times for
March 2017.

* Working capital intensive nature of operations: The company has
working capital intensive nature of operations reflected in its
high Gross Current Asset (GCA) at 241 days as on March 31st,
2017.

Strengths

* Extensive experience of partners:
The partners of BM have a track record of around three decades.
The partner's lineage has an established customer relation
through the firm which will help BM to scale up its operations.

Outlook: Stable

CRISIL believes that BM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm registers a substantial and
sustained increase in the cash accruals because of improvement in
revenues and profitability. Conversely, the outlook may be
revised to 'Negative' in case of low accruals, stretched working
capital cycle or any major change in risk management policy,
leading to weakening of financial risk profile, particularly
liquidity.

BM is a partnership firm set up in 2012 and is engaged in the
manufacturing and exports of polished diamonds. The firm is
managed by Mr. Nayan Gajipara and Mr. Bhavesh Gajipara.

Provisional net profit was INR25 lacs on net sales of INR19.34
crores for fiscal 2017, vis-a-vis INR24 lacs and INR17.83 crores,
respectively, in fiscal 2016.


BHAGABATI STORE: CRISIL Reaffirms B+ Rating on INR18MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Bhagabati Store (BGS) at 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          18       CRISIL B+/Stable (Reaffirmed)

The rating reflects BGS' below average financial risk profile,
because of small networth and high total outside liabilities to
adjusted networth ratio, and exposure to risks of limited
bargaining power with principal. These rating weaknesses are
partially offset by the proprietor's extensive experience and
established relationship with principal.

Analytical Approach

CRISIL has treated 75% of interest 'free unsecured loans in
business as on March 31, 2016 as equity while 25% is treated as
debt since the unsecured loans are from promoters and is expected
to continue to remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks relating to limited bargaining power with
principal: BGS is authorised distributor products for Hindustan
Unilever Limited (HUL; 'CRISIL AAA/Stable') and Dabur India
Limited (Dabur; 'CRISIL AAA/Stable/CRISIL A1+'). BGS as a
distributor does not have significant bargaining power as the
pricing decisions are taken by the principals. BGS is also
exposed to competition from its principals, as they supply
products directly to some large customers in the firm's area of
operations.

* Below-average financial risk profile: Networth was modest at
INR6.6 crore. However interest coverage ratio was weak at 1.5
times. Capital structure was average as seen by total outside
liabilities to adjusted networth ratio of 2.3 times as on
March 31, 2016.

Strengths

* Extensive experience of the proprietor and established
relationship with principals: BGS's operations are looked after
by its proprietor, Mr Ramesh Chandra. Mr. Chandra has an
extensive experience of around 31 years as a HUL distributor
through BGS. Over these years, the proprietor has also forged
strong relationship with its clientele which comprises 3500
customer including around 1100 wholesalers. Furthermore, the
proprietor has also obtained distributorship of Dabur in 2014,
resulting in improvement in its business risk profile.

* Efficient working capital management: BGS' business has
efficient working capital management, as reflected in gross
current asset (GCA) days of 61 days as on March 31, 2016 on
account of low inventory levels and receivable days of around 17
days and 43 days.

Outlook: Stable

CRISIL believes that BGS will maintain its business risk profile
over the medium term backed by the proprietor's extensive
industry experience and diverse and established customer base and
distribution network. The outlook may be revised to 'Positive' if
the liquidity improved on account of higher-than-expected
accruals, or with fresh capital infusion. Conversely, the outlook
may be revised to 'Negative' if the liquidity weakens on account
of decline in revenues or profitability or stretched working
capital or due to a large, debt-funded capital expenditure
programme.

Established in 1986, BGS is a proprietorship firm of Mr. Ramesh
Chandra Sahoo. The firm is an authorised distributor cum stockist
of HUL in Puri (Odisha) since 1896. Since 2014, BGS also obtained
the distributorship of Dabur for the same region

Net profit was INR50.4 lakh on net sales of INR107.97 crore in
fiscal 2016, against INR37.03 lakh and INR100.66 crore,
respectively, in fiscal 2015.


C. M. INDUSTRIES: CRISIL Reaffirms B Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of C. M.
Industries (CMI) continue to reflect the firm's weak financial
risk profile, marked by small net worth and a moderate total
outside liabilities to tangible net worth ratio and its exposure
to intense industry competition. These weaknesses are partially
offset by the extensive industry experience of CMI's promoters
and the firm's established relationships with customers.

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

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: CMI's financial risk profile is
significantly constrained by small net worth of around INR2.35
crores as on March 31, 2016. Given its low net worth, CMI has to
rely significantly on external funds to meet working capital
requirements. CMI had moderate TOLTNW of 3.32 times as on
March 31, 2016. Earlier the working capital requirements were
primarily met through unsecured loans. However, July 2015
onwards, the firm has availed of a cash credit limit of INR5
crores from Bank of Baroda to meet these requirements and reduce
dependence on unsecured loans from various sources. CRISIL
believes that CMI's TOLTNW would continue to remain moderate over
the medium term as the firm would remain significantly dependent
on bank lines to meet working capital requirements.

Moderate TOLTNW and low operating profitability lead to average
debt protection metrics. CMI had interest coverage ratios of 1.3
times in 2015-16. CRISIL believes that CMI's debt protection
metrics will continue to remain at similar levels over the medium
term, given the expected continued significant dependence on
banking limits to meet working capital requirements and low
operating profitability.

* Exposure to intense competition in the agricultural (agro)
commodity trading business: CMI's business risk profile is
constrained by modest scale of operations and exposure to intense
industry competition. Though revenue of around INR31.53 crores
was reported in 2015-16 (refers to financial year, April 1 to
March 31) as against INR58.6 crores in 2014-15, it continues to
remain modest. Further, the agro commodity trading business is
highly fragmented, with several domestic traders in India. While
strong and long-established customer relationships act as entry
barriers, the modest scale of operations, intense competition and
presence of a large unorganised section of traders constrain an
individual player's bargaining and pricing power. Further, the
firm is also susceptible to Government of India's policy
regarding trading of food grains, pulses, cotton and other
materials. This risk is partly mitigated as the firm now trades
in numerous products including cotton, wheat, maize and pulses
among others.

CRISIL believes that CMI will continue to maintain its business
risk profile due to the promoters' extensive experience and its
established customer base; however the business risk profile
would continue to be constrained by modest scale of operations
and exposure to intense competition.

Strengths

* Promoters' extensive industry experience: CMI was initially set
up in 1995 as a partnership firm with Mr. Ramswaroop Agarwal
(Hindu undivided family [HUF]) and Mr. Vimal Kumar Agarwal (HUF)
as its partners. Though the firm was reconstituted as a sole
proprietorship in 2013 and Mr. Anant Goyal became the proprietor,
it continues to benefit from the industry experience of his
father, Mr. Ramswaroop Agarwal. Over the years, the promoters
developed good business insights and cordial supplier relations.
They also developed healthy customer relationships, enabling
repeat orders. The promoters established strong recall for its
brand, Mayuri, in the oil cakes and graded wheat segment. The
promoters have also gradually increased products range and market
coverage area, reflected in the growth in operating income.

CRISIL believes that CMI would continue to benefit over the
medium term from its promoters' industry experience.

Outlook: Stable

CRISIL believes that CMI will continue to maintain its business
risk profile over the medium term supported by the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial and sustained increase in
the scale of operations and cash accruals of the firm along with
improved working capital management or if there is substantial
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in CMI reports low operating income and
accruals, or if there is further deterioration in its capital
structure or if the firm undertakes a large debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile, particularly liquidity.

CMI, a proprietorship firm, manufactures oil and oil cakes from
cotton seeds, sells packaged and graded wheat, and trades in
other agricultural commodities such as chana, soybean, maize, and
pulses. The firm also trades in cotton bales. Mr. Anant Goyal is
the proprietor of the firm and also manages the operations.

CMI generated net sales of INR31.53 crores in 2015-16 (Refers to
financial year from 1st April 2015 to 31st March 2016) with
Profit after Tax of INR0.11 crores as compared to net sales of
INR58.6  crores with Profit after Tax of INR0.09 crores in 2014-
15.


GTL INFRASTRUCTURE: Stake Sale to Value Firm at INR11,000cr
-----------------------------------------------------------
LiveMint reports that a stake sale in GTL Infrastructure Ltd
could see the telecom infrastructure firm valued at more than
INR11,000 crore, two people aware of the development said.

The company is likely to be valued at about 11 times its current
ebitda (earnings before interest, tax, depreciation and
amortization), the people said on condition of anonymity,
LiveMint relates.

The report says the stake sale process, which began last month,
is benchmarked around the valuation of recent deals in the
telecom space as well as the improved tower tenancy ratios of the
company's 28,000-odd mobile towers, after several years of
revenue and tenancy decline because of cancellation of telecom
licences and intermittent freezes on capital expenditure by
telecom operators, the people cited above said.

In FY17, GTL Infra and Chennai Network Infrastructure Ltd (CNIL)-
a unit of Global Group, which also owns GTL Infra - reported a
combined revenue of INR2,286.05 crore against INR2,145.51 crore
in the previous year, LiveMint discloses. For 2016-17, the
company has also increased its total tenancy to 50,845 from
40,261 in 2015-16.

The stake sale, which is part of the company's strategic debt
restructuring (SDR) process invoked by its lenders in September,
could also see GTL Infra founder and chairman Manoj Tirodkar's
Global Group completely exit the company he founded in 2004,
according to LiveMint. As per the latest corporate filings,
Global Group is currently left with a stake of close to 22% in
the merged entities of GTL Infra and CNIL, which houses around
17,500 towers acquired from Aircel Ltd in 2010, LiveMint relays.
The merger was approved by the boards of both companies in April.

As part of the SDR process, a consortium of state-run banks have
converted the company's outstanding loans worth INR4,492 crore
into equity, LiveMint notes.

According to the report, the lenders who currently own more than
51% stake will have to sell at least 26% of their holdings to a
new buyer by next year for the SDR process to succeed. Under
Reserve Bank of India guidelines, the conversion of debt to
equity under SDR should happen within 210 days of the review and
reference date, and the induction of a new investor should take
place within 18 months from the date.

While an email query sent to Union Bank of India, which is among
GTL Infra's largest shareholders, remained unanswered, people
cited above maintained that the lenders are yet to take a final
decision on Tirodkar's proposal, says LiveMint. The proceeds of
the fund-raising by GTL Infra promoters is expected to be used
for repaying the outstanding debt of GTL Ltd, another group
company which too has unpaid debt of upwards of Rs6,000 crore,
said the first person cited above, the report relays.

"There are common lenders in both GTL Infra Ltd and GTL Ltd and
it may be in the interest of the lenders to give an exit to
Tirodkar. Once lenders sell their 26% stake, they will be in a
position to wait longer to sell their remaining stake, possibly
at a better valuation," said the second person cited above.

The Financial Express reported in April that GTL Ltd is in talks
with lenders for a one-time settlement.

"The SDR rules stipulate lenders to sell at least 26%, however,
to enhance shareholder value and enable the lenders and minority
shareholders to unlock better value of their investments, should
it be required, promoters are willing to participate in the
consolidation process," the report quotes a spokesperson for GTL
Infra as saying in response to a query on Global Group's plan to
exit GTL Infra.

GTL Infra has hired New York-based Tap Advisors, a telecom sector
focussed M&A advisory firm, to widen the reach of the auction
process which is being managed by EY, the report discloses.

Mumbai, India-based GTL Infrastructure Limited is an independent
telecom tower company. The Company is engaged in providing
telecom towers on shared basis to multiple telecom operators. The
Company is engaged in building, owning, operating and maintaining
passive telecom infrastructure sites capable of hosting active
network components of various technologies of multiple telecom
operators, including central monitoring systems (CMSPs) and
wireless broadband. The Company has a network of approximately
28,000 towers on presence across nation (pan) India basis. These
towers are distributed across average revenue per user (ARPU)
generating Metros and Class A Circles, and regions of Class B and
C Circles. The Company has towers in various regions in India,
which include North-Eastern States, Bihar, Jharkhand, Orissa, and
Jammu and Kashmir.


GURU NANAK: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
----------------------------------------------------------
CRISIL has been consistently following up with Guru Nanak Rice
Mill - Bilaspur (GNRM) for obtaining information through letters
and emails dated January 24, 2017, and February 13, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Bank           1        CRISIL B-/Stable (Issuer Not
   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 Guru Nanak Rice Mill -
Bilaspur. 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 Guru Nanak Rice Mill -
Bilaspur 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 as a partnership firm in Bilaspur, Uttar Pradesh, by
Mr. Gurjeet Singh and Mr. Amreet Pal Singh in 1994, GNRM mills
and sorts basmati and non-basmati rice and sells in the domestic
market under its brand, Sardar Rice.


HARSHIL TEXTILES: CRISIL Reaffirms B- Rating on INR4MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Harshil Textiles
(HT) for obtaining information through letters and emails dated
January 24, 2017, and February 13, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              4       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term       3       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Harshil 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 Harshil 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 B-/Stable.

HT, set up in 2012 as a partnership firm, trades in cotton
shirting fabric. Mr. Pravin Shah, Mrs. Vandana Shah, and Mr.
Harshil Shah are partners in the firm. Mr. Harshil Shah manages
its operations. The firm is based in Mumbai.


ILPEA PARAMOUNT: CRISIL Reaffirms B- Rating on INR9MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Ilpea Paramount
Limited (Ilpea) 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              9        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 Ilpea Paramount 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 Ilpea Paramount 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 B-/Stable.

Ilpea, established in 1996, is a 51:49 joint venture between
Industrie Ilpea SpA (Italy) and Paramount Polymers Pvt Ltd.
Ilpea's product profile comprises magnetic gaskets, polyvinyl
chloride rigid profiles, injection-moulded components, and rubber
components for the white goods industry. The company has its
manufacturing facilities in Faridabad (Haryana) and Pune. Ilpea
has also set up two satellite plants in Noida (Uttar Pradesh) and
Jajru (Haryana).


JALGAON GOLDEN: CRISIL Reaffirms 'B' Rating on INR1MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Jalgaon Golden
Transport Private Limited (JGTPL) 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
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              1        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Bank            2        CRISIL A4 (Issuer Not
   Guarantee                         Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash            1        CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jalgaon Golden Transport
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 Jalgaon Golden
Transport 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 B/Stable/CRISIL A4.

JGTPL, setup in 1993 by members of the Vyas family of Jalgaon
(Maharashtra), provides road transport services to fertilizer
manufacturers and government agencies.


JASMER FOODS: CRISIL Reaffirms 'C' Rating on INR23.2MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Jasmer Foods Private Limited (JFPL) at CRISIL C.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.2      CRISIL C (Reaffirmed)

   Term Loan                6.8      CRISIL C (Reaffirmed)

The rating continues to reflect the diminished scale of JFPL's
operations, weak financial risk profile, and stretched liquidity
profile due to its large working capital requirements. These
weaknesses are mitigated by promoters' industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Diminished scale of operations: JFPL maintained large inventory
at the end of fiscal 2014 in anticipation of increase in prices
of raw material. However, owing to unstable prices of paddy in
fiscal 2015, the company suffered large inventory losses. As a
result, the management decided to discontinue the company's
operations. JFPL is not undertaking any milling operations, and
is focusing on liquidation of the current inventory on cash basis
and repaying the bank debt from the sales proceeds. The company
is currently doing job work for government and other private
players in the region and plans to revive the operations in
fiscal 2018.

* Weak financial risk profile:  JFPL has a weak financial risk
profile, marked by high gearing and weak debt protection metrics.
The company's gearing was high at 2.83 times as on March 31,
2016. Though the company is repaying its bank debt; the inventory
losses it incurred eroded the company's net worth significantly.
Hence, JFPL's gearing is expected to remain high over the medium
term. Interest coverage is estimated to have remained below 1
time over the three years through fiscal 2017.

Strength

* Promoters' industry experience: The promoters' industry
experience has helped them bag orders for job work at a time when
operations were suspended due to inventory losses. Their
relationships with suppliers should help the company if they
revive operations in the future.

JFPL commenced operations in June 2011, with an integrated rice
milling unit with capacity of six tonne per hour. The company's
manufacturing facility is in Kurukshetra (Haryana).

For fiscal 2016, JFPL reported losses of INR3.26 crore on an
operating income of INR4.37 crore against losses of INR10.66
crore on an operating income of INR57 crore in fiscal 2015.


KALOKHE STONE: CRISIL Reaffirms 'C' Rating on INR7.2MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Kalokhe Stone
Crusher (KSC) 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             2.4       CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               7.2       CRISIL C (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 Kalokhe Stone Crusher. 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 Kalokhe Stone Crusher 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 C.

KSC, established in 2010, commenced operations in July 2012. It
undertakes stone-crushing sub-contracting activities for
companies that implement civil construction projects, mainly road
and real estate projects. The firm is owned by the Kalokhe
family; its operations are mainly handled by Mr. Sachin Kalokhe
and Mr. Sandeep Kalokhe.


KOCHHAR GLASS: CRISIL Reaffirms B+ Rating on INR7.3MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Kochhar Glass India Private Limited (KGIPL) at 'CRISIL
B+/Stable' and assigned its 'CRISIL A4' rating to its short term
bank facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.5      CRISIL A4 (Reassigned)

   Cash Credit             7.3      CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                 2.88     CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  0.50     CRISIL B+/Stable (Reaffirmed)

   Term Loan               4.32     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect KGIPL's small scale of operations
and working capital intensive nature of business. These rating
weaknesses are mitigated by the extensive industry experience of
KGPL's promoters.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations with high revenue concentration in a
fragmented industry
KGPL's revenues of INR46.20 crore driven by an increase in
product offerings, addition of new customers, and increase in
demand from existing customers. Due to the fragmented nature of
the industry which largely consists of unorganised players and a
few large organised players, the revenues will remain at similar
levels over the medium term. Moreover, almost its entire revenues
are from sale to civil construction companies in the cyclical
real estate industry.

* Average debt protection metrics: KGPL has average debt
protection metrics, with interest coverage and net cash accruals
to total debt ratios of 2.05 times and 15 per cent, respectively,
for 2016-17 on account of moderate profitability. CRISIL believes
that KGPL will continue to have average debt protection metrics
over the medium term due to high interest burden related to debt-
funding of working capital requirements and moderate
profitability in the business.

* Working-capital-intensive nature of operations
KGPL's operations are highly working capital intensive in nature
as reflected in its high gross current asset days of around 187
as on March 31, 2017, driven by high debtor levels. The company
extends credit of over 90 days to its customers and maintains an
average inventory of 60 to 70 days.

Strengths

* Extensive industry experience of promoter: KGPL's main
promoter, Mr. J L Kochhar, has total experience of more than
three decades in the glass industry. The company benefits from
the extensive experience of the promoter and his understanding of
the dynamics of the local market, and its established
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes that KGPL will continue to benefit from its
established relations with customers and suppliers, and the
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the company reports a
material improvement in its working capital cycle or cash
accruals' generation resulting in improvement in its liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital cycle stretches, leading to
deterioration in its liquidity; or if KGPL undertakes any large,
debt-funded capital expenditure (capex) programme, thereby
weakening its financial risk profile.

KGPL was incorporated in 2000 by Mr. J L Kochhar and his son, Mr.
Sandeep Kochhar. The company manufactures toughened glass,
laminated glass and insulated glass which has application in real
estate, construction, as well as in automobile windshields

KGPL reported profit after tax (PAT) of INR0.75 crore on net
sales of INR43.24 crore for fiscal 2016 and PAT of INR0.81 crore
on net sales of INR40.16 crore for fiscal 2015.


M. M. AUTOMOBILES: CRISIL Reaffirms D Rating on INR3.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with M. M. Automobiles
(MMA) 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             3.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Standby Line of         0.5       CRISIL D/Issuer Not
   Credit                            Cooperating

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

Detailed Rationale

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

MMA was set up in 2003 as a proprietorship concern by Mr. Mutchu
Mithi. It is an authorized dealer for passenger vehicles of
Hyundai Motor India Ltd. The firm operates a showroom in Itanagar
(Arunachal Pradesh).


NISHIT AGGARWAL: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Nishit Aggarwal Krishi Sewa Kendra
(NAKSK; part of the Nishit group).

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit              5      CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts      10      CRISIL B+/Stable (Reaffirmed)

Revenue may grow 10% over the medium term, albeit on a small
scale. Operating margin is likely to remain low at 2.0-2.5% over
the medium term, and will be susceptible to volatility in food
grain prices. The group had sizeable gross current assets of 136
days, with receivables and inventory of 102 and 33 days,
respectively, and payables of 13 days, as on March 31, 2016.
Operations will remain working capital intensive. The group has
adequate liquidity because of nil term debt obligation, moderate
bank limit utilisation of 75% over the 12 months through January
2017, and significant funding support from promoters in the form
of unsecured loans (INR10.27 crore as on December 31, 2016).

Analytical Approach

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of NAKSK and Bal Kishan Om Prakash
and Company (BKOPC). The two firms, together referred to as the
Nishit group, are in the same business, have common promoters,
and have significant operational linkages. CRISIL believes the
entities will have increasingly fungible funds to support the
group's working capital management.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The group's financial
risk profile is constrained by high total outside liabilities to
tangible networth ratio of 8.81 times as on March 31, 2016, and
weak debt protection metrics, indicated by interest coverage
ratio of 1.1 time, in fiscal 2016. CRISL expects the financial
risk profile to remain weak over the medium term because of
continued low operating margin and sizeable working-capital debt.

* Low profitability: Operating margin was low, at 2-2.5% over the
three fiscals through 2016, due to trading business and limited
value addition. Profitability will remain low over the medium
term.

* Modest scale of operations in an intensely competitive segment:
Scale of operations, reflected in net sales of INR67.08 crore in
fiscal 2016, will remain modest over the medium term, amid
intense competition in the agricultural commodities trading
business.

Strengths

* Promoters' extensive industry experience and established
customer relationships: Promoters' industry experience of more
than three decades has helped the group develop strong
relationships with suppliers and customers across Rajasthan, and
register revenue growth of 33% over the three fiscals through
2016.

Outlook: Stable

CRISIL believes the Nishit group will continue to benefit from
its promoters' extensive industry experience and established
customer relationships. The outlook may be revised to 'Positive'
if more-than-expected growth in revenue and profitability results
in higher cash accrual. The outlook may be revised to 'Negative'
if decline in profitability or revenue results in lower-than-
expected cash accrual, or if a stretch in working capital cycle
weakens the financial risk profile.

The Nishit group, set up in 1998, is based in Ganganagar,
Rajasthan. The group comprises BKOPC and NAKSK, which trade in
and stock food grains.

BKOPC, on a standalone basis, had a profit after tax (PAT) of
INR0.12 crore on net sales of INR24.69 crore in fiscal 2016,
vis-a-vis INR0.05 crore and INR27.88 crore, respectively, in
fiscal 2015. NAKSK, on a standalone basis, had a PAT of INR0.06
crore on net sales of INR43.19 crore in fiscal 2016, vis-a-vis
INR0.05 crore and INR40.78 crore, respectively, in fiscal 2015.


PARAMOUNT BLANKETS: CRISIL Reaffirms C Rating on INR9.75MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Paramount Blankets
Private Limited (PBPL) 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             9.75      CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          0.11      CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      5.75      CRISIL C (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 Paramount Blankets 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 Paramount Blankets Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL C.

PBPL was incorporated in 2004, promoted by Mr. Satbhushan Gupta.
The company manufactures polyester mink blankets, which it sells
in the domestic market. Its manufacturing unit is at Sonepat
(Haryana).


PARSHURAM CONSTRUCTION: CRISIL Reaffirms D Rating on INR5MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Parshuram
Construction (PC) 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
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                4        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       1.83     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                1.67     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 Parshuram Construction. 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 Parshuram Construction 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.

PC is a proprietorship firm established by Mr. Nitin Parshuram
Warghade in 2005-06 (refers to financial year, April 1 to
March 31). The firm undertakes civil construction contracts for
roads, footpaths, and laying of drainage pipes for the Pune
Municipal Corporation.


PAYYANUR MEDICAL: CRISIL Cuts Rating on INR18MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Payyanur Medical Service and Research Centre Private Limited
(PMSRCPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      1.5        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan              18.0        CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects the company's delays in servicing its term
loan on account of stretched liquidity. The company's liquidity
is stretched because of sluggish operating performance with
slower ramp-up of operations at its hospital. Also, high overhead
expense is estimated to have resulted in net loss in fiscal 2017.
The scale of operations will remain suppressed over the medium
term, adversely impacting cash accrual and debt servicing ability

The company has small scale due to initial stage of operations,
and has a weak financial risk profile because of small networth,
high gearing, and subdued debt protection metrics. However, it
benefits from its promoters' extensive experience in the
healthcare industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations due to initial stage: The small scale
is reflected in estimated turnover of INR9.6 crore for fiscal
2017. Initial stage of operations has led to low occupancy in the
hospital.

* Weak financial risk profile: Networth is estimated at INR1.7
crore and gearing at 15 times as on March 31, 2017. Large losses
in the past have kept debt protection metrics weak.

Strength

* Extensive experience of promoters in the healthcare industry:
The promoters have experience of over a decade in the healthcare
industry, which will benefit the company's business risk profile
over the medium term.

PMSRCPL, incorporated in 2011, has a multispeciality hospital,
Anaamaya Medical Institute, at Payyannur in Kannur, Kerala. It
started commercial operations in April 2016.

For fiscal 2016, PMSRCPL incurred a net loss of INR1.12 crore on
sales of INR0.20 crore.


PHORUM JEWELS: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Phorum Jewels
Limited (PJL) 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              8        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       4        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 Phorum Jewels 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 Phorum Jewels 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.

PJL was incorporated in 2001 by Mr. Bharat Mewawala and his
family. The company retails in plain gold and diamond-studded
gold jewellery. PJL has two retail showrooms - one in Byculla and
another in the Opera House (both in Mumbai).


R. S. MIRGANE: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with R. S. Mirgane
(RSM) 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
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              8        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               0.75      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 R. S. Mirgane. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for R. S. Mirgane 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.

R.S. Mirgane is a Solapur based, proprietorship firm of Mr.
Rajendra S. Mirgane. The firm is a class I contractor for
irrigation projects in Maharashtra. In 2011-12 the firm has also
entered into real estate business, and is currently in process of
building a 3, 25,000 square feet township in Barshi, Solapur.


S. K. ENTERPRISES: CRISIL Reaffirms B- Rating on INR7.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with S. K. Enterprises
- Thane (SK) for obtaining information through letters and emails
dated January 23, 2017, and February 13, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             7.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of S. K. Enterprises - Thane.
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 S. K. Enterprises - Thane 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 1996 as a proprietorship firm by Mr. Shyam
Gyanchandani, SK trades in fuel oils and chemicals. It is based
in Thane (Maharashtra).


S.S. FABRICATORS: CRISIL Cuts Rating on INR10MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with S.S. Fabricators
and Manufacturers (SSFM) 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
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              10       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit          5       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 S.S. Fabricators and
Manufacturers. 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 S.S. Fabricators and
Manufacturersis 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'.

SSFM was set up as a partnership by the Nagpur-based Chokhani
family in 1983. The firm undertakes contracts in fabrication and
installation of gates at dams and barrages, laying pipelines, and
machine fabrication jobs. The firm derives its revenue largely
from irrigation projects in Maharashtra.


SAGAR ENTERPRISES: CRISIL Reaffirms B+ Rating on INR9MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of Sagar
Enterprises (SE) at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            9        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect large working capital requirement
and modest scale of operations along with volatility in operating
profitability. These weaknesses are partially offset by the
proprietor's extensive experience in the readymade garments
industry.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensity in operations: Operations are working
capital intensive, with gross current assets (GCA) of 248 days,
and inventory of 152 days as on March 31, 2016.

* Modest scale of operations and volatile operating
profitability: Scale of operations in the intensely competitive
readymade garments industry remains modest, with revenue
estimated around INR33 crore in fiscal 2017. Operating margin has
been volatile at 7.8-11.9% in the four years through fiscal 2016.

Strengths

* Extensive experience of promoters: SE, set up in 1995, is owned
and managed by Mr Sunil Khanna, who has about 15 years'
experience in the readymade garments business. The firm also has
a diverse product portfolio of more than 90 products, which
includes linen, hosiery, menswear and women's wear.

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from its established relationship with the Canteen Store
Department (CSD). The outlook may be revised to 'Positive' if
sustainable improvement in scale of operations and profitability
leads to better cash accrual and debt protection metrics. The
outlook may be revised to 'Negative' if liquidity deteriorates
due to stretch in working capital cycle or if any further decline
in accrual results in deterioration in debt protection metrics.

Set up as a proprietorship concern by Mr Sunil Khanna, SE sells
ready-made garments and home furnishings. Product profile
includes more than 90 items (shirts, T-shirts, hosiery, track
suits, blankets, bed sheets, and towels) that are sold to CSD and
central police canteen. Manufacturing is entirely outsourced to
local players.

Profit after tax (PAT) was INR0.69 crore on net sales of INR29.21
crore in fiscal 2016, against PAT of INR51 crore on net sales of
INR26.46 crore in fiscal 2015.


SHILPI CABLE: Overseas Lender Files Insolvency Petition
-------------------------------------------------------
The Financial Express reports that the share price of Shilpi
Cable Technologies hit lower circuit for the 15th consecutive
session on May 17. The stock has eroded by 73% on a closing basis
in the last 17 trading sessions, dropping from INR225.60 on
April 20 to INR60.90 on May 16, the report says. A major reason
for this drastic fall in the stock price was an overseas lender
filing a petition against the company under the Insolvency and
Bankruptcy Code, 2016, according to the report.

The Financial Express relates that the company in a filing to the
stock exchanges dated April 30 said: "An overseas bank has filed
a petition against Shilpi Cable before the National Company Law
Tribunal (NCLT), under Section 8 & 9 of the Insolvency and
Bankruptcy Code, 2016." The company on 5 May 2017 had informed
the stock exchanges that NCLT, New Delhi, has reserved its order
on the petition filed under Section 8 & 9 of the Insolvency and
Bankruptcy Code, 2016.

Trading in the stock has been frozen for the day as it plunged by
5 percent to INR57.90. There are pending sell orders for a total
of 66,97,409 shares on BSE and NSE combined, with 38,83,437
pending on the NSE and 28,13,972 pending on the BSE, even as
there are no buyers on both the exchanges.

"The creditors based out of Singapore where we had some credit
lines against which we used to get credits. So, it was a USD 10
million line which got pulled up and we were settling our
account. So, we have already addressed this matter in the
arbitration court where we have been discussing this part," said
Manish Goel, MD, Shilpi Cable Technologies' interview to CNBC-
TV18, the Financial Express reports.

Shilpi Cable Technologies Limited (BOM:533389) --
http://www.shilpicables.com/-- is engaged in manufacturing
cables and wires. The Company operates through Copper, Aluminium
Wire, Cables and accessories segment. The Company is carrying on
the business of manufacturing and trading of cables, wires and
accessories used in telecom, automobile and consumer durables,
and selling of wires, miniature circuit breakers (MCBs) and
switches through distributors under its brand name SAFE. The
Company's product range includes cables, copper wires, wiring
harnesses and cable accessories. The Company's products include
radio frequency (RF) cables, RF accessories, automotive cable,
polyvinyl chloride (PVC) insulated battery cables, photo volta
cables solar, power cord, power energy cables, control cables,
telephone cables, local area network (LAN) cable, co axial
cables, solar cables, house wire and enameled copper wires. Its
solutions include base transceiver station (BTS) solutions, in-
building solution (IBS) solutions and renewable energy.


SHREE DWARKADHISH: CRISIL Cuts Rating on INR10MM Cash Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Shree Dwarkadhish
Udyog Private Limited (SDUPL) 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              10       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

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

SDUPL is based in Ranchi, Jharkhand, and was incorporated in
2012. The company trades in construction materials such as steel,
cement, jute, electrical items, and sanitary ware. It is managed
by Mr. Amit Sarawgi and Mr. Gyan Prakash Sarawgi.


SHRI RANISATI: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Shri Ranisati Steel Traders (SRSST) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.5       CRISIL B/Stable (Reaffirmed)

CRISIL's rating continue to factor SRSST's working capital
intensive operations coupled with its below average financial
risk profile. These weaknesses are partially offset by extensive
experience of its partners in the steel industry.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: The working capital cycle
is expected to remain stretched over the medium term reflected in
gross current assets of 190-195 days, driven by high receivables
and inventory levels.

* Below average financial risk profile: The financial risk
profile is expected to be weak with estimated total outside
liabilities to tangible networth ratio of 5.6-5.7 times as on
March 31, 2017 with small networth of INR3.5 crore. Due to
incremental debt availed in 2016, interest cover ratio is
estimated at 1-1.2 times for fiscal 2017.

Strengths

* Partners' experience: Benefits from the partners' three decades
of experience and strong relationships with suppliers and
customers should continue to support the business risk profile.
Outlook: Stable

CRISIL believes SRSST will continue to benefit over the medium
term from the established relationships with suppliers and
customers, and experience of the partners. The outlook may be
revised to 'Positive' if financial risk profile improves
significantly because of better-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile or liquidity weakens owing to sizeable
debt funded  working capital requirement, large capital
withdrawal or debt-funded capital expenditure.

SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanised plain and corrugated sheets and
coils. Set up in May 2014 by Mr Satyaprakash and Mr Pawan
Jhunjhunwala, the firm deals in products of principals such as
Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan Steel
Ltd, and Uttam Value Steels Ltd. Operations are in Raipur and
Nagpur.

The firm recorded a net profit of INR0.09 crore on net sale of
INR44.9 cr in 2015-16, as against a net profit of INR0.06 crore
on net sale of INR9.4 cr in 2014-15.


SIDDHI LAXMI: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Siddhi Laxmi
Motors (SLM) 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              8        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 Siddhi Laxmi Motors. 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 Siddhi Laxmi Motors is consistent with
'Scenario 3' outlined in the 'Framework for Assessing Consistency
of Information with Crisil BBB Rating category or lower.' Based
on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B/Stable'.

Set up in 2015 as a partnership firm, SLM is an exclusive dealer
for Mahindra and Mahindra Ltd's (rated 'CRISIL AAA/Stable/CRISIL
A1+') light commercial vehicles and passenger cars in Angul
(Odisha). Currently, the firm has one showroom and one workshop.
SLM is promoted by Mr. Bikram Agarwalla and Mr. Sujit Kumar
Agarwalla.


SLMI INFRAPROJECTS: CRISIL Ups Rating on INR25MM LT Loan to B
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of SLMI Infraprojects Private Limited (SLMI) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           37       CRISIL A4 (Reaffirmed)

   Overdraft                15       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       25       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The upgrade reflects improvement in financial risk profile with
increase in networth, which has enhanced financial flexibility
and improved capital structure. Improvement in financial risk
profile will be sustained over the medium term on the back of
consistent growth in networth and absence of any large, debt-
funded capital expenditure (capex).

The ratings reflect SLMI's large working capital requirement,
exposure to risks inherent in tender-based business, and high
customer and project concentration in order book. These
weaknesses are partially offset by the extensive experience of
its promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement:
Gross current assets are estimated at 132 days as on March 31,
2017.

* Exposure to risks inherent in tender-based business
Revenue depends on success in winning tenders. Profitability is
constrained by competitive pricing.

* High geographical and project concentration in order book:
Majority of orders are in Hyderabad, which exposes the company to
availability of local tenders and changes in government policies.

Strength

* Promoter's extensive experience: The promoter has been in the
civil construction industry for more that four decades, resulting
in established relationship with key customers and suppliers.

Outlook: Stable

CRISIL believes SLMI will continue to benefit over the medium
term from the extensive experience of its promoter and
established relationship with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in profitability margins, or continued improvement in
working capital management. The outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in capital structure because of
large debt-funded capex or stretched working capital cycle.

SLMI (formerly, Sree Lakshmi Metal Industries and Constructions)
was set up in 1992 in Secunderabad by Mr. B Venkat Reddy as a
proprietorship firm, but was reconstituted as a private limited
company in 2011. The company constructs roads in Hyderabad.

In fiscal 2016, profit after tax (PAT) was INR5.89 crore on net
sales of INR131.53 crore, against a PAT of INR3.66 crore on net
sales of INR95.4 crore in fiscal 2015.


TIMESPAC INDIA: CRISIL Reaffirms 'B' Rating on INR7.88MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Timespac India
Private Limited (TIL) 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
   ----------          ---------     -------
   Bank Guarantee          0.25      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             7.88      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      4.20      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Standby Line of         5.67      CRISIL B/Stable (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 Timespac 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 Timespac India Private Limited
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with Crisil BBB Rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

TIL manufactures polypropylene/high-density polyethylene bags for
cement companies and commenced operation from 2000. The company
has installed capacity of 2,700 tonnes per annum and the
facilities are located in Bankura (West Bengal). The company is
promoted by Mr. Trilok Agarwal, who has various other companies
manufacturing bulk packaging materials and ferroalloy. He has
been in this business for the last two decades.


V.M.S. HOSPITAL: CRISIL Reaffirms 'B-' Rating on INR27MM LT Loan
----------------------------------------------------------------
CRISIL has been consistently following up with V.M.S. Hospital
(VMS) for obtaining information through letters and emails dated
January 19, 2017, and February 09, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           27       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 V.M.S. Hospital. 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 V.M.S. Hospital 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.

VMS is setting up a 99-bed multi-speciality hospital in Avadi,
Chennai. The firm is promoted by Mr. V M Sulthan Mohideen along
with 16 other partners who are family members.


VASAN HEALTHCARE: NCLT Allows Insolvency Resolution Process
-----------------------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT),
Division Bench, Chennai has allowed insolvency resolution
proceedings against Vasan Healthcare Pvt Ltd, under Section 9 of
the Insolvency and Bankruptcy Code 2016.

The Hindu says the application was filed by Alcon Laboratories
(India) Pvt Ltd, one of the suppliers of the firm.

According to Section 9 of the Insolvency and Bankruptcy Code,
after expiry of the period of 10 days from date of delivery of
the notice or invoice demanding payment, if the payment is not
received, the insolvency resolution process can be initiated, the
report notes.

In its application, Alcon said the firm had supplied products to
Vasan Healthcare through agreements entered in 2008, but no
payments were made [against the supplies], the Hindu relates.

Alcon said the dues amounted to about INR94 crore and Vasan had
agreed to pay the amount in instalments, the report relays.

Alcon also noted that despite the 10-day statutory notice, the
dues were not paid.

According to the report, Vasan had cited pending winding up
proceedings before the Madras Court and other reasons and sought
dismissal of Alcon's application.

The report relates that the NCLT said pendency of a winding up
petition could not be bar under the Code for initiating the
corporate insolvency resolution process, as the High Court had
not passed any order for winding up and no official liquidator
had been appointed.

In the order dated April 21, the NCLT had allowed Alcon's
application and had ordered the commencement of the corporate
insolvency resolution process, the Hindu reports.

The process ordinarily shall get completed within 180 days from
the date of the order, it added.

The NCLT had also appointed V. Mahesh as interim insolvency
professional, as proposed by Alcon to initiate the proceedings,
adds the Hindu.


VIGHNESHWAR ISPAT: CRISIL Reaffirms B Rating on INR4.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Vighneshwar Ispat
Private Limited (VIPL) for obtaining information through letters
and emails dated January 19, 2017, and February 09, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                1.0      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 Vighneshwar Ispat 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 Vighneshwar Ispat 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 B/Stable.

VIPL, incorporated in October 2009, manufactures mild-steel
ingots. The company is promoted and managed by Mr. Hemant Tayal
and Mr. Akshit Tayal who are also the directors. Its facility is
located in Raipur (Chhattisgarh).


VINAYAKA ELECTROALLOYS: CRISIL Reaffirms B Rating on INR5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank loan
facilities of Vinayaka Electroalloys India Private Limited
(VEIPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              4       CRISIL B/Stable (Reaffirmed)
   Long Term Loan           5       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect VEIPL's modest scale of
operations, large working capital requirement, and weak financial
risk profile because of high gearing, modest networth, and
subdued debt protection metrics. These weaknesses are partially
offset by its promoters' extensive industry experience and the
company's established supplier and customer relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With an estimated turnover of INR18
crore for fiscal 2017, scale remains small in the competitive
steel castings industry that has both organized and unorganized
players.

* Working capital intensive operations: Business is highly
working capital intensive, as reflected in gross current asset
days of 175 days as on March 31, 2016, driven by inventory of 112
days and creditors of 134 days.

Strength

* Extensive experience of promoters in steel casting industry:
Presence of more than two decades in the steel castings segment
has enabled the promoters to understand market dynamics and
established strong relationship with suppliers and customers.

Outlook: Stable

CRISIL believes VEIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports
significant growth in revenue and profitability, while improving
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of decline in revenue and
profitability; or lengthening of working capital cycle, adversely
affecting financial risk profile, particularly liquidity.

VEIPL, established in 2006 and based in Erode, Tamil Nadu,
manufactures steel castings for valves and pumps. It is promoted
and managed by Mr. S Venkatachalamurthi, Mr. P Chinnusamy, and
Mr. K Muthurathinam.

For 2015-16 (refers to financial year, April1 to march 31),
VEIPL's profit after tax (PAT) was INR8.36 lakh on net sales of
INR17.92 crore against  PAT of INR18.1 lakh on net sales of
INR18.33 crore for 2014-15.


VISHWAS MILK: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Vishwas Milk
Products Private Limited (VMP) for obtaining information through
letters and emails dated January 19, 2017, and February 09, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Proposed Cash           1.0      CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      2.22     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               1.78     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 Vishwas Milk Products 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 Vishwas Milk Products Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL
B+/Stable.

VMP, incorporated in 2008 by Mr. Sanjeev Arora and his wife Ms.
Upasana Apora, processes milk, and manufactures skimmed milk
powder and ghee. Its plant is in Fatehgarh Churian (Punjab) and
has capacity to process 200,000 litres of milk per day.


XPLORE LIFESTYLE: CRISIL Reaffirms 'B' Rating on INR9MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Xplore Lifestyle
Solutions Private Limited for obtaining information through
letters and emails dated January 19, 2017, and February 9, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      9.0       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Xplore Lifestyle Solutions
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 Xplore Lifestyle
Solutions 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 B/Stable.

Established in 2010, Xplore is a distributor of fitness and
healthcare equipment. The company, owned and managed by Mr.
Pankaj Balwani and his family members, is headquartered at Pune
(Maharashtra).


YESHASHVI STEELS: CRISIL Reaffirms 'B' Rating on INR7.35MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Yeshashvi Steels
and Alloys Private Limited (YSAPL) for obtaining information
through letters and emails dated January 19, 2017, and February
09, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            3.50       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan              7.35       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 Yeshashvi Steels and Alloys
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 Yeshashvi Steels and
Alloys Private Limited is consistent with 'Scenario 2' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B/Stable.

YSAPL, based in Bellary (Karnataka) was established in 2007 by a
team of technocrats. It is manufactures and sells sponge iron.
YSAPL also sells small quantity of char dust, which is a by-
product of sponge iron manufacturing process.



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


MNC INVESTAMA: S&P Lowers CCR to CCC+ on Rising Refinancing Risk
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on PT MNC Investama Tbk. to 'CCC+' from
'B-'.  The outlook is negative.  S&P also lowered its long-term
ASEAN regional scale rating on the company to 'axCCC+' from
'axB-'.  In addition, S&P lowered its long-term issue rating on
the US$365 million senior secured notes that MNC Investama
guarantees to 'CCC+' from 'B-'.  Ottawa Holdings Pte. Ltd. issued
the notes. MNC Investama is an Indonesia-based holding company
with sizable media interests and growing operations in financial
services.

"The downgrade reflects the lack of progress on articulating and
implementing a comprehensive and credible repayment or
refinancing strategy for MNC Investama's guaranteed US$365
million senior secured notes maturing in mid-May 2018," said S&P
Global Ratings credit analyst Xavier Jean.

As of March 31, 2017, MNC Investama and its main non-bank
operating companies are facing debt repayments of nearly
Indonesian rupiah (IDR) 10 trillion in bank loans and bonds
through 2018.  These include a IDR1 trillion bond at PT Global
Mediacom Tbk. maturing at the end of June 2017, a US$250 million
bank loan at PT Media Nusantara Citra Tbk. (MNCN) due in
September 2017, and US$365 million in notes at MNC Investama, the
holding company, maturing in May 2018.  In S&P's opinion,
refinancing risk is more acute for MNC Investama's senior secured
notes than for its operating companies.  That's because the
company has limited operating activities or assets on its own
that it can use as a source of repayment for the notes.

With about 12 months left before the notes come due, refinancing
risk is rising as a result of the lack of progress on MNC
Investama's refinancing strategy.  S&P believes MNC Investama may
elect to finalize the refinancing of the debt maturing at MNCN
first before addressing the maturity of its own notes.  This
would further reduce the timeframe available to MNC Investama to
refinance, and increase its dependency on favorable market
conditions and factors that are beyond the company's control as
the maturity draws closer.  Such factors include investor
appetite, yield conditions, and the strength of the Indonesian
rupiah.  With further delay, such refinancing would also have to
be completed in a relatively short period, limited by the amount
of time the audited or reviewed financial statements can be used
to market an issuance.

Despite growing refinancing risk, S&P believes MNC Investama
should have enough near-term liquidity to service about US$22
million in aggregate interest on the U.S. dollar notes due in May
and November 2017 and overhead costs.  S&P forecasts dividends at
MNCN (over which MNC Investama exerts good control) to be at
least equal to those paid in 2016 (about IDR587 billion).  S&P
also sees the prospect of exceptional shareholder remuneration --
if necessary -- given a solid balance sheet at these operations.
MNC Investama's own operations, most notably coal mining, have
also been improving since the middle of 2016 amid higher prices,
generating excess cash.  Nevertheless, meaningful cash
accumulation at the holding company level beyond overhead and
interest servicing is unlikely in S&P's view, given still subdued
operating conditions at the operating companies and residual
capital spending.

S&P regards refinancing risk of the upcoming syndicated bank loan
at MNCN, the next sizable maturity in September 2017, to be lower
than that at MNC Investama.  MNCN owns TV-channels with high
ratings and has high profitability and a modestly leveraged
balance sheet.  The company's annualized debt-to-EBITDA ratio was
about 1.5x based on its results for the quarter ended March 31,
2017.  The company's spending is also reducing and S&P expects
positive discretionary cash flows and cash accumulation in 2017.
These factors mitigate the refinancing risk for its 2017 bank
loan maturity, in S&P's view.

S&P assess MNC Investama's liquidity as weak.  S&P expects MNC
Investama's consolidated ratio of sources to uses of liquidity to
be well below 1x over the next 12 months, predominantly because
of the refinancing coming due at MNCN and the U.S. dollar notes
due in May 2018.  Liquidity sources include cash and internal
cash flows, and liquidity uses include short-term debt, capital
spending, and working capital.

"The negative outlook reflects persisting refinancing risk at MNC
Investama, and the prospect of a further downgrade within the
next six months in the absence of refinancing for the company's
U.S. dollar-denominated notes due 2018," said Mr. Jean.

S&P could lower the rating by one notch or more if MNC Investama
has not refinanced its maturing U.S. dollar notes by the end of
the third quarter of 2017.  S&P will also likely lower the rating
if the company undertakes capital market transactions related to
its 2018 notes that S&P assess as constituting a distressed
exchange, including capital market purchases below par.

An upgrade would be contingent on a sustainable reduction in
refinancing risk and a substantial lengthening of MNC Investama's
debt maturity profile.


SOECHI LINES: Fitch Publishes B+ Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has published Indonesia-based PT Soechi Lines Tbk's
(Soechi) Long-Term Issuer Default Rating of 'B+' with a Negative
Outlook.

Fitch has also assigned a 'B+(EXP)' expected rating to the
proposed US dollar senior unsecured notes to be issued by
Soechi's wholly owned subsidiary Soechi Capital Pte. Ltd. The
notes will be guaranteed by Soechi and all its operating
subsidiaries and the proceeds are intended to be used mainly to
refinance Soechi's existing debt. The final rating is subject to
the receipt of final documentation conforming to information
already received.

Soechi's key shipping business is relatively stable, supported by
growing demand, a robust market position and regulatory
protection. However, the shipyard segment has underperformed
relative to Fitch expectations and has been a drag on the
leverage profile. The situation is compounded by a lack of new
shipbuilding contracts. The Negative Outlook factors in the risk
that Soechi's FFO-adjusted net leverage will remain higher than
4.0x, the level above which Fitch would consider negative rating
action, until 2018, given a lack of cash flow visibility for its
shipyard business.

KEY RATING DRIVERS

Weak Shipyard Performance: Soechi's shipyard has faced sustained
delays in delivering its new-build ships due to delays in
construction as well as counterparty inspections. This includes
three ships the company is building for PT Pertamina (Persero)
(BBB-/Positive) under contracts worth more than USD60 million.
The company has not faced any penalties due to delays, but
shipyard earnings have been hit. In addition, the company has not
secured any new contracts after being awarded contracts for three
new ships by Indonesia's Ministry of Transportation in 2015.

Soechi began operations at its shipyard in 2013 and Fitch has
expected steady revenue growth. However, shipyard revenues fell
by 18% in 2016, hit by delays and a lack of new orders. Soechi
expects new contracts to start flowing in as it delivers on its
order book. It completed the first of Pertamina's three ships in
2Q17 and is targeting delivery of the other two in 2018. This
follows the delivery of its first ship to a sister company in
November 2016. Soechi also expects to earn meaningful ship-repair
revenues from 2018, having completed capex on key facilities
including a floating dry dock. Fitch assumes increased shipyard
revenue from 2018, but the lack of new contracts presents a risk.

Resilient Shipping Business: Soechi's tanker capacity is geared
predominantly towards transportation of oil and related products.
Indonesia's oil consumption has grown steadily, supported by an
expanding economy, and tanker demand is likely to be sustained.
Soechi's fleet capacity under longer-term time-charter contracts
has remained at a relatively high level of 85% as of end-2016,
indicating robust demand. A higher share of time-charter
contracts improves cash flow stability, and Fitch think Soechi is
well placed to secure further such contracts for its expanding
fleet.

The outlook for Soechi's shipping business is supported by its
robust market position as the country's largest independent
tanker operator. Indonesia's shipping industry is fragmented,
with a large number of small players, and enjoys protection from
foreign competition by cabotage laws, which mandate the use of
Indonesia-flagged vessels for domestic transportation and limit
foreign ownership to 49% in JVs for operation of Indonesia-
flagged vessels.

Old Fleet, Small Size: The average age of Soechi's fleet
(weighted by capacity) is around 18 years, against a typical
useful ship life of 30 years. The company's fleet-age profile
corresponds with its strategy of operating older ships, which is
the norm in Indonesia's market. The average age of Indonesian-
flagged vessels is more than 20 years. However, older ships have
higher maintenance expenses and are more prone to operational
issues. In addition, Soechi's fleet of 38 revenue-earning ships
as at March 2017 is small relative to global peers.

Customer Concentration, but Low Risk: Pertamina is the company's
largest customer, contributing 51% to Soechi's 2016 revenue. This
exposes Soechi to the risk of Pertamina not renewing contracts,
not granting new contracts or defaulting on its payments.
However, Fitch believes these risks are significantly alleviated
by Soechi's long-standing relationship with Pertamina (Soechi's
predecessor companies have been contracted by Pertamina since
1981), Pertamina's robust credit profile, as well as Soechi's
leading market position and conservative capex policy tied to the
demand outlook.

Moderate Financial Profile: Fitch estimates Soechi's FFO-adjusted
net leverage at around 4x over the next three years and FFO
fixed-charge cover at 3.5x, assuming steady revenue growth from
2017. However, Fitch forecasts negative free cash flow due to
steady spending on vessel acquisitions. Soechi's credit profile
could deteriorate if it does not maintain capex discipline over
acquisitions tied to the likelihood of new contracts.

DERIVATION SUMMARY

Soechi's rating can be compared with that of Russian shipping
company PAO Sovcomflot (BB/Stable), which is rated 'BB-' on a
standalone basis. Sovcomflot enjoys a one-notch uplift due to
strong government support. Its rating is underpinned by a robust
business profile - a healthy share of long-term contracts, a
fairly young fleet and a diversified customer base. Sovcomflot's
scale is much larger than that of Soechi, and together with its
better operational profile, justifies its higher rating.

KEY ASSUMPTIONS

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

- Soechi's deadweight tonnage to increase by a compound annual
  growth rate of around 11% over 2017-2020.

- Flat tanker day-rates.

- Average annual spending, including upfront docking charges, of
  around USD80 million.

- Maintenance expenses to rise by 2% per year and salaries by 5%
  per year from 2017, adjusted for an increase in fleet size.

- Shipyard revenue to increase to USD30 million in 2018 (2016:
  USD24 million) with ship repair business starting to contribute
  to earnings.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action Include

- Inability to reduce FFO-adjusted net leverage to 4x or lower
  by 2018

- FFO fixed-charge cover below 3x on a sustained basis

- Substantial deterioration of the operating environment

Future developments that may lead to a revision in the Outlook to
Stable include the Issuer not meeting any of the negative rating
sensitivities.

LIQUIDITY

Manageable Liquidity: Soechi's debt currently comprises secured
bank loans. While the debt maturities are evenly spread out,
negative FCF would mean a need for sustained refinancing, in
Fitch views. However, refinancing related risk is low due to its
diverse banking relationships and the discrete, cash generating
nature of the underlying assets. If the proposed bond is
successful, the company's liquidity profile will improve as the
refinancing of current debt should eliminate the need for regular
repayments over the next four years.


SOECHI LINES: Moody's Affirms B1 CFR; Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating (CFR) of Soechi Lines Tbk. (P.T.) (Soechi).

At the same time, Moody's has assigned a senior unsecured bond
rating of B1 to the guaranteed senior notes to be issued by
Soechi Capital Pte. Ltd., a wholly owned subsidiary of Soechi.
The proposed notes are unconditionally and irrevocably guaranteed
by Soechi and its subsidiary guarantors, who own all of Soechi's
vessels and its shipyard.

The outlook on the ratings is stable.

Proceeds from the notes issuance will be used to repay all
outstanding indebtedness and fund the interest reserve account.

Ratings on proposed notes are subject to review of final terms
and conditions of the notes indenture.

RATINGS RATIONALE

"The affirmation of the B1 corporate family rating reflects
Moody's expectation that recent vessel acquisitions and a high
exposure to term vessel charters will restore revenue and
earnings growth in 2017 and support the maintenance of financial
leverage, as measured by adjusted debt-to-EBITDA, between 4.0x-
4.5x over the next 12-18 months," says Brian Grieser a Moody's
Vice President and Senior Credit Officer.

"The rating also reflects positively the high barriers to entry
created by cabotage laws in Indonesia (Baa3 positive), which
mandate the use of Indonesian-flagged vessels for domestic sea
freight transportation, and the benefits of a strong and long-
standing relationship with Indonesia's national oil and gas
company, Pertamina (Persero) P.T. (Baa3 positive)," added Grieser

As one of the larger tanker owners in Indonesia, Soechi has
benefitted from the 2008 cabotage laws, increasing its fleet size
to 1.6 million dead weight tonnes (DWT) as of March 30, 2017 from
less than 1 million DWT in 2010. This increased scale and the
company's ongoing relationship with Pertamina, where Pertamina
accounts for roughly 50% of shipping revenues and 50% of the
company's DWT on time charters, support Soechi's earnings and
cash flow prospects. Further, roughly 79% of all DWT capacity, or
24 vessels, are on time charters.

However, the rating is constrained by Soechi's relatively small
scale of operations globally, its significant reliance on its two
very large crude carriers (VLCC), which account for roughly 40%
of its DWT, significant on-going vessel acquisitions, which have
historically led to negative free cash flow, and the formative
stage of its shipbuilding operations.

In 2012, Soechi began operations on its shipbuilding business and
has since won eight newbuild orders, three of which are from
Pertamina. One ship has been completed in 2016 and delivered
while another has been launched and will be delivered in 2017.
The company launched its floating dry dock in 2017 to provide
repair and maintenance services to its fleet and external
parties. As such, this business has yet to start contributing
meaningfully to earnings and will likely weigh on the company's
margins over the next 12-18 months.

While Soechi has historically used debt to fund its growth,
Moody's expects capital expenditures to decline due to the
completion of build-out related to the shipyard, and going
forward to be mainly driven by the acquisitions of second-hand
vessels. As such, Moody's does not expects Soechi to materially
increase its debt levels in 2017 and 2018.

The B1 rating on the proposed unsecured notes reflect Moody's
expectations that the notes will represent the only debt in the
company's capital structure upon application of the proceeds of
the notes to repay all outstanding debt. Further, Moody's expects
minimal usage of the senior secured $50 million revolving credit
facility due 2021 over the next 12-18 months.

The stable outlook reflects Moody's expectation that Soechi will
maintain its longstanding relationship with Pertamina and
maintain good revenue visibility from its time charter contracts.
The outlook also takes into account the risk factors arising out
of the formative stage of the capital intensive shipbuilding
business and its relatively small contribution to overall
earnings.

The rating could be downgraded if the company materially raises
debt levels to fund new tanker acquisitions over the next 12-18
months or if its shipbuilding business fails to meet its new
build terms and is required to reimburse any installment payments
to customers. Furthermore, downward pressure on the ratings could
build if: (1) any legislative developments arise that loosen
cabotage laws; (2) Pertamina shifts management of its fleet such
that it reduces its exposure to Soechi; or (3) either of Soechi's
two VLCC's are out of service for an extended period.

Credit metrics that could lead to a downgrade include debt-to-
EBITDA leverage exceeding 4.5x or interest coverage -- as
measured by (FFO + interest) to interest expense -- falling below
2.25x.

The rating could be upgraded if management continues to
successfully grow its shipping business and increase profit
contribution from its Shipyard while lowering leverage. Given
Soechi's small scale and customer and vessel concentration,
Moody's would expect leverage, as measured by debt-to-EBITDA, to
be around 3.0x on a sustainable basis and interest coverage of
over 4.0x before considering an upgrade.

Furthermore, an upgrade is unlikely before its shipyard business
develops a track record of executing orders in a timely and
profitable manner while sustaining a modest order backlog.

The principal methodology used these ratings was Global Shipping
Industry published in February 2014.

Soechi, headquartered in Jakarta, Indonesia, is mainly engaged in
the business of providing crude oil, petroleum products and
liquefied petroleum gas (LPG) shipping and shipyard services
principally to companies operating in the domestic oil and gas
and chemical sectors in Indonesia. Soechi operates a fleet of 38
vessels comprising 23 oil tankers, 10 chemical tankers, 3 gas
tankers and 2 Floating Storage & Offloading Units (FSO) having a
total capacity of 1.57 million DWT.

The company has also ventured into the ship-building and
maintenance business through its 99.99% subsidiary PT Multi Ocean
Shipyard. Soechi has developed a shipyard in Karimun, in the
Malacca strait in close proximity to Singapore. The shipyard is
located in a free trade zone with an investment of $181 million
since its inception in 2009. Operations began in 2014 with $20
million of revenue. Through December 2015, the Company has
obtained 8 vessel construction contracts from tanker charter
customers and the Government of Indonesia (Baa3 positive).

Soechi is a family owned business with the members of the Utomo
family having majority ownership (approximately 85%) while 15% of
the stock is publicly held. The company completed its IPO in
December 2014 and is listed on the Indonesian stock exchange.



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


MELCO RESORTS: Moody's Rates Proposed US Dollar Notes at Ba3
------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
proposed US dollar notes to be issued by Melco Resorts Finance
Limited. The rating outlook is stable.

Melco Resorts Finance plans to use the bond proceeds to redeem
its existing $1.0 billion senior notes due 2021 issued in 2013.

RATINGS RATIONALE

"The Ba3 rating reflects Melco Resorts Finance's established
operations in Macau through Melco Crown (Macau) -- which is the
key operating entity that holds the gaming concession -- with
solid financial metrics and good liquidity," says Stephanie Lau,
a Moody's Vice President and Senior Analyst.

"However, the rating is constrained by its geographic
concentration and heavy reliance on the operations of its two
major properties," adds Lau.

Moody's expects the bond issuance will lengthen Melco Resorts
Finance's debt maturity profile and have no impact on its credit
metrics, because the proceeds will be used to refinance existing
debt.

Moody's expects Melco Resorts Finance's revenue and EBITDA to
remain stable, reflecting its assumptions of a gradual
stabilization in Macau's gaming revenues and moderate cost
inflation. As such, Moody's expects adjusted debt/EBITDA to stay
at around 2.0x-2.5x over the next 12-18 months, similar to the
2.2x for 2016. This ratio is within the parameters of the current
ratings.

At end-2016, Melco Resorts Finance held cash and deposits of
round $1.2 billion and had undrawn banking facilities of $1.25
billion. These sources are sufficient to cover the company's
capex -- which Moody's estimates at $600-$700 million over the
next 12 months -- as well as its debt repayments of approximately
$44 million.

The rating also considers a degree of likelihood that Melco
Resorts Finance will provide financial support to its parent
Melco Resorts and Entertainment, which reported a relatively high
level of financial leverage -- as measured by adjusted
debt/EBITDA -- of around 4.3x of in 2016.

Melco Resorts Finance's bond rating is not notched down for
subordination. The company's secured and subsidiary debt
represented only around 8% of the rated group's total assets at
end-December 2016, and this proportion should stay below 15% in
the next 1-2 years absent any material debt-funded construction
projects in the pipeline.

The stable ratings outlook reflects Moody's expectation that
Melco Resorts Finance will maintain its strong financial profile
over the next 12-18 months, based on its mass-market business and
prudent financial management. Moreover, Moody's does not expect
the company to fund another major distribution to its parent.

Upward pressure on the rating could emerge if: (1) Melco Resorts
Finance improves its financial profile, such that adjusted
debt/EBITDA falls below 2.0x and EBITDA/interest exceeds 6.0x-
7.0x on a sustained basis; and (2) Melco Resorts and
Entertainment improves its credit metrics, such that consolidated
debt/EBITDA falls below 3.5x and consolidated EBITDA/interest
exceeds 5.5x-6.0x on a sustained basis.

The rating could be downgraded if: (1) Melco Resorts Finance and
Melco Resorts and Entertainment demonstrate operating
performances that are significantly weaker than Moody's expects,
due to a material slowdown in Macau's gaming market, or stronger-
than-expected competition; (2) a major construction project is
vested at Melco Resorts Finance, increasing its financial risk;
or (3) Melco Resorts and Entertainment engages in significant
debt-funded investments.

Credit metrics indicating a possible downgrade include
debt/EBITDA in excess of 4.0x-4.5x or EBITDA/interest below 4x.

The principal methodology used in this rating was Global Gaming
Industry published in June 2014.

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

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



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


PROPERTY VENTURES: PWC Helped Skirt Insolvency, Liquidator Says
---------------------------------------------------------------
BusinessDesk reports that PricewaterhouseCoopers advised Property
Ventures (PVL) on ways to continue trading when by some accounts
it was insolvent while at the same time giving David Henderson's
failed property development company a clean bill of health as
statutory auditor, the liquidators allege.

Liquidator Robert Walker alleges that if not for PWC, the company
would have been wound up in 2007, allowing loans to be called in,
asset sales and a more orderly liquidation, BusinessDesk relates.
Instead it trundled on until 2010, when it failed owing NZ$69
million and was later put into liquidation. Mr. Henderson was
bankrupted that year and has since been discharged although he's
banned from being a director, which he is appealing. From 2006
until its failure, PWC gave the company clean audits.

"PWC's role went beyond simply creating the opportunity for PVL's
losses," the report quotes Mr. Walker as saying in an April 7
affidavit. "I believe that this is not merely a negligence case.
PWC were consciously involved in activities which were intended
to assist PVL to continue to trade in the face of likely or
actual insolvency."

The affidavit was aired by Mr. Walker's lawyer, Justin Smith QC,
in a defended security of costs application in the Christchurch
High Court that began on May 9. The interlocutory hearing comes
ahead of a substantive hearing set for the first quarter of 2018
against company directors, PWC and other parties which the
accounting firm has unsuccessfully challenged in the High Court
and the Court of Appeal. It is now awaiting the outcome of a
Supreme Court challenge, BusinessDesk notes.

According to BusinessDesk, Mr. Smith outlined a series of
allegations against PWC managing partner Maurice Noone and other
advisers in the firm, the first when it was first appointed
auditor for the 2006 year and, according to Walker's affidavit,
breached the auditors' code of conduct by failing to liaise with
its predecessor.

Mr. Smith said Grant Thornton was dumped after the 2005 audit for
telling PVL it had doubts about whether it was a going concern.
The liquidator alleges PWC didn't check in with its predecessor,
as required by the auditors' code of ethics, or review Grant
Thornton's working papers. The accounting firm also failed to
engage with PVL's "clear and ongoing cash-flow insolvency",
failed to challenge big jumps in asset valuations and didn't
engage on Henderson's control of the company, the flow of funds
between his private interest and PVL's, and the apparent
willingness of PVL's other directors to go along with him,
according to the affidavit.

"It smacks of lack of professional scepticism and tends to
suggest the auditor is assisting to obviate the problems," Mr.
Smith told the court.

BusinessDesk relates that the liquidator said PWC had a close
knowledge of some of PVL's controversial behaviour. PWC allegedly
advised PVL to set up a separate entity, Kapiti Ventures, to
progress a loan when its own ability to borrow was tapped out.
PVL borrowed NZ$8 million to buy land on the Kapiti Coast north
of Wellington. It was revalued at NZ$32 million three months
later, allowing the company to borrow a further NZ$13.4 million
that was siphoned off for cash flow to repay other creditors.

But other properties, acquired from Henderson interests, enjoyed
much sharper increases in value. PVL's Five Mile Holdings
acquired a block known as the Ladies Mile Land for NZ$12.5
million in 2003, before PWC was auditor, and another block known
as the Gardez land, for NZ$14 million. Ladies Mile was
subsequently valued at NZ$69.5 million in 2006 and Gardez at
NZ$42 million.

"It is alleged that PWC failed to properly scrutinise the
enormous increases in the land valuations of Ladies Mile and
Gardez - the valuation jumps in 2006, at a time when PVL had
serious cash flow issues and was insolvent, should have raised
significant red flags," BusinessDesk quotes Mr. Walker as saying.

The plaintiffs also allege that PWC assisted PVL in avoiding
payment of GST penalties on its Te Anau development. The money
had been taken as deposits for the development and should have
been held in trust until they became unconditional in 2006 but
instead PVL used the funds for cash flow, according to
BusinessDesk.

Mr. Smith, for the plaintiffs also said Noone managed to placate
the Companies Office over the solvency of the company, saying it
would get a clean audit that year.

BusinessDesk says lawyers for the nine defendants argued for more
than NZ$4 million in costs including expert witnesses, legal
preparation, accommodation and travel. They argued that they were
not so much up against the liquidator as against the successful
litigation funder LPF Group, which has taken up a position as a
creditor and stands to pick up about 42.5 percent of any
settlement in return for bankrolling the case.

BusinessDesk notes that PWC's lawyer Philippa Fee argued that
little was known about the finances of the litigation funder and
how deep its pockets really were. There was also a risk that it
was unsuccessful in other litigation, leaving it unable to cover
costs in the PVL case. She cited costs awarded around the Feltex
IPO case Saunders vs Houghton, which amounted to NZ$5 million for
Harbour Litigation Funding.

Ms. Fee said the global financial crisis played "a huge role" in
PVL's deterioration and the allegations go beyond the statutory
audit PWC was retained to carry out. Insolvency at PVL was
firstly the result of compounding rates of penalty interest,
BusinessDesk relays.

PWC's lawyer said last year that the balance sheet loss of NZ$320
million claimed in the lawsuit was attracting penalty interest of
about 21 percent, meaning it was growing "almost exponentially",
reports BusinessDesk.

Tony Hughes-Johnson QC, for first defendant and former PVL chair
Austin Forbes QC, said his client didn't accept the company had
been insolvent in 2006 and 2007, adds BusinessDesk. But he said
Forbes also had a defence of being entitled to rely on documents
furnished by company managers.

Property Ventures played a key role in one of New Zealand's most
spectacular company failures, as it was the largest asset of
Hanover Finance, amounting to more than 20 percent of Hanover's
assets, at the time the finance company's investors voted on a
moratorium that led eventually to the sale of their debt of
Allied Farmers. In 2008, PWC was the auditor of both Property
Ventures and another company in the group, Five Mile Holdings,
while it was also advising the trustee of Hanover over the
moratorium, Mr. Walker, as cited by BusinessDesk, alleged.

The hearing is continuing, BusinessDesk notes.

Property Ventures (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year.


===========
T A I W A N
===========


ORIENTAL SECURITIES: Fitch Lowers Long-Term IDR to 'BB+'
--------------------------------------------------------
Fitch Ratings has taken the following rating actions on seven
standalone securities firms in Taiwan:

- Downgraded Oriental Securities Corporation's Long-Term
  Foreign-Currency Issuer Default Rating (IDR) to 'BB+'
  from 'BBB-';

- Revised the Outlook on Concord Securities Corporation
  to Stable from Negative;

- Maintained the Rating Watch Positive (RWP) on Ta Chong
  Securities Co., Ltd.'s) ratings; and

- Affirmed all ratings on Ta Ching Securities Co., Ltd.,
  Tachan Securities Co., Ltd, Grand Fortune Securities Co.,
  Ltd. and Horizon Securities Co., Ltd.

KEY RATING DRIVERS

IDRS AND NATIONAL RATINGS
Oriental's downgrade reflects its weakened core competence in
proprietary trading, which is evident from the company's losses
in the past two years. Fitch does not expect the company to
significantly improve its risk-adjusted return against unexpected
market volatility. Oriental's limited franchise, which reflects
in its less-competitive product offerings, and modest brokerage
income that only covers 40%-50% of firm-wide operating expenses,
are commensurate with an IDR of 'BB+'.

The Outlook on Concord has been revised to Stable from Negative
as the company has managed to rein in its appetite for trading,
reduce its leverage and strengthen its capitalisation.

Fitch maintained the RWP on Ta Chong's ratings as the acquisition
of Ta Chong by Taishin Securities Co., Ltd. (TSS;
BBB/A+(twn)/Stable) has yet to be completed. Fitch expects to
resolve the Rating Watch in 2H17 when the transaction closes.

The affirmations of the ratings on Ta Ching, Tachan, GFS and
Horizon are based on their generally stable credit profiles,
which are underpinned by their consistently low leverage and
Fitch's expectation of their ability to maintain sound capital
buffers, liquid portfolios and high-quality collateral backing
repo funding.

Fitch expects the decline in stock-market turnover to stabilise,
helped by a mildly improving domestic economy and a recovery in
retail flow. This combined with gradual deregulation in
securities firms' products drive Fitch's revision of the
securities firms' Operating Environment factor to 'a-/Stable'
from 'a-/Negative'.

Nevertheless, the ratings of the aforementioned entities are
primarily driven by rating factors specific to their profiles,
including their modest franchises, concentrated business models
and homogeneity of product offerings.

The seven entities are the smaller securities firms in Taiwan.
Fitch expects their earnings performance to remain weak given
their modest brokerage-related earnings, reliance on trading for
profitability and limited competitive advantages in products and
franchise. However, strong capital buffers, low leverage and
liquid balance sheets will continue to underpin their ratings in
the 'BB' category.

Oriental and Concord are rated higher at 'BB+'. Oriental's
franchise benefits from being part of the well-established Far
Eastern group as well as its limited use of debt borrowing.
Concord's rating reflects its relatively diversified franchise
among similarly sized domestic peers, enabling the company to
capture greater business opportunities. Horizon is rated lower at
'BB-', taking into account its weaker and more volatile earnings,
and higher market risk appetite.

RATING SENSITIVITIES

IDRS AND NATIONAL RATINGS
Rating upgrades for Oriental, Concord, Ta Ching, Tachan, GFS and
Horizon are unlikely, given their moderate franchises and
constrained business models that rely on trading for
profitability. A downgrade for Concord would mainly arise from
its inability to meet Fitch expectations of a sustained
improvement in earnings quality through its broader business mix
than similarly rated domestic peers. For GFS, a sharp increase in
risk appetite without commensurate increase in capital buffer
could result in negative rating action. For Horizon, a severe
deterioration in capitalisation from an increase in trading or
aggressive share buybacks may lead to a downgrade. Downgrades at
Oriental, Ta Ching and Tachan are less likely due to their
healthy balance sheets with low use of leverage and superior
liquidity.

Fitch expects to upgrade Ta Chong's National Long-Term Rating to
'A+(twn)' to align it with TSS's rating once TSS's acquisition of
the securities firm is completed. The agency will simultaneously
withdraw Ta Chong's ratings. If the transaction does not occur,
Fitch is likely to affirm the existing ratings on Ta Chong, given
its ability to maintain a stable credit profile.

The rating actions are as follows:

Oriental:
Long-Term Foreign-Currency IDR downgraded to 'BB+' from 'BBB-';
Outlook Stable
Short-Term Foreign-Currency IDR downgraded to 'B' from 'F3'
National Long-Term Rating downgraded to 'A-(twn)' from 'A(twn)';
Outlook Stable
National Short-Term Rating downgraded to 'F2(twn)' from 'F1(twn)'

Concord:
Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook revised
to Stable from Negative
Short-Term Foreign-Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook revised
to Stable from Negative
National Short-Term Rating affirmed at 'F2(twn)'

Ta Chong:
National Long-Term Rating at 'BBB+(twn)'; Rating Watch Positive
maintained
National Short-Term Rating at 'F2(twn)'; Rating Watch Positive
maintained

Ta Ching:
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

Tachan:
Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

GFS:
National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

Horizon:
National Long-Term Rating affirmed at 'BBB(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F3(twn)'



                             *********

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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