TCRAP_Public/170524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, May 24, 2017, Vol. 20, No. 102

                            Headlines


A U S T R A L I A

DIPLOMA GROUP: Placed Into Provisional Liquidation
DIVITIARUM AUDAX: Licence Suspended for Failing to Lodge Reports
FISHER & PAYKEL: S&P Cuts Counterparty Credit Rating to BB-
HERRINGBONE PTY: Administrators Hold Fire Sale to Save Brands
MAGIC LIGHT: Second Creditors' Meeting Set for May 31

NISRIX PTY: Second Creditors' Meeting Set for May 29
SEW AUS: Second Creditors' Meeting Set for May 31
SI POWDERS: First Creditors' Meeting Set for May 30
SURFSTITCH: Faces AUD100MM Class Action Over Share Wipeout
TWINSIDE PRECAST: First Creditors' Meeting Set for May 31


C H I N A

LEECO: Founder Jia Yueting Resigns as CEO of Video Service Unit
LEECO: To Lay Off More Than 300 Workers in the U.S.
MINGFA GROUP: S&P Suspends 'CCC+' CCR on Information Delay


H O N G  K O N G

DR. PENG HOLDING: S&P Assigns 'BB' Rating on Proposed Sr. Notes
NOBLE GROUP: S&P Lowers CCR to 'CCC+' on Weak Liquidity


I N D I A

ARASHU CLOTHING: CARE Issues B+ Issuer Not Cooperating Rating
ASHTAVINAYAK AUTO: CARE Issues D Issuer Not Cooperating Rating
AVK AUTOMALL: CARE Issues D Issuer Not Cooperating Rating
AVK AUTOMART: CARE Issues D Issuer Not Cooperating Rating
CALISTA PROPERTIES: CARE Reaffirms B- Rating on INR15cr Loan

CARRIER WHEELS: Ind-Ra Migrates B Rating to Non-Cooperating
CORUM HOSPITALITY: CARE Issues D Issuer Not Cooperating Rating
DEMANDSHORE SOLUTIONS: Ind-Ra Ups Long-Term Issuer Rating to B+
ELITE INFRA: CARE Issues D Issuer Not Cooperating Rating
GLOBAL OFFSHORE: CARE Reaffirms D Rating on INR371.30cr Loan

JAIPUR TUFFEN: CARE Assigns B+ Rating to INR17cr LT Loan
JINDAL INDIA: CARE Reaffirms D Rating on INR5766.69cr Loan
JINDAL STAINLESS: CARE Reaffirms D Rating on INR3,224cr Loan
K L RATHI: Ind-Ra Assigns BB Long-Term Issuer Rating
MASCOM STEEL: Ind-Ra Assigns 'B-' Long-Term Issuer Rating

MAXIMAA SYSTEMS: CARE Issues D Issuer Not Cooperating Rating
MUNDRA INVESTMENTS: CARE Issues B Issuer Not Cooperating Rating
RAMAKRISHNA ELECTRONICS: CARE Reaffirms D Rating on INR30cr Loan
RCL PAPER: CARE Issues D Issuer Not Cooperating Rating
ROCK REGENCY: CARE Issues B- Issuer Not Cooperating Rating

SHRI VAIJANATH: CARE Issues D Issuer Not Cooperating Rating
SIRIUS INFRA: CARE Issues D Issuer Not Cooperating Rating
SOUTHERN AUTO: Ind-Ra Migrates B+ Rating to Non-Cooperating
SRI BALAJI: CARE Issues B Issuer Not Cooperating Rating
SRI SATYA: Ind-Ra Migrates B- Rating to Non-Cooperating

TAKEDA IFMR: Ind-Ra Affirms B+ Rating on INR22.6MM Series A2 PTCs
TARACHAND INT'L: CARE Issues D Issuer Not Cooperating Rating
TEHRI PULP: CARE Reaffirms 'D' Rating on INR67.35cr Loan
VESTA EQUIPMENT: CARE Issues D Issuer Not Cooperating Rating


J A P A N

TOSHIBA CORP: Westinghouse Risks Still Shadow Firm


P H I L I P P I N E S

RURAL BANK OF ILIGAN: Creditors' Claims Deadline Set for July 3
RURAL BANK OF RAGAY: Claims Deadline Set for July 3


                            - - - - -


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


DIPLOMA GROUP: Placed Into Provisional Liquidation
--------------------------------------------------
Justice McKerracher of the Federal Court of Australia has lifted
an earlier stay on the appointment of David Hodgson and Andrew
Hewitt, of Grant Thornton, as provisional liquidators to ASX-
listed Diploma Group Limited and its subsidiaries following an
application by ASIC. The subsidiaries are:

1. Diploma Construction (WA) Pty Ltd (Receivers and Managers
Appointed) (Administrators Appointed);

2. DGX Construction Pty Ltd (Receivers and Managers Appointed)
(Administrators Appointed);

3. Diploma Properties Pty Ltd;

4. Diploma TCO Holdings Pty Ltd;

5. Diploma Construction (NSW) Pty Ltd;

6. Diploma Capital Pty Ltd;

7. Allegro Realty Holdings Pty Ltd;

8. Diploma Development Management Pty Ltd;

9. Weststructure Pty Ltd;

10. 24 Flinders Lane Pty Ltd;

11. 176 Adelaide Tce Pty Ltd;

12. Rockingham Serviced Apartments Pty Ltd;

13. Chemlabs Emporium Pty Ltd;

14. Allegro Realty Pty Ltd;

15. 300 Lord St Pty Ltd;

16. 303 Campbell St Pty Ltd;

17. 254 West Coast Hwy Pty Ltd;

18. Subiaco Residential Apartments Pty Ltd; and

19. Diploma Capital Securities Pty Ltd

(collectively, the Diploma Group).

The provisional liquidation commenced on May 22, 2017, with the
provisional liquidators required to provide a detailed report to
the Court within 45 days that sets out, among other things, the
financial position of the Diploma Group.

The matter is next before the Court on July 26, 2017.

ASIC made the application in relation to the Diploma Group to
protect the interests of shareholders, investors and creditors.

ASIC's investigation into the Diploma Group is ongoing.

Creditors of the twenty companies affected should contact the
Provisional Liquidators if they have questions about their
rights.

Diploma Group Limited was a Perth-based commercial construction
and property development company.

On December 21, 2016 a secured creditor appointed Martin Jones
and Andrew Smith of Ferrier Hodgson as receivers and managers of
Diploma Group Limited, Diploma Construction (WA) Pty Ltd and DGX
Construction Pty Ltd.

Following this, on December 22, the directors of Diploma Group
Limited, Diploma Construction (WA) Pty Ltd and DGX Construction
Pty Ltd appointed Matthew Donnelly, Mr. Hewitt and Mr. Hodgson of
Grant Thornton as voluntary administrators (Administrators) to
those three companies. Mr. Donnelly later ceased.

The Administrators held the first creditors meeting on January 6,
2017.

The second creditors meeting held on May 8, 2017, was adjourned
for up to 45 days to allow the Administrators to consider further
information that came to light after ASIC commenced proceedings
against the Diploma Group.

The appointment of the Provisional Liquidators brings the
previous administrations of three companies to an end.  Creditors
of the twenty companies affected should contact the Provisional
Liquidators if they have questions about their rights.

ASIC earlier discontinued its application against one further
company, Lot 101 Hay St East Perth Pty Ltd, once it was no longer
clear that the maintenance of that application was in the best
interests of creditors.


DIVITIARUM AUDAX: Licence Suspended for Failing to Lodge Reports
----------------------------------------------------------------
The Australian Securities and Investments Commission has
suspended the Australian financial services (AFS) licence of NSW-
based Divitiarum Audax Pty Limited from May 8, 2017 for failing
to lodge financial statements and auditor's reports for a period
of four years. This is in breach of both Divitiarum Audax's legal
obligations and licence conditions.

ASIC Deputy Chair Peter Kell said, 'Licensees are required to
lodge financial statements and auditor's reports with ASIC to
demonstrate their capacity to provide financial services.'

'Failure to comply with reporting obligations can be an indicator
of a poor compliance culture. ASIC won't hesitate to act against
licensees who do not meet these important requirements.'

ASIC has suspended Divitiarum Audax's licence until November 8,
2017.

If Divitiarum Audax does not lodge the required documents by this
date, ASIC will consider whether the licence should be cancelled.

Divitiarum Audax provides general financial product advice and
has held its AFS licence since February 2004.

The annual lodgment of audited accounts is an important part of a
licensee demonstrating it has adequate financial resources to
provide the services covered by its licence and to conduct the
business in compliance with the Corporations Act 2001.

ASIC will continue to contact AFS licensees who have not
financial statements and auditor's reports and take appropriate
action if they fail to lodge.

The suspension of Divitiarum Audax's licence is part of ASIC's
ongoing efforts to improve standards across the financial
services industry.


FISHER & PAYKEL: S&P Cuts Counterparty Credit Rating to BB-
-----------------------------------------------------------
S&P Global Ratings said that it has lowered its long-term issuer
credit ratings on 23 financial institutions operating in
Australia.  At the same time, S&P has revised its outlooks on
most of these financial institutions to stable.  S&P's outlooks
on seven financial institutions remain negative.

The rating actions reflect S&P's view that continued buildup of
economic imbalances in the country over the past few years due to
a rapid rise in private sector debt and house prices --
particularly in two of the most populous cities of Sydney and
Melbourne -- has exposed Australian financial institutions to
greater economic risks. To reflect the increased risk, S&P has
lowered its assessment of the stand-alone credit profiles (SACPs)
of almost all financial institutions operating in Australia.

Strong growth in private sector debt (which S&P estimates will
increase to about 136% of GDP in June 2017 from 117% in 2013, or
an annual average increase of 4.6 percentage points) coupled with
an increase in property prices nationally (S&P's estimated
average inflation-adjusted increase for the four years to June
2017 is 6.4% nationally) have driven the buildup in imbalances in
the economy, in S&P's view.  S&P notes that the strong growth in
property prices continued within Melbourne and Sydney contrary to
S&P's base-case expectation that it articulated in October 2016,
when S&P revised the outlooks on its ratings on most Australian
banks to negative.

Consequently, S&P believes the risk of a sharp correction in
property prices has increased.  S&P considers that if this
downside scenario were to occur, all financial institutions
operating in Australia are likely to incur significantly greater
credit losses than at present.  In addition, with residential
home loans securing about two-thirds of banks' lending assets,
the impact of such a scenario on financial institutions would be
amplified by the Australian economy's external weaknesses, in
particular its persistent current account deficits and high level
of external debt.

Despite S&P's view that the risk of a downside scenario and its
impact have increased, S&P considers the outlook for the
Australian banks remains relatively benign by global standards.
S&P considers that recent and possible further actions by the
Australian authorities should aid in an unwinding of the
imbalances in an orderly fashion, as has generally been the case
in the past several cycles in Australia -- and may have already
started in Sydney and Melbourne.  This is most likely to occur
through slower growth -- or even a mild drop--in property prices
over the next two years, without causing any significant increase
in credit losses incurred by the Australian banks.  Nevertheless,
S&P considers that until the imbalances have materially unwound,
the banking system in Australia remains exposed to elevated risks
of a sharp correction in property prices and its consequences;
S&P's rating actions announced reflect these heightened risks.

                        AUSTRALIAN MAJOR BANKS

S&P's issuer credit ratings on the four major Australian banks--
Australia and New Zealand Banking Group Ltd., Commonwealth Bank
of Australia, National Australia Bank Ltd., and Westpac Banking
Corp.--remain unchanged and on negative outlook.  Similar to most
other financial institutions operating in Australia, S&P has
lowered its assessment of the SACPs of the Australian major banks
by one notch, reflecting increased economic risks.  In addition,
S&P has lowered its ratings on the hybrid and nondeferrable
subordinated debt instruments issued by these banks and their
banking subsidiaries by one notch.  This reflects S&P's view that
government support for these banking groups is unlikely to be
extended to their hybrid and subordinated debt instruments.
Nevertheless, S&P has affirmed its long-term issuer credit
ratings on these banks reflecting its expectation of likely
timely financial support from the Australian government, if
needed -- which in S&P's view offsets the deterioration in these
banks' SACPs.

S&P's outlooks on the long-term issuer credit ratings on the four
major Australian banks remain negative reflecting S&P's view that
pressure remains on the Australian government's likely support
for these banks.  S&P expects to lower its issuer credit ratings
on these major banks and their core subsidiaries if S&P lowered
its long-term local currency sovereign rating on the Commonwealth
of Australia (AAA/Negative/A-1+) or if S&P reclassified its
assessment of the Australian government's supportiveness toward
systemically important private sector banks to supportive from
highly supportive.

                     MACQUARIE BANK AND CUSCAL

S&P's ratings on Macquarie Bank Ltd. and Cuscal Ltd. currently
benefit from S&P's expectation that the Australian government is
likely to provide timely financial to support to these
institutions, if needed.  Consequently, S&P's outlook on both
these institutions remains negative reflecting its view of
continued pressures on likely support from the Australian
government.  S&P's outlook on Macquarie Group Ltd. is stable
because its rating on the nonoperating holding company does not
incorporate any uplift due to potential government support.

S&P is affirming its rating on Macquarie Bank reflecting S&P's
view that the bank's stronger capital position offsets the
increase in systemwide risks such that the group credit profile
remains unchanged -- S&P now expects that the bank will maintain
its risk-adjusted capital ratio at a stronger level compared with
S&P's previous expectation.  S&P has lowered its assessment of
the SACP of Cuscal, but S&P has affirmed its long-term issuer
credit rating on the company reflecting S&P's expectation of
likely timely financial support from the Australian government,
which in S&P's view offsets the deterioration in Cuscal's SACP.

    FOREIGN-OWNED BANKS, EFIC, BIG SKY, QTMB, AND SUNCORP-METWAY

S&P's ratings on the following nine institutions also remain
unchanged: five foreign-owned financial institutions, namely
Citigroup Pty Ltd. (A/Stable/A-1), Goldman Sachs Financial
Markets Pty Ltd. (A+/Stable/A-1), HSBC Bank Australia Ltd., ING
Bank (Australia) Ltd., and JPMorgan Australia Ltd. (A+/Stable/A-
1); and four domestically owned institutions, Export Finance &
Insurance Corp. (EFIC; AAA/Negative/A-1+), Suncorp-Metway Ltd.,
Big Sky Building Society Ltd., and QT Mutual Bank Ltd.  S&P's
ratings on these entities incorporate its assessment of likely
financial support from their parents.  S&P has lowered its SACPs
on HSBC Bank Australia, ING Bank Australia, Big Sky, QTMB, and
Suncorp-Metway (S&P do not currently assess SACPs on EFIC and the
above-mentioned rated Australian subsidiaries of Citigroup,
Goldman Sachs, and JPMorgan).  Nevertheless, S&P considers that
such an increase in risks for the Australian banking system would
have no significant impact on the capacity for these entities'
parents to support them, or the likelihood of such parent support
being made available, if needed.  S&P's outlook on EFIC remains
negative, reflecting the negative outlook on its parent and
guarantor, the Commonwealth of Australia.

                               FPFL

S&P has lowered its issuer credit rating on New Zealand-based
Fisher & Paykel Finance Ltd. (FPFL) by one notch reflecting S&P's
opinion that the group credit profile of its Australia-based
parent FlexiGroup Ltd. has weakened due to increased economic
risks--similar to those faced by other Australian financial
institutions.  S&P equalizes its issuer credit rating on FPFL
with S&P's assessment of the group credit profile of its parent,
FlexiGroup, reflecting S&P's view that FPFL is a core subsidiary
of the group and that the parent is therefore highly likely to
provide timely financial support to FPFL, if needed.

                        MYSTATE AND AUSWIDE

In addition to one-notch rating downgrades, S&P's outlook on
MyState Bank Ltd. remains negative and S&P has placed its ratings
on Auswide Bank Ltd. on CreditWatch with negative implications.
This is because in S&P's capital analysis for all banks, it now
applies higher risk weights for bank loans to the Australian
private sector, reflecting increased economic risks.
Consequently, other things remaining equal, S&P's forecast
capital ratios for all financial institutions would weaken.  In
the case of MyState and Auswide, S&P considers that their
weakening capital ratios may become significant enough to cause a
further rating downgrade by one notch.  The negative outlook on
MyState reflects S&P's assessment that the bank may face
challenges maintaining its capital ratio commensurate with the
revised rating--although in S&P's base case it expects it would
do so.  S&P needs further information to form a view on the
likelihood of Auswide maintaining a capital level commensurate
with the revised rating. In the next three months, S&P expects to
assess Auswide's capital strategy and capacity to determine
whether S&P should lower the ratings further.

                       POLICE & NURSES LTD.

S&P has affirmed its ratings on Police & Nurses Ltd. (trading as
P&N Bank) reflecting S&P's view that the bank's strengthening
risk position--as it continues to make progress in exiting the
group's riskier property lending and equity exposures--offsets
the increase in systemwide risks such that the group credit
profile remains unchanged.  S&P considers risks related to delays
in the P&N group's planned exit from its property sector
exposures are now adequately captured within the assumptions
underlying S&P's risk-adjusted capital analysis.  Nevertheless,
the emergence of significant losses from this sector would
pressure the rating on the bank.

                            QUDOS MUTUAL

S&P has lowered its SACP--and consequently S&P's issuer credit
rating on--Qudos Mutual Bank Ltd. reflecting the rise in
systemwide risk.  Nevertheless, S&P has revised its outlook to
positive reflecting its opinion that there remains a one-in-three
chance that over the next two years the mutual bank's risk
position would improve if it is able to successfully implement
and leverage its technology investments on time and within
budget.

SUMMARY OF BANKING INDUSTRY COUNTRY RISK ASSESSMENT (BICRA)
SNAPSHOT

SCORE
                              To                   From
BICRA                         3*                   2*
Economic Risk                 4*                   3*
Economic Risk Trend           Stable               Negative
Economic Resilience           Very low risk        Very low risk
Economic Imbalances           Very high risk       High risk
Credit Risk In The Economy    Low risk             Low risk
Industry Risk                 2*                   2*
Industry Risk Trend           Stable               Stable
Institutional Framework       Very low risk        Very low risk
Competitive Dynamics          Very low risk        Very low risk
Systemwide Funding            Intermediate risk    Intermediate
                                                   risk

* On a scale of 1 (lowest risk) to 10 (highest risk)

Ratings List

Ratings Downgrade; Outlook/CreditWatch Actions

                                  To               From
AMP Bank Ltd.
Counterparty Credit Rating        A/Stable/A-1    A+/Neg./A-1

Australian Central Credit Union Ltd
Counterparty Credit Rating        BBB/Stable/A-2  BBB+/Neg./A-2

Auswide Bank Ltd.
Counterparty Credit Rating        BBB-/Watch Neg/A-3
BBB/Neg./A-2

Bank of Queensland Ltd.
Counterparty Credit Rating        BBB+/Stable/A-2   A-/Neg./A-2

Bendigo and Adelaide Bank Ltd.
Counterparty Credit Rating        BBB+/Stable/A-2   A-/Neg./A-2

Community CPS Australia Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Credit Union Australia Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Defence Bank Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Fisher & Paykel Finance Ltd.
Counterparty Credit Rating        BB-/Stable/B      BB/Neg./B

G&C Mutual Bank Ltd.
Counterparty Credit Rating        BBB-/Stable/A-3   BBB/Neg./A-2

Greater Bank Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

IMB Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Liberty Financial Limited
Counterparty Credit Rating        BBB-/Stable/A-3   BBB/Neg./A-2

Liberty Financial Pty Ltd.
Counterparty Credit Rating        BBB-/Stable/A-3    BBB/Neg./A-2

mecu Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Members Equity Bank Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

MyState Bank Ltd.
Counterparty Credit Rating        BBB/Neg./A-2      BBB+/Neg./A-2

Newcastle Permanent Building
Society Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Police Bank Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Qudos Mutual Ltd.
Counterparty Credit Rating        BBB-/Positive/A-3  BBB/Dev./A-2

QPCU Ltd.
Counterparty Credit Rating        BBB-/Stable/A-3    BBB/Neg./A-2

Rural Bank Ltd.
Counterparty Credit Rating        BBB+/Stable/A-2    A-/Neg./A-2

Teachers Mutual Bank Ltd.
Counterparty Credit Rating        BBB/Stable/A-2    BBB+/Neg./A-2

Outlook Actions
                                  To                 From

ING Bank (Australia) Ltd.
Counterparty Credit Rating        A-/Stable/A-2    A-/Pos./A-2

Macquarie Group Ltd.
Counterparty Credit Rating        BBB/Stable/A-2   BBB/Neg./A-2

Police & Nurses Ltd.
Counterparty Credit Rating        BBB/Stable/A-2   BBB/Dev./A-2

Affirm Ratings
                                  To                 From

Australia and New Zealand Banking Group Ltd.
Counterparty Credit Rating        AA-/Neg./A-1+   AA-/Neg./A-1+

Big Sky Building Society Ltd.
Counterparty Credit Rating        BBB/Stable/A-2  BBB/Stable/A-2

Commonwealth Bank of Australia
Counterparty Credit Rating        AA-/Neg./A-1+   AA-/Neg./A-1+

Cuscal Ltd.
Counterparty Credit Rating        A+/Neg./A-1     A+/Neg./A-1

HSBC Bank Australia Ltd.
Counterparty Credit Rating        A+/Stable/A-1   A+/Stable/A-1

Macquarie Bank Ltd.
Counterparty Credit Rating        A/Neg./A-1      A/Neg./A-1

National Australia Bank Ltd.
Counterparty Credit Rating        AA-/Neg./A-1+   AA-/Neg./A-1+

QT Mutual Bank Ltd
Counterparty Credit Rating       BBB+/Stable/A-2  BBB+/Stable/A-2

Suncorp-Metway Ltd.
Counterparty Credit Rating        A+/Stable/A-1   A+/Stable/A-1

Westpac Banking Corp.
Counterparty Credit Rating        AA-/Neg./A-1+   AA-/Neg./A-1+


HERRINGBONE PTY: Administrators Hold Fire Sale to Save Brands
-------------------------------------------------------------
The Sydney Morning Herald reports that the administrator of
Sydney suit-maker Herringbone and upmarket stablemate Rhodes &
Beckett will sell off the luxury stock in a bid to save the
brands in Australia and give any potential new owner a clean
slate.

The licensee of the upmarket clothing brands in Australia went
into voluntary administration in February, and negotiations to
sell the businesses are continuing, SMH relates.

Administrator Cor Cordis has decided to slash the prices of all
current stock in order to offer a new owner a fresh start,
according to the report.

"We've decided that the best way for the brands and businesses to
be sold and survive in the long term is for the current inventory
to be cleared, paving the way for a purchaser to start fresh with
a new product range and offering," SMH quotes Cor Cordis managing
partner Bruno Secatore as saying.

The administrator said it hoped to provide an update on the sale
of the businesses shortly, SMH notes.

According to SMH, Herringbone is one of a number of retailers
that have called in administrators in recent months as
unseasonable weather conditions and increased competition from
global behemoths like H&M have hurt local brands and hollowed out
the discretionary apparel sector.

SMH relates that Mr. Secatore earlier this year identified rising
overheads, unfavourable leases, changing consumer behaviour and
digital sales as the common threads in recent retail collapses as
well as deep discounting.

Bruno A Secatore, Luke C Targett & Daniel P Juratowitch of Cor
Cordis Chartered Accountants were appointed as administrators of
clothing retailers Herringbone Pty Ltd and Rhodes & Beckett on
Feb. 6, 2017.


MAGIC LIGHT: Second Creditors' Meeting Set for May 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of Magic Light
Pty Ltd, trading as C.B.S. Building has been set for May 31,
2017, at 10:00 a.m. at the offices of HLB Mann Judd, Level 3, 35
Outram Street, in West Perth, West Australia.

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 30, 2017, at 5:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of Magic Light on May 8, 2017.


NISRIX PTY: Second Creditors' Meeting Set for May 29
----------------------------------------------------
A second meeting of creditors in the proceedings of Nisrix Pty
Ltd has been set for May 29, 2017, at 11:00 a.m. at the offices
of Grant Thornton, Level 1, 10 Kings Park Road, in West Perth,
West Australia.

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 26, 2017, at 4:30 p.m.

Stephen Dixon, Ahmed Bise & David Mark Hodgson of Grant Thornton
were appointed as administrators of Nisrix Pty on March 3, 2017.


SEW AUS: Second Creditors' Meeting Set for May 31
-------------------------------------------------
A second meeting of creditors in the proceedings of Sew Aus Pty
Ltd, trading as Kit and Ace, has been set for May 31, 2017, at
11:00 a.m. at the offices of Deloitte Touche Tohmatsu, Level 25,
123 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2017, at 5:00 p.m.

Richard Hughes and Salvatore Algeri, David Orr of Deloitte were
appointed as administrators of Sew Aus on April 26, 2017.


SI POWDERS: First Creditors' Meeting Set for May 30
---------------------------------------------------
A first meeting of the creditors in the proceedings of SI Powders
Pty Ltd will be held at 254 South Street, in South Toowoomba,
Queensland, on May 30, 2017, at 11:00 a.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of SI Powders on April 28, 2017.


SURFSTITCH: Faces AUD100MM Class Action Over Share Wipeout
----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that online
fashion retailer SurfStitch is facing a AUD100 million class
action launched on behalf of shareholders whose investments have
been wiped out by the troubled company's plunging share price.

According to the report, Quinn Emanuel partner Damian Scattini
said the law firm filed the open class action in the Supreme
Court of Queensland on May 22 on behalf of anyone who bought or
held SurfStitch shares between August 27, 2015 and June 9, 2016.

SMH says the action accuses SurfStitch of misleading and
deceptive conduct and breaching its continuous disclosure
obligations over comments about the future of the business that
it claims led the market to believe the shares were worth more
than their true value.

SurfStitch said in a statement to the ASX on May 23 that it had
not received any claim or other communication relating to the
class action, SMH relays.

SurfStitch listed at AUD1 in late 2014 and was trading at a
record high of AUD2.09 in November 2015. It shares had fallen 90
per cent to 22 cents by June 2016 following three profit
warnings, the report says.

According to SMH, Mr. Scattini said SurfStitch's decline had been
a "tragedy" for the many "mum and dad" investors who bought the
company's pitch of becoming the Amazon of surfwear, with about
AUD500 million of shareholder value eroded.

SMH relates that the statement of claim said SurfStitch on
several occasions told the market it expected earnings before
interest, tax, depreciation and amortisation (EBITDA) of between
AUD15 million and AUD18 million in 2015-16.

These claims were made without reasonable grounds, the claim
says. It also accuses SurfStitch's board and management of
failing to appropriately disclose to the market that EBITDA would
be lower than forecast, the report says.

In August, SurfStitch revealed an EBITDA loss for 2015-16 of
AUD18.8 million, and a statutory EBITDA loss of AUD139.1 million,
sparking a sell-off that cut its share price in half, SMH
discloses.

Mr. Scattini said Quinn Emanuel would investigate what assets
SurfStitch had and look into cross-claims against directors and
auditors, which was KPMG in the relevant year. The action will be
funded by Vannin Capital, adds SMH.


TWINSIDE PRECAST: First Creditors' Meeting Set for May 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Twinside
Precast Pty Ltd will be held on May 31, 2017, at 9:30 a.m. at
The Conference Room, Level 4, 11 St Georges Terrace, in Perth,
West Australia.

Blair Pleash and Joanne Freeman of Hall Chadwick Chartered
Accountants were appointed as administrators of Twinside Precast
on May 19, 2017.



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


LEECO: Founder Jia Yueting Resigns as CEO of Video Service Unit
---------------------------------------------------------------
Bloomberg News reports that billionaire Jia Yueting will
relinquish the day-to-day running of his flagship streaming
service, as cash-strapped parent LeEco considers an internal
overhaul that will group businesses from entertainment to TVs
under its main listed company.

Bloomberg says the Chinese technology conglomerate's founder
announced he's stepping down as general manager of Leshi Internet
Information & Technology Corp., a Netflix-like service and phone-
and TV-maker. Jia will remain chairman to devise longer-term
strategy and oversee a corporate revamp intended to improve
transparency -- an area in which Jia admitted LeEco's been
lacking.

The internet giant has grappled with fund-raising difficulties
and unpaid bills in past months, a cash squeeze exacerbated by
rapid expansion beyond online video and into costly arenas from
sports broadcasting and electric cars to online finance,
Bloomberg relates. It's now considering merging all privately
held businesses into its Shenzhen-listed unit Leshi and carving
out a separate auto-making entity, Jia told reporters May 21.

"In the future, we hope LeEco is only formed of two parts: the
listed businesses and the auto unit," according to a transcript
of an interview with Jia provided by LeEco, Bloomberg relays.
Most of LeEco's businesses are currently held privately by Jia
and a number of investors.

Bloomberg notes that while conceding LeEco's going through a
rough patch, Jia predicted problematic businesses such as ride-
sharing unit Yidao will bottom out in a year or two. That's
helped by recent layoffs, Jia said without going into specifics,
as well as further fundraising.

LeEco's car-making unit is about to begin a new round of
fundraising that he said should be completed later this year. In
the transcript, Leshi board secretary Zhao Kai said the company
will decide on longer-term plans in accordance with the wishes of
shareholders, and those may include initial public offerings for
various businesses, Bloomberg relays.

Bloomberg adds that to tide LeEco over, a recently announced
CNY13 billion ($1.9 billion) investment from Sunac China Holdings
Ltd. has been distributed between three LeEco businesses: Leshi,
a film-making unit, and a subsidiary that makes smart TVs. To
enhance financial transparency, Jia pledged to "massively" reduce
the amount of connected transactions, or deals between individual
LeEco units, from 2017.

Jia didn't spend much time expounding on LeEco's U.S. interests,
Bloomberg states. The billionaire is a backer of electric vehicle
maker Faraday Future, which is building a plant in Nevada that at
one point was suspended. It remains unclear how the American
business, which on one occasion was said to have struggled to pay
employees on time, will fit into a re-organized LeECo.

Leshi's shares have been suspended from trading since April,
pending detailed restructuring plans, says Bloomberg. The
announcement of Jia's retreat from Leshi management was
accompanied by two other key appointments. Liang Jun, who joined
the company from PC-maker Lenovo Group Ltd. about five years ago,
will replace him as general manager. Former Leshi finance
director Yang Lijie will be replaced by Zhang Wei, the listed
company said in a separate filing, adds Bloomberg.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.


LEECO: To Lay Off More Than 300 Workers in the U.S.
---------------------------------------------------
Bloomberg News reports that LeEco plans to lay off more than 300
employees in the U.S., reducing the headcount to about 50 people,
according to a person familiar with the matter.

Bloomberg relates that the employees left at the whittled-down
U.S. business will service customers who have already purchased
LeEco devices, the person said, asking not to be named because
the cuts aren't yet public.

According to the report, the layoffs sharply scale back the
company's ambitions in North America, where it made a splashy
debut in October. At the time, the company showed off an array of
products it planned to sell in the U.S., including high-
definition televisions, phones, virtual reality goggles and
electric bikes.

Bloomberg News reported in April that it missed revenue targets
by a wide margin and was planning major job cuts.

LeEco didn't immediately return phone calls seeking comment,
Bloomberg notes.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.


MINGFA GROUP: S&P Suspends 'CCC+' CCR on Information Delay
----------------------------------------------------------
S&P Global Ratings suspended its 'CCC+' long-term corporate
credit rating on China-based developer Mingfa Group
(International) Co. Ltd.  At the same time, S&P also suspended
its 'CCC' long-term issue rating on the company's outstanding
senior unsecured notes. In addition, S&P suspended its 'cnCCC+'
long-term Greater China regional scale rating on Mingfa Group and
our 'cnCCC' rating on the notes.

The suspension reflects the lack of sufficient, timely, and
reliable information to maintain S&P's ratings on Mingfa Group.
In May 2017, the company announced that the audited financial
statements of 2016 and 2015 will be further delayed until the
investigations are completed, the timing of which is currently
uncertain. Mingfa Group has US$100 million notes outstanding due
Feb. 1, 2018.

The investigation into Mingfa Group's financial reporting also
constitutes a potential risk to its operations and refinancing.
The release of the results of the investigation and the company's
2015 and 2016 annual reports have been delayed several times.
According to the bond document, the terms on event of default
include bondholders with more than 25% of outstanding principal
having the option to demand full repayment if the company cannot
publish audited financial reports to the trustee 90 days after
the end of the financial year.  S&P is uncertain on whether the
company can conclude the investigation within 2017.

Nevertheless, Mingfa Group continues to have access to
refinancing, demonstrated by its recent issuances of U.S. dollar-
denominated unsecured notes to refinance its short-term offshore
bank loans. Mingfa Group successfully issued two privately placed
notes, US$60 million in December 2016 and US$220 million in May
2017, with coupons at 9% and 11%, respectively.  In addition, S&P
believes Mingfa Group has been maintaining normal sales operation
and progress in construction.

S&P may reinstate its ratings on Mingfa Group if the financial
statement investigation concludes and S&P is provided sufficient
information to determine the company's creditworthiness.
Otherwise, S&P would withdraw the ratings on the company.



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


DR. PENG HOLDING: S&P Assigns 'BB' Rating on Proposed Sr. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating and
'cnBBB-' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Dr. Peng Holding Hongkong Limited, a wholly owned subsidiary
of Dr. Peng Telecom & Media Group Co. Ltd.

The proposed senior unsecured notes are irrevocably and
unconditionally guaranteed by Dr. Peng (BB/Stable/--; cnBBB-/--).
The ratings are subject to S&P's review of the final issuance
documentation.  S&P expects Dr. Peng to use the issuance proceeds
for general corporate purposes.

The rating on Dr. Peng reflects the company's weaker market
position in China than state-owned operators', business
concentration in broadband internet services, and the highly
competitive telecommunications services industry in China.  These
risks are tempered by the company's stable operating cash flows,
extensive network in China, and the industry's positive
fundamentals.  S&P expects Dr. Peng's competitive pricing and its
more advanced, full-fiber network should continue to support
subscriber growth momentum over the next 12 months.

In S&P's view, Dr. Peng's continued high capital expenditure and
potential debt-funded acquisitions will worsen the company's
financial leverage over the next 12 months.  S&P believes the
company will continue to seek growth through acquisitions as it
expands into overseas markets and enhances product offerings.
However, good operating cash flows from the prepayment nature of
broadband services should partially offset the capital
expenditure needs.

The stable outlook on Dr. Peng Telecom & Media Group Co. Ltd.
reflects S&P's expectation that the company will maintain stable
operating cash flows over the next 12 months despite the intense
competition from larger peers in the Chinese market.  S&P expects
Dr. Peng's financial leverage to increase and its profitability
to weaken mildly.  Therefore, S&P projects its debt-to-EBITDA
ratio at 1.5x-2.0x over the next 12 months.


NOBLE GROUP: S&P Lowers CCR to 'CCC+' on Weak Liquidity
-------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Noble Group Ltd. to 'CCC+' from 'B+'.  The outlook is
negative. At the same time, S&P lowered the long-term issue
rating on Noble's outstanding senior unsecured notes to 'CCC'
from 'B'.  In addition, S&P lowered its long-term Greater China
regional scale rating on the company to 'cnCCC+' from 'cnBB-' and
on the notes to 'cnCCC' from 'cnB+'.  Noble is a Hong Kong-based
commodity trader.

S&P downgraded Noble because S&P believes the company's capital
structure is not sustainable.  This is due to continuing weak
cash flows and profitability, and Noble's access to funding will
have further weakened following its weak results for the three
months ending March 31, 2017.

The company's refinancing of its large upcoming maturities will
depend on the willingness of its lenders and counterparties.  The
first-quarter losses were unexpected and followed a successful
bond issuance in February.  Noble's business position may have
been affected by recent management changes and staff turnovers.
Management attributed the first-quarter loss to the dislocation
of coal prices from fundamentals, therefore resulting in losses
in hedge positions.

Noble's liquidity position has weakened in the first quarter of
2017, reversing the improving trend up to end of 2016.  Noble's
access to credit has continued to shrink as total bank facilities
and unutilized committed facilities fell in the first quarter of
2017.

Even though Noble raised US$750 million through the sale of five-
year senior notes in March 2017, the majority of the proceeds was
used to repay a term loan due in May 2017, therefore replacing
facilities due rather than improving liquidity.

The weakened profitability and access to markets has increased
refinancing risks for Noble's upcoming maturities.  Noble has
three major maturities over the next 12 months: (1) US$656
million due in 2017--of which US$620 million are borrowing-base
facilities due in June 2017 (extended from May 2017); (2) US$379
million under a medium-term note program due in March 2018; and
(3) a US$1.1 billion revolving credit facilities due in May 2018.

S&P expects Noble's cash flows and profitability to remain weak
in 2017 and 2018.  As commodity prices recover, there is higher
working capital requirement, and S&P expects Noble will continue
to incur working capital cash outflows in 2017, though of a
smaller magnitude than in 2016.

Noble has appointed a new chairman to "take charge of reviewing
strategic alternatives."  The sale of assets or introduction of
strategic investors is uncertain and there is limited visibility
as to the timing and amount that could be raised from these
initiatives.

The negative rating outlook reflects the potential that Noble's
cash flow and profitability will remain weak for the next 12
months, with the risk of nonpayment of its debt obligations due
to weakened access to funding.

S&P could lower its rating on Noble if the company's liquidity
position further deteriorates to the extent that S&P sees an
increased likelihood of failure to meet debt obligations due in
the next 12 months.  Such a deterioration could be due to
difficulties in accessing capital markets or bank borrowings, a
further weakening in financial performance, or continued large
working capital outflows.

S&P could revise the outlook to stable if Noble's cash flows and
profitability stabilize and the company improves its maturity
profile and capital structure.  The improvement in liquidity
could be indicated by the company securing longer-tenor credit
facilities, reducing its debt through asset sales, or other fund
raising.



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


ARASHU CLOTHING: CARE Issues B+ Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE has been seeking information from Arashu Clothing Company to
monitor the rating(s) vide e-mail communications/letters dated
April 12, 2017, April 17, 2017, April 18, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Arashu Clothing Company's bank facilities and will now be denoted
as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         5.29       CARE B+; Issuer not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

Key Rating Strengths
Long experience of the promoters in the textile industry: The
promoter Mr. K. Palanisamy, has more than three decades
experience in the textile industry. Mr. K.Palanisamy is also an
active partner of 'Mercury Process' which was established in 1988
as a partnership firm engaged in dyeing of garments with the
capacity of 10 tonnes per day. Mr. Dhandapani, has around 26
years of experience in the garment industry. Prior to the
establishment of ACC, he has been working in a T-Shirt
manufacturing company based in Tirupur.

Mr. Dhandapani takes care of production sections in ACC, which is
likely to be benefited by his wide experience.

Mr. P. TamilarasuArulprasanna, S/o of Mr. K. Palanisamy, has
completed his B.Tech, M.Sc in Kumaraguru College of Technology,
Coimbatore and is taking care of the finance division in ACC. He
has been associated with the firm since its inception. Healthy
growth in revenues and established relationship with its
customers and suppliers: The total income from operations has
grown by around 80% from INR6.95 crore in FY14 to INR12.40 crore
in FY15 on the back of increase in the number of orders received.
The firm has achieved total revenue of INR13 crore in 10MFY16.
The sewing machine capacity has also been increased year on year
as compared to 50 machines in 2011 to 130 machines in 2015.
Having been in operation for around 5 years, ACC has established
good relationship with its key clients. The key clients have been
associated with ACC from its inception and there has been repeat
orders given the quality of the garments.

Key Rating Weaknesses
Small size of operations with client concentration risk: ACC's
client concentration is only confined to the customers located in
United States and United Kingdom. The top 2 customers, NEXT PLC
and VF CORP contributed 90% of revenues and the remaining 10%
revenues are derived from domestic sales, and execution of job
work.

Weak capital structure and debt protection indicators: Given the
working capital and labour intensive nature of operations, debt
protections metrics remained relatively weak in FY15. With
increase in working capital utilization, overall gearing has
deteriorated from 0.67x in 2014 to 1.85x in 2015. Interest
coverage ratio has improved marginally to 3.19x in FY15 as
against 2.66x in FY14. The total debt to GCA stood at 7.27 in
2015. The total debt as on March 31, 2015 stood at 2.34 cr
comprising of 85% of working capital facility and the remaining
15% of other bank loans and interest free unsecured loans.

Working capital and labour intensive nature of operations: ACC
operates with an installed capacity of 130 machines and with 150
employees. The production varies according to the orders received
and the orders are normally completed in the span of 70 days. The
raw material holding of the firm is around 30 days whereas the
finished goods are immediately exported without any stocking. ACC
also does job work for the local customers located in and around
Tirupur. The credit period allowed to its clients is 30 days for
its top 2 customers whereas 15 days credit is allowed to the
customers for whom job work orders are undertaken along with the
regular production.

Arashu Clothing Company (ACC) is a partnership firm, based in
Tirupur, established by four partners namely Mr. K.Palanisamy,
Mr. P.Tamilarasu Arulprasanna (S/o of Mr. K.Palanisamy), Mr. R.
Dhandapani, and Ms. D.Deepa (W/o of Mr. R.Dhandapani) in 2011
with an installed capacity of 50 sewing machines undertaking job
orders. In 2012, ACC stepped into direct manufacturing of knitted
garments and exporting the same to foreign countries. The key
materials are purchased from Bannari Amman Spinning Mills Ltd.
(rated CARE A-/CARE A2+). The firm employs 150 people, including
100 employees in the stitching section. 80% of manufacturing is
Kids and children's wear, i.e., from infants up to the age of 16
years and remaining 20% pertains to men and women's wear. ACC
operates in a single shift and manufactures ~1,00,000 pieces per
month. Apart from in-house production, ACC also undertakes job
work for the local customers located in and around Tirupur. The
firm's stake is closely held by the promoter and his family.

ACC also has one group company in the name of 'Mercury Process',
which is engaged in the dyeing of Garments, where Mr.K.Palanisamy
is an active partner. ACC enjoys locational advantage, since it
is present in Tirupur, which is an important textile cluster.


ASHTAVINAYAK AUTO: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------------
CARE has been seeking information from Ashtavinayak Auto Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated February 8, February 14, February 20, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Ashtavinayak Auto Private Limited's (AAPL) bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            13.75       CARE D; Issuer Not
                                     Cooperating; Based on
                                     best available information

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

Detailed description of the key rating drivers

At the time of last rating on February 04, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: As per interaction with the banker,
there have been delays in debt servicing and the account has been
classified as NPA.

Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by
Mr. Lalit Kumar and his son, Mr. Puneet Kumar and currently
operates as an authorized dealer of Chevrolet cars in Mumbai
having a showroom located at Andheri and a service center at
Oshiwara. AAPL is the sole Chevrolet dealer for the region
extending from Andheri (West) to Borivali (West).

The company is part of the Ashtavinayak group, which has other
companies engaged in similar line of business operating
for different principals (viz. Ford and Skoda).


AVK AUTOMALL: CARE Issues D Issuer Not Cooperating Rating
---------------------------------------------------------
CARE has been seeking information from AVK Automall Private
Limited (AAPL) to monitor the rating(s) vide e-mail
communications/ letters dated February 8, February 14,
February 20, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on AAPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            18.26       CARE D; Issuer Not
                                     Cooperating; Based on best
                                     Available Information

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

The rating takes into account the delay in servicing of debt
obligations.

Detailed description of the key rating drivers

At the time of last rating on February 04, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses
Delay in debt servicing: As per interaction with the banker,
there have been delay in debt servicing and the account has been
classified as NPA.

AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr.
Puneet Kumar and is an authorized dealer of Ford India Private
Limited in Mumbai. The company has a showroom located at Powai
(Mumbai; 8000 sq. ft.) with two workshops at Chandiwali and
Powai.


AVK AUTOMART: CARE Issues D Issuer Not Cooperating Rating
---------------------------------------------------------
CARE has been seeking information from AVK Automart Private
Limited (AAPL) to monitor the rating(s) vide e-mail
communications/ letters dated February 8, February 14,
February 20, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on AAPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             8.44       CARE D; Issuer Not
                                     Cooperating; Based on best
                                     Available Information

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

The rating factors in the delay in servicing of debt obligations.

Detailed description of the key rating drivers

At the time of last rating on February 04, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: As per interaction with the banker,
there have been delay in debt servicing and the account has
been classified as NPA.

AVK Automart Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar. The company
is an authorized dealer of Chevrolet cars in Mumbai having two
showrooms located at Goregoan and service center at
Dahisar.


CALISTA PROPERTIES: CARE Reaffirms B- Rating on INR15cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Calista Properties Private Limited (CPPL)), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long/Short-term        15         CARE B-; Stable/
   Bank Facilities                   CARE A4 Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of Calista Properties
Private Limited (CPPL)) continue to remain constrained on account
of short track record of operations, moderate occupancy levels
and high operating costs translating into loss and risk
associated with revenue concentration on single property. The
ratings also take into account weak capital structure and debt
coverage indicators along with inherent cyclicality associated
with the hotel industry.

The ratings, however, continue to derive strength from experience
of the promoters in hotel management, marketingcum- management
contract with 'Radisson Hotels International Inc'. (RHI) and
regular infusion of the equity capital by promoters and favorable
location of the hotel in Pune. The ability of CPPL to improve
occupancy levels and ARR in light of competitive nature of
industry while reducing its operating costs thus improving its
operating margin and capital structure remain the key rating
sensitivities. Furthermore, efficient management of working
capital requirement and improvement in liquidity position is also
crucial.

Detailed description of the key rating drivers

Key Rating Strengths

Experience and resourcefulness of promoters: CPPL is promoted by
the Kalmadi group and Mr. Vijay Kumar Gupta. Mr. Gupta was the
promoter of Hotel Sheraton Grand, Pune and acted as its Managing
Director for 10 years. The Kalmadi Group is the owner of
automobile company viz. Sai Service Station Ltd. (SSSL) which has
an automobile dealership. Contract with reputed brand: CPPL has a
management-cum-marketing contract with Radisson Hotels
International Inc. (RHI) for 'Radisson' brand. RHI is a group
company of the Carlson group. It is one of the leading brands in
the upper segment in the world. Radisson has a strong worldwide
portfolio of 422 hotels operating with 90 contracted properties
under development. Marketing is taken care of by the Global
Distribution System (GDS) of Carlson. RHI has appointed a well
experienced staff on the board.

Favourable location: The Hotel is located in the Kharadi area at
Nagar Road in Pune. The hotel has close proximity to the Pune
Airport, railway station and IT parks. However, new hotels that
have come up in the proximity of CPPL which are likely to put
pressure on the occupancy and ARR levels of CPPL.

Key Rating Weaknesses

Weak solvency and liquidity position: The liquidity position of
the company continues to be weak with below unity current and
quick ratio as on March 31, 2016. However, the promoters are
continuously infusing funds to support the business operations.
However, CPPL continues to suffer losses on account of higher
fixed capital charges resulting in deterioration of networth base
resulting in weak solvency profile. Furthermore, with weak
solvency and low profit margins, the debt coverage indicators
also stood weak. Inherent cyclicality with the hotel industry:
The company is exposed to the cyclicality associated with the
hotel industry which has a direct linkage with level of
disposable income available with individuals.

CPPL, incorporated in March, 2006, is promoted by the Kalmadi
group (promoted by Mr. Suresh Kalmadi) and Mr. Vijay Kumar Gupta.
Mr. Gupta carries a rich experience of over a one and a half
decade in the hospitality industry and he was also the Managing
Director (MD) of Sheraton Grand, Pune. The Kalmadi Group is the
owner of automobile company viz. Sai Service Station Limited
which is an authorized dealer of Maruti Suzuki India Limited for
various locations in Maharashtra.

CPPL owns a 5-star hotel with 141 rooms on Nagar Bypass Road,
Kharadi, Pune operated under the brand "Radisson". CPPL has
entered into 10 year management-cum-marketing arrangement with
Radisson Hotels International, Inc. The hotel started its
commercial operations from November 2009.


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

   -- INR42.50 mil. Fund-based working capital limit migrated to
      non-cooperating category;

   -- INR7.50 mil. Non-fund-based working capital limit migrated
      to non-cooperating category;

   -- INR40 mil. Proposed fund-based working capital limit
      migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 1, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in January 2013, CWPL manufactures tractor wheels.
It exports 20%-25% of its products to Sudan, Turkey, the UK and
the US.  Its manufacturing plant is located in Shamli, Uttar
Pradesh.


CORUM HOSPITALITY: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------------
CARE has been seeking information from Corum Hospitality to
monitor the rating vide e-mail communications/letters dated
February 20, 2017, March 1, 2017, March 29, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Corum Hospitality's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.86       CARE D; ISSUER NOT
                                     COOPERATING; Based on
                                     best available information

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

The rating takes into account the delay in servicing of debt
obligations.


DEMANDSHORE SOLUTIONS: Ind-Ra Ups Long-Term Issuer Rating to B+
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded DemandShore
Solutions Private Limited's (DSPL) Long-Term Issuer Rating to
'IND B+' from 'IND D'.  The Outlook is Stable.  The instrument-
wise rating actions are:

   -- INR18.2 mil. (reduced from INR21.67) long-term loans raised
      to IND B+/Stable rating;

   -- INR65 mil. Fund-based facilities raised to
      IND B+/Stable/IND A4;

   -- INR20 mil. Non fund-based facilities raised to 'IND A4'
      Rating;

   -- INR20 mil. Proposed fund-based facilities* raised to
      Provisional IND B+/Stable/Provisional IND A4 rating;

   -- INR10 mil. Proposed non fund-based facilities* raised to
      Provisional IND A4 rating; and

   -- INR13 mil. Proposed long-term loans* raised to provisional
      IND B+/Stable rating

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

                          KEY RATING DRIVERS

The upgrade reflects DSPL's timely servicing of the term loan
after delays in the repayment of principle during the 12 months
ended January 2017.  Its liquidity position was comfortable,
indicated by an average utilization of fund-based facilities was
78.10% during the 12 months ended April 2017.

The ratings factor in an increase in the scale of operations.
According to provisional financials for FY17, revenue was
INR391 million (FY16: INR326 million; FY15: INR243 million).  The
rise in revenue was due to an increase in orders from existing
and new customers.

The ratings reflect moderate credit metrics. EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.9x
(2.8x; 3.6x) and net leverage (total adjusted net debt/operating
EBITDA) was 3.3x (2.1x; 2.1x).

The ratings are constrained by a decline in EBITDA margin to 5.3%
(FY16: 7.4%; FY15: 11.8%) due to higher expenditure, primarily
advertisement, on account of the development of a new online
platform.

The ratings, however, are supported by its promoters' decade-long
experience in solution provider services.

                         RATING SENSITIVITIES

Negative: Any decline in EBITDA margin resulting in a further
stress on the liquidity position or sustained deterioration in
the credit profile of the company on a sustained basis could lead
to a negative rating action.

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

COMPANY PROFILE

Incorporated in 2004, DSPL provides lead management services.  It
offers suites of products and services to support B2B companies,
and sales and marketing decision-makers across multiple stages of
the customer acquisition lifecycle.


ELITE INFRA: CARE Issues D Issuer Not Cooperating Rating
--------------------------------------------------------
CARE has been seeking information from Elite Infra Projects
Private Limited to monitor the rating(s) vide e-mail
communications dated February 21, 2017, February 22, 2017 and
February 23, 2017and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Elite Infra Projects Private Limited
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.50       CARE D; Issuer not
                                     cooperating; Based on
                                     best available information

   Short-term bank
   facilities             6.00       CARE D; Issuer not
                                     cooperating; Based on
                                     best available information

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

Detailed description of the key rating drivers

At the time of last rating in March 10, 2016 the following were
the rating strengths and weaknesses:

Key Rating weakness

Delay in debt servicing
The company has delays in servicing of debt obligations owing to
the stretched liquidity position of the company.

Short track record of the company
EIPPL was incorporated in January 2009 and executed around eight
contracts completely till February 2014, amounting to around
INR165.62 crores. The works executed majorly include road works,
irrigation works and other civil construction works. Furthermore,
its scale of operations are small as compared with other industry
peers marked by total operating income of INR49.15 crore during
FY13 and low net-worth base of INR6.98 crore as on March 31,
2013.

Moderate capital structure with elongated working capital cycle
EIPPL has a moderate capital structure marked by moderately high
overall gearing of 1.75 times as on March 31, 2013, on account of
high working capital borrowings and increased term loans during
FY12 and FY13 for the purchase of additional debt of the company
and moderate cash accruals. The company's working capital cycle
stood high and increased from 77 days in FY12 to 120 days in FY13
due to the increased level of inventory holding days from 33 days
in FY12 to around 60 days in FY13 coupled with higher collection
days of 88 days in FY13; the increased inventory level was due to
the higher amount of work in progress as on year ending date.

Key rating strengths

Qualified and experienced promoters of the company
The company is promoted and managed by Mr. B Narsimha Reddy and
Mr. B Nagi Reddy, who are the directors of the company. Mr. B
Nagi Reddy a graduate and Mr. B Narsimha Reddy an MBA graduate
has around thirteen years of experience in handling the company's
activities. Over the years, the promoters of the company have
been able to establish strong relationship with its customers.

Significant growth in total operating income during the last
three years ended FY13

The total operating income of the company has registered a
Compounded Annual Growth Rate (CAGR) of 90.10% during the periods
FY11-FY13 (from INR13.60 crore in FY11 to INR49.15 crore in
FY13), backed by increased order book and execution of contracts
in hand. Furthermore, the company has achieved a total operating
income of INR60.30 crore during 11MFY14.

Healthy albeit concentrated order book position

EIPPL has a healthy order book position with orders in hand
aggregating INR172.46 crore as on March 15, 2014, to be executed
majorly before March 2016, thus providing long term revenue
visibility to the company. However, EIPPL is exposed to client
concentration risk as the current order book is from three
customers, namely, Odisha Construction Corporation Limited,
Concast Infratech Limited and Back Bone Construction Pvt Ltd.
Also, around 68% of the order book is from a single customer,
Back Bone Construction Pvt Ltd. Such concentrated order book
would impact the company's business turnover/cash flow position
significantly in case of any slowdown in the project execution or
weakening of credit profile of the contractors.

EIPPL was incorporated in the year 2009 by Mr. B Narsimha Reddy
and Mr. B Nagi Reddy. The company is engaged in the execution of
civil construction works such as laying of roads, canal
irrigation works and other civil works for both government and
private organisations. EIPPL mainly undertakes projects for
government and private organisations. The firm has executed
several contracts since its inception and currently has an order
book of around INR172.46 crore as on March 15, 2014.


GLOBAL OFFSHORE: CARE Reaffirms D Rating on INR371.30cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Global Offshore Services Ltd (GOSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities-Term
   Loan                  371.30      CARE D Reaffirmed

   Long term Bank
   Facilities-Fund
   Based Limits           24.00      CARE D Reaffirmed

   Long/Short term
   Bank Facilities-
   Non Fund Based         15.00      CARE D/CARE D Reaffirmed

   Long term Bank
   Facilities-Term
   Loan                    9.19      CARE C; Stable Revised
                                     from CARE D

   Long term Bank
   Facilities-Fund
   Based Limits           20.00      CARE C; Stable Revised
                                     from CARE D

   Long/Short term        13.00      CARE C; Stable/CARE A4
   Bank Facilities-                  Revised from CARE D/CARE D
   Non Fund Based

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities
sanctioned by United Bank of India to Global Offshore Services
Ltd (GOSL) considers no delay/default in debt servicing by the
company while reaffirmation of rating assigned to the other bank
facilities of GOSL takes into account the on-going delay in debt
servicing obligation by the company.

Detailed description of the key rating drivers

The revision in the rating assigned to the bank facilities
sanctioned by United Bank of India to Global Offshore Services
Ltd (GOSL) considers no delay/default in debt servicing by the
company while reaffirmation of rating assigned to the other bank
facilities of GOSL takes into account the on-going delay in debt
servicing obligation by the company.

Sharp decline in E&P spending has worldwide affected players like
GOSL who are into chartering of support vessels for E&P activity.
Coupled with that there was re-pricing of contracts by the
principal client of the company i.e. ONGC in April 2016. While
majority of the vessels in its Netherlands subsidiary was un-
deployed. This has affected the cash generation ability and hence
liquidity of the company and the company had approached its
Lenders for reschedulement of debt. The re-schedulement did not
materialize and the company had defaulted in debt servicing to
some of the lenders.

Global Offshore Services Ltd (GOSL; erstwhile Garware Offshore
Services Ltd) promoted by late Mr. B D Garware, has been engaged
in the offshore services business since 1984. The company's
vessels support the oil and gas exploration efforts and are
employed with various E&P companies. As on June 30, 2016, the
company had six vessels (two PSV's; Four ATHSV) in its books and
seven vessels (five PSV's and two AHTSV) in its subsidiaries
books with an average age of the vessels of about 6 years. GOSL
has two wholly-owned subsidiaries: Garware Offshore International
Services Pte Ltd (incorporated in Singapore) having one vessel
and Global Offshore Services B.V. (incorporated in The
Netherlands) having six vessels.

During FY16 (refers to the period April 1 to March 31), on a
standalone basis GOSL posted a PAT of INR30.01 crore (PY:
INR20.68 crore) on a total income of INR160.21 crore (PY:
INR91.40 crore). While during 9MFY17 (on a standalone basis),
the company has posted a net loss of INR4.81 crore on a total
income of INR76.90 crore.

During FY16, on a consolidated basis GOSL posted a net loss of
INR25.39 crore (PY: Net profit of INR55.18 crore) on a total
income of INR372.74 crore (PY: INR400.44 crore). While during
9MFY17 (on a consolidated basis), the company had posted
a net loss of INR93.61 crore on a total income of INR125.35
crore.


JAIPUR TUFFEN: CARE Assigns B+ Rating to INR17cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jaipur
Tuffen Glass Industries Private Limited (JTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             17         CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Jaipur Tuffen Glass
Industries Private Limited (JTPL) is primarily constrained on
account of project implementation risk associated with it which
is debt funded in nature. The rating is, further, constrained due
to its presence in the highly competitive and fragmented glass
industry and susceptibility of operating margins to the
fluctuation in the prices of raw material. The rating, however,
derives strength from experienced and qualified promoters in the
industry with strong group support.

The ability of the company to successfully complete its project
within envisaged parameters and stabilize its operations with
achieving envisaged level of Total Operating Income (TOI) and
profitability would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation risk
JTPL had envisaged total project cost of INR20.14 crore towards
the project to be funded through term loan of INR12.00 crore,
share capital of INR4.65 crore and the remaining through
unsecured loans from the promoters and related parties. As on
March 14, 2017, the company has incurred total cost of INR14.48
crore towards the project funded through term loan of INR8.42
crore, share capital of INR4.65 crore and the remaining through
unsecured loans. The company is expected to commence its
operations from July, 2017.

Presence in a highly competitive and fragmented glass industry
and susceptibility of operating margins to the fluctuation in the
prices of soda ash and fuel The industry is characterized by the
presence of large players in the organized sector for
manufacturing of basic glass. The growth of a company present in
the processing segment depends on its ability to market the
product and maintain the profitability margins while meeting the
demands of its customers. Furthermore, operating margins of JTPL
is susceptible to the prices of soda ash and fuel (natural gas
and furnace oil) coupled with low value addition in the
processing of toughened glass.

Key Rating Strengths

Experienced and qualified management in the glass industry with
strong group support

Mr. Bal Kishan Shah, director, is a matriculate by qualification
and looks after overall management, strategy and policy making
functions of JTPL. Mr. Satish Shah, director, is a post -graduate
by qualification and looks after administration matters of the
company. The production matters of JTPL will be handled by Mr.
Shailesh Shah, director, who is a post - graduate by
qualification. Furthermore, the promoters of JTPL have been
engaged in the glass industry since 1974 through its group
concerns, M/s Jaipur Glass House (JGH) and M/s Glass Art Palace
(GAP).

Jaipur-based JTPL was incorporated in November, 2013 by Mr.
Shailesh Shah, Mr. Bal Kishan Shah, Mr. Satish Shah and Mrs
Vimla Shah with an objective to set up a greenfield project for
manufacturing of laminated glass, double glazed glass and
tempered glass at Jaipur. The company has envisaged that the
project will be completed in the month of July, 2017 and is
expected to commence its operations from July, 2017. JTPL's
products will be sold under the brand name of 'Jaipur Tuff'
mainly in Rajasthan and Madhya Pradesh.


JINDAL INDIA: CARE Reaffirms D Rating on INR5766.69cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jindal India Thermal Power Limited (JITPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          5,766.69      CARE D Reaffirmed

   Short-term Bank
   Facilities            209.74      CARE D Reaffirmed

   Long/Short-term
   Bank Facilities       290.00      CARE D/CARE D
                                     Reaffirmed

Detailed Rationale & Key Rating Drivers
The reaffirmation of ratings of bank facilities of Jindal India
Thermal Power Limited (JITPL) takes into account the continuing
delays in debt servicing by the company. The company could not
operate the plant at the desired levels leading to lower than
envisaged cash accruals which coupled with sizeable debt
obligations affected the liquidity position of the company
resulting in delays in debt servicing. Going forward, the
company's ability to service its debt obligations in a timely
manner and register improvement in overall financial risk profile
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Delay in debt servicing by the company
The financial risk profile of the company continued to remain
weak during FY16. JITPL reported a net loss of INR262.60 crore on
total operating income of INR1,439.12 crore. Although, the total
operating income of JITPL witnessed significant growth on account
of first full year of operations, however the company could not
operate the plant at the desired levels. The reason for not
operating the plant at the desired capacity was attributable to
various reasons including limited availability of tenders under
long term PPA from State DISCOMs, lower tariffs on power
exchanges and unavailability of linkage coal for short/medium
term PPAs among others. Lower than envisaged cash accruals
coupled with sizeable debt obligations affected the liquidity
position of the company leading to continued delays in servicing
of debt obligations. Given the weak liquidity position, the
company had initiated for the refinancing of its project debt
with its lenders under 5/25 scheme of RBI which was implemented
by the lenders for amount outstanding as on June 30, 2015 of
INR5,116 crore. However, despite the implementation of 5/25
scheme the cash flows of the company were not commensurate with
the debt service obligations due to non-availability of long term
PPA's with remunerative tariff structure leading to delays in
debt servicing. In view of the same, the company has requested
its bankers to consider its proposal for invocation of provisions
under "Scheme of Sustainable Structuring of Stressed Assets
(S4A)" circular.

Jindal India Thermal Power Ltd (JITPL) is promoted by Jindal Poly
Films Ltd (JPFL) and Jindal Photo Limited (JPL) through Jindal
India Powertech Ltd (JIPL, a holding company wholly owned by JPFL
and JPL). JIPL holds 85.81% stake in JITPL whereas the balance
shares are held by B.C. Jindal group entities, employees,
associates and others. JITPL was originally incorporated as
Indian Zinc Ltd on January 5, 2001 and subsequently the name of
the company was changed to its present name effective from March
23, 2006. It has implemented 1,200 MW green field thermal power
plant (as 2 units of 600 MW each) at district Angul in Odisha.
The project entails a total estimated cost of INR7, 537 crore
(revised from INR6, 510 crore) being funded through a debt
(including subordinate debt and unsecured loans) of INR5,900
crore and the promoter's contribution of INR1,637 crore. Both the
units are now operational.

During FY16 (refers to the period April 1 to March 31), JITPL
reported a total operating income of INR1,439.12 crore with a
PBILDT and net loss of INR244.52 crore and INR262.60 crore,
respectively. The company reported a PLF of 59.70% during
FY16. The same improved to 66.96% during 9MFY17.


JINDAL STAINLESS: CARE Reaffirms D Rating on INR3,224cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jindal Stainless Ltd. (JSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities
   (Term Loans)          3,224       CARE D Reaffirmed

   (ii) Long-term
   Bank Facilities
   (Working Capital
   Limits)                 920       CARE D Reaffirmed

   (iii) Long-term
   Bank Facilities
   (Subordinate Debt)       38       CARE D Reaffirmed

   (iv) Short-term
   Bank Facilities       3,190       CARE D Reaffirmed

   (v) Long-term Bank
   Facilities (ECB)      1,050       CARE C; Stable Reaffirmed

   (vi) Non-Convertible
   Debentures              219       CARE D Reaffirmed

Detailed Rationale and key rating drivers

The reaffirmation of the ratings of bank facilities ([i] to [iv])
and revision in the rating of NCD (NCD; [vi] above) of Jindal
Stainless Ltd. (JSL) factors in the instances of delays in
servicing of debt obligations by the company. The reaffirmation
of the rating for bank facility (*v+) continues to take into
account JSL's leveraged capital structure, stretched liquidity
conditions and weak debt coverage indicators. The ratings,
however, continue to take into account the dominant market
position of JSL in the domestic stainless steel industry and the
company's continuous focus towards production of value added
products. The ratings take cognizance of implementation of JSL's
Asset Monetization Plan (AMP). JSL has transferred the identified
business undertakings through a composite scheme of arrangement
to three new entities namely Jindal Stainless Hisar Limited
(JSHL), Jindal United Steel Limited (JUSL) and Jindal Coke
Limited (JCL). Going forward, the company's ability to service
its debt obligations in a timely manner, deleverage its capital
structure post implementation of AMP and improve profitability to
ensure long term stability shall remain the key rating
sensitivities.

Detailed description of the key rating drivers

Instances of delays in debt servicing

The subdued financial performance and stretched liquidity
position of the company resulted in instances of delays in
servicing of its debt obligations.

Leveraged capital structure and weak debt coverage indicators
JSL's capital structure remained leveraged primarily due to large
debt owing to projects implemented by the company coupled with
its high working capital borrowings. High debt levels coupled
with low cash accruals resulted in stretched liquidity position
of the company which lead to delays in debt servicing.

Implementation of Asset Monetization Plan (AMP)

JSL has implemented an Asset Monetization Plan (AMP) which
entailed transfer of identified business undertakings through a
composite scheme of arrangement. The objective of the said scheme
was to unlock shareholder value in JSL, reduction of debt along
with improvement in debt serviceability, increase in
profitability and to ensure its long term stability. JSL has
transferred the identified business undertakings through a
composite scheme of arrangement to three new entities namely
Jindal Stainless Hisar Limited (JSHL), Jindal United Steel
Limited (JUSL) and Jindal Coke Limited (JCL). Long track record
with strong market position in the domestic stainless steel
industry JSL was formed during 2002, pursuant to demerger of the
Jindal Strips Ltd. JSL is the flagship company of Rattan Jindal
group having its manufacturing facilities located at Duburi
(Orissa). JSL is one of India's largest domestic S.S. producer
with a steel melting capacity of 0.80 MTPA.

Improving operational performance

The company has reported improved operational performance during
FY16 (refers to the period April 1 to March 31) with utilization
of steel melting facility to 75.48% from 56.06% during FY15. The
same further improved to 90.62% during 9MFY17. The improvement in
operational performance and hence profitability was largely
attributable to various reasons including usage of coke oven gas
instead of propane, commissioning of railway siding and
arrangement with Tata for chrome ore. This coupled with
improvement in industry scenario resulted in improvement in
operational performance and profitability.

JSL was originally incorporated in 1970 as Jindal Strips Ltd and
promoted by the Late Mr. O P Jindal. During 2002, Jindal
Stainless Ltd was formed after a demerger of the Jindal Strips
Ltd and is currently headed by Late Mr. O P Jindal's son, Mr.
Ratan Jindal. JSL is the largest domestic stainless steel (S.S.)
producer with steel melting capacity of 0.8 Million Tonnes Per
Annum (MTPA) at Jajpur (Orissa). It has captive thermal power
plant, captive ferro chrome facilities, stainless steel melting,
hot rolling and cold rolling facilities. JSL has implemented an
Asset Monetization Plan (AMP) which entailed transfer of
identified business undertakings through a composite scheme of
arrangement.

During 9MFY17 the company reported a PBILDT of INR794 crore and a
net loss of INR103 crore on a total operating income of INR6,010
crore against a PBILDT of INR377 crore and a net loss of INR388
crore respectively on a total operating income of INR4,668 crore
during 9MFY16.


K L RATHI: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K. L. Rathi
Steels Limited (KLR) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  Instrument-wise rating actions are:

   -- INR400 mil. Fund-based limits assigned with
      'IND BB/Stable/IND A4+' rating; and

   -- INR10 mil. Non-fund-based limits assigned with
      'IND BB/Stable/IND A4+' rating

                        KEY RATING DRIVERS

The ratings reflect KLR's declining revenue, low EBITDA margins
and modest credit metrics owing to the continued slowdown in the
real estate sector (among the company's major end-users) and
stress in the steel industry.  Revenue declined at a CAGR of
negative 17% over FY13-FY16 and 35.8% yoy to INR4.3 billion in
FY16 due to 19% yoy fall in realizations and 21% yoy decline in
sales volumes.  KLR restricted its production and sales volumes
in view of the continuous fall in realizations, which was a
characteristic of the steel industry in FY16.  Ind-Ra expects KLR
to have achieved revenue of INR3.8 billion in FY17.

The EBITDA margins averaged 1.1% over FY13-FY16.  Exposure to
volatility in raw material prices and highly competitive and
fragmented nature of the industry has kept the EBITDA margins at
wafer thin levels.  KLR's manufacturing plant in Greater Noida,
Uttar Pradesh (UP) has been plagued by high power cost and
inadequate power supply.  KLR procures most of its raw material
supplies from outside UP owing to limited ingots/billets supplied
in and around UP, thus escalating its cost and limiting its
competitive strength against other rolling mills having
locational advantage, and better and cheaper power availability.
UP's peak power and energy deficit stood at 14.6% and 12.5%,
respectively, in FY16.  The EBITDA margins are supported by
operation of four 1.5MW windmills.  As per the provisional
results for 1HFY17, KLR achieved EBITDA margins of 2.1%.  Margins
tend to be higher during the first half of the year as the
windmills being located in northern and western part of India
operate at a healthier plant load factor.

KLR's average net leverage (total adjusted net debt/operating
EBITDA) and gross coverage (operating EBITDA/interest expenses)
was 7.0x and 1.62x, respectively, over FY13-FY16 on account of
the low EBITDA margins.  Total debt of INR372 million at FYE16
largely comprised working capital debt.  Ind-Ra does not expect
any major improvement in the credit metrics as the EBITDA margins
would remain low.

However, the ratings are supported by KLR's moderate net working
capital cycle of 30-50 days over FY13-FY16.  The company extends
a credit period of 40-45 days to its customers, while maintaining
an inventory of around 15 days.  Advances from customers and
receipt of credit from suppliers translate into a credit period
of close to 20 days, thus aiding in working capital management.

The company had a moderate liquidity position with positive cash
flow from operations over FY14-FY16 on account of a fairly stable
working capital cycle, along with scaling down of operations.
KLR's average peak utilization of sanctioned fund-based working
capital limits was around 77% over the 12 months ended March
2017.

The ratings also benefit from the promoters experience of more
than three decades in the thermo mechanically treated (TMT) bars
business.  The company sells products under the Rathi brand,
which has a reasonable brand recall in Delhi/NCR.

                        RATING SENSITIVITIES

Positive: An improvement in the profitability margins leading to
an improvement in the credit metrics on a sustained basis will be
positive for the ratings.

Negative: A further decline in the revenue or profitability
margins, resulting in a further deterioration in the credit
metrics on a sustained basis will be negative for the ratings.

COMPANY PROFILE

KLR was incorporated in 1972 to take over the assets of erstwhile
Rathi Steel Rolling Mills, a family enterprise established in
1942 at Shahdara, Delhi.  The company manufactures TMT bars, sold
under the name of Rathi Thermoquench.  Its manufacturing facility
located in Greater Noida has a capacity of 200,000MT.  KLR also
operates four 1.5 MW windmills, of which three are located in
Jaisalmer, Rajasthan and one in Kutch, Gujarat.


MASCOM STEEL: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mascom Steel
India Private Limited a Long-Term Issuer Rating of 'IND B-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR140 mil. Fund-based working capital limits assigned with
      'IND B-/Stable/IND A4' rating;

   -- INR48 mil. Term loan assigned with 'IND B-/Stable' rating;

   -- INR100 mil. Proposed term loan assigned with provisional
      'IND B-/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect the temporary suspension of Mascom's
operations from September 2015 on account of modernization of
machinery. Consequently, revenue declined to INR84 million (FY15:
INR502 million).  The company is likely to generate revenue from
May 2017.

The ratings are also constrained by the company's weak credit
metrics as reflected by net leverage (total adjusted net
debt/operating EBITDAR) of 6.7x in FY16 (FY15: 8.6x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) of
1.4x (1.5x).

However, the ratings are supported by the promoter's more than
three decades of experience in the manufacturing of construction
aggregate materials.

                        RATING SENSITIVITIES

Positive: A substantial increase in the scale on commencement on
operations and an improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

Mascom has been in the thermo mechanical treatment (TMT) steel
business for more than 15 years.  The company has a semi-
automatic TMT steel plant with machineries of different
capacities, installed over the last 15 years.  The plant was
acquired by G.K Group, which has been supplying aggregate
materials in the construction industry for more than 35 years.


MAXIMAA SYSTEMS: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------------
CARE has been seeking information from Maximaa Systems Limited
(MSL) to monitor the ratings vide e-mail communications/ letters
dated January 12, 2017, February 8, 2017, March 25, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on MSL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities              6.33      CARE D; Issuer Not
                                     Cooperating; Based on
                                     best available Information
   Short term Bank
   Facilities              2.00      CARE D; Issuer Not
                                     cooperating; Based on
                                     best available information

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

The ratings take into account the delay in debt servicing and
classification of the company's account as Non-Performing Asset.

Detailed description of the key rating drivers

At the time of last rating on April 06, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Bombay Stock Exchange):

Key Rating Weaknesses

Delay in Debt Servicing: MSL's account has been classified as Non
Performing Asset by Bank of India on account of delay in debt
servicing.

Incorporated in 1990, Maximaa Systems Limited [(MSL) originally
established as a partnership firm in the year 1983] listed on the
Bombay Stock Exchange is engaged in business of manufacturing and
trading of different types of industrial storage systems [i.e.
lockers, cupboards & steel furniture made of CRC sheets & is in
the form of slotted angles, panels of different specifications
and design for storing inventory] and IT services. Further the
company ventured into manufacturing pharmaceutical formulations
making ayurvedic in combination with probiotics.


MUNDRA INVESTMENTS: CARE Issues B Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Mundra Investments Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated March 18, 2017, March 14, 2017, February 2, 2017,
January 25, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of Mundra Investments Private Limited's bank facilities
will now be denoted as CARE B/ CARE A4; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.50       CARE B; Issuer Not
   Facilities                        Cooperating; Based on best
                                     Available Information

   Long-term/Short-
   term Bank Facilities   5.50       CARE B/CARE A4; Issuer Not
                                     Cooperating; Based on best
                                     Available information

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

The ratings assigned to the bank facilities of Mundra Investments
Pvt Ltd (MIPL), continues to remain constrained on account of its
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position alongwith elongated operating cycle.
The ratings also continue to remain constrained due to
susceptibility of profitability to volatile raw material prices
and competitive and fragmented nature of industry with low entry
barriers. The ratings, however, derive strength from MIPL's
experienced promoters.

Detailed description of the key rating drivers

At the time of last rating on August 31, 2016, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Leveraged capital structure
The capital structure remained leveraged marked by overall
gearing of 2.75 times as on March 31, 2016 as against overall
gearing of 2.01 times as on March 31, 2015.

Weak debt coverage indicators along with elongated operating
cycle
Total debt to GCA of the company remained high at 38.70 years as
on March 31, 2016. Operating cycle of the company remained
elongated to 102 days as against 123 days for FY15 (refers to the
period April 1 to March 31).

Moderate liquidity position
Current ratio of the company for FY16 remained moderate at 1.11
times as against current ratio of 1.19 times as on March 31,
2015.

Volatile raw material prices along with oligopolistic raw
material supply market

Plastic polymers are the main raw material for manufacturing PP
woven sacks. The prices of polymers are volatile in nature due to
their linkages with crude oil, and hence adverse price variation
may affect MIPL's profit margin. Furthermore, the domestic
polymer supply industry is oligopolistic in nature with the
presence of a few players led by Reliance Industries Ltd (RIL)
against which it has limited bargaining power in terms of price
as well as credit period.

Competitive and fragmented industry with low entry barriers PP
woven sacks is a highly fragmented industry with the presence of
a large number of unorganized regional manufacturers and rising
imports. The intense competition is also driven by low entry
barriers in terms of capital and technology requirements and
limited product differentiation.

Key Rating Strengths

Experienced promoters
The promoters of MIPL have over two decades of business
experience. The group has diverse business interests like
residential construction, hospitality sector, manufacturing and
distribution of building materials, PP woven sacks and trading of
cement and steel.

Significant increase in TOI during FY16
The scale of operations of the company increased by 50.19% to
INR11.88 crore as compared with TOI of INR7.91 crore for FY15.
The PBILDT margin of the company for FY16 improved to 6.63% as
against PBILDT of 3.48% for FY15.

Mundra Investments Pvt Ltd (MIPL); incorporated in 1992 and
promoted by Mr. Alok Mundra and Mr. Vikas Mundra is currently
engaged in trading of cement steel, asbestos cement (AC) sheets
and fibre-reinforced plastic (FRP) sheets.


RAMAKRISHNA ELECTRONICS: CARE Reaffirms D Rating on INR30cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ramakrishna Electronics (Kurnool Division) (RE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              30        CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers
The reaffirmation of ratings of the bank facilities of
Ramakrishna Electronics (Kurnool Division) (RE) takes into
account ongoing
delays in servicing of debt obligations Detailed Description of
the key rating drivers.

Key Rating Weaknesses

Delays in debt servicing
On account of tight liquidity position of the firm, there are
delays in interest payment in cash credit account and the account
remains overdrawn for over a period of 30-40 days on regular
basis.

Growth in scale of operations; however, leveraged capital
structure and high working intensity The total operating income
of the firm improved significantly by 85.15% to INR139.51 crore
in FY16 from INR75.35 crore in FY15 on account of increased sales
of LED TVs. The PBILDT margin of the firm declined significantly
at 3.53% in FY16 as compared to 6.04% in FY15 due to reduced
amount of margins on the branded electronic products sold by the
company.
Furthermore, the PAT margin of the firm improved marginally at
0.16% in FY16 as compared to 0.07% in FY15 on account of reduced
amount of depreciation costs of the company.

The overall gearing ratio continued to remain high; however, it
has improved from 5.12xas on March 31, 2015 to 3.70x as on
March 31, 2016, mainly on account of infusion of capital (Rs.7.23
crore) by partners in FY16.

The firm operates in a working capital intensive sector which
results in high working capital utilization. The working capital
limits remained fully utilized during the 12 months period ended
February 28, 2017 and there were instances of over-drawal for a
period of more than 30 days during the same period.

Key Rating Strengths

Experience of the promoters in the similar line of business
Mr V. Raghavendra (Managing Partner) has experience of around 29
years in the trading activity and looks after marketing and
purchase activities of the firm.

RE, is a partnership firm established in April, 2000 by Mr. V.
Raghavenrdra, Mr. V. Ravi Kumar, Mrs V. Rajeshwari, Mrs V.
Neelima, Mr. V Ananthakrishna, Mr. G. Ramaiah, Mr. G. Seshamma
and Mrs V. Nagarekha. The firm is engaged in distribution and
trading (retail and wholesale) of consumer electronic products
and home appliances. It operates with a total 9 showrooms. The
firm has its registered office and show room located at Municipal
Shopping Complex, Park Road, Kurnool with other retail show rooms
located at Anathapur, Nadhyala, Madhanapally, Thandapathi, Kadiri
and Guntakal in Andhra Pradesh. The firm distributes consumer
durables of some major brands which include Sony and LG
electronics goods in and around two district of Andhra Pradesh.
The firm has closed down its distribution center in Telangana on
account of excess of 2% of state tax over and above the tax
levied by the state government.

In FY16, RE reported a Profit after Tax (PAT) of INR0.23 crore on
a total operating income of INR139.51 crore, as against a PAT and
TOI of INR0.06 crore and INR 75.35 crore, respectively, in FY15.


RCL PAPER: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------
CARE has been seeking information from RCL Paper and Packaging
Limited to monitor the rating(s) vide e-mail communications dated
February 2, 2017, February 21, 2017, and April 06,2017and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on RCL Paper and Packaging Limited bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.28       CARE D; Issuer not
                                     cooperating; Based on best
                                     available information

   Short-term bank
   facilities             2.75       CARE D; Issuer not
                                     cooperating; Based on best
                                     available information

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

Detailed description of the key rating drivers

At the time of last rating in February 23, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness

Delays in debt servicing
The company has delayed servicing its debt obligations on account
of cash flow mismatch.

Susceptibility of its profit margins to fluctuation in raw
material prices; paper

The company's major raw materials being paper constitutes for
around 90% of total purchases and the rest being printing
material. Price of paper is seen increasing year-on-year and is
driven by the increasing quantities demanded. Hence, any
adverse fluctuation in the prices and availability of the paper
can affect the profitability margins of the firm, which already
remains low due to the high cost of raw materials.

Highly fragmented and competitive nature of industry marked by
the presence of several other players in the market

The company is engaged inprinting of letter heads, bus tickets,
account books, pin mailers and other printing jobs. The paper
printing industry is highly fragmented with the presence of
several players in the market. Such competitive and fragmented
market results in lower profit margins due to competitive prices
of peers in the market.

Key rating strengths

Brief Rationale

Experience promoters for around two decades
The company is promoted by Mr. Balakrishnan (director) and Mr.
Prathap (director) who are qualified graduates and have around 25
years of experience in the printing industry. The other director,
Mr. Ramchander Reddy is a doctor and involved in the strategic
decisions of the company.

RCL Paper and Packaging Limited (RPPL) formerly known as RCL
Technologies Limited was incorporated in 1993 as Reddy Computers
Limited and subsequently its name was changed to RCL Technologies
Limited in the year 2000. Furthermore, on November 05, 2014, the
name of the company was changed to RCL Paper and Packaging
Limited. The company is engaged in the business of digital
printing of letter heads, bus tickets, account books, pin mailers
and other printed documents. Initially, RCL used to outsource the
printing works, after receiving order from its clients, to
various third parties, on a job-work basis till 2011. However,the
companystarted its own printing unit in 2011. Recently, the
company is planning to purchase new packing and printing
equipments to start manufacturing of paper gift boxes and other
packaging boxes.


ROCK REGENCY: CARE Issues B- Issuer Not Cooperating Rating
----------------------------------------------------------
CARE has been seeking information from Rock Regency Hotels
Private Limited (RRHPL) to monitor the rating vide e-mail
communications/ letters dated November 24, 2016, January 9, 2017,
February 21, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Rock Regency Hotels Private Limited's bank facilities will now
be denoted as CARE B- ; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         4.11       CARE B-; Issuer not
   Facilities                        cooperating; Based on
                                     Best available information

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

The rating assigned to the bank facilities of RRHPL continue to
remain constrained by small scale of operations, geographical
concentration of business, continuing net losses, highly
leveraged capital structure and weak debt coverage indicators.
The rating is also constrained by marginal decrease in total
operating income in FY16 (refers to the period April 1 to
March 31).

The ratings, however, continue to draw strength from experienced
promoters, comfortable operating cycle and healthy operating
(PBILDT) margins.

Detailed description of the key rating drivers

At the time of last rating on February 9, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

Small Scale of operations

The total operating income of the company is small at INR7.54
crore in FY16 when compared to other peers in the industry.

Continuing net losses
RRHPL incurred net losses during FY14-FY16 on account of low
PBILDT resulting in under absorption of interest and depreciation
expenses.

Geographical concentration of business
RRHPL geographical coverage is limited. RRHPL operates a three-
star hotel, Hotel Rock Regency, in Bellary, Karnataka. The future
growth prospect of the company to an extent depends on the
ability of the company to diversify geographically.

Highly leveraged capital structure and weak debt coverage
indicators
RRHPL has a highly leveraged capital structure during the review
period. The debt equity ratio and overall gearing ratio of the
company remained respectively at -8.03x and -8.03x as on
March 31, 2016 on account of increase in total debt and erosion
of net worth on account of interest draw out on unsecured loans.

RRHPL has weak debt coverage indicators during the review period.
Total debt/GCA and PBILDT interest covrage ratio of the company
deteriorated from 46.03x and 1.14x respectively in FY15 to -
48.29x and 0.82x respectively in FY16 due to negative cash
accruals and increase in interest cost respectively. Marginal
decrease in total operating income in FY16 The total operating
income of the company marginally declined from INR7.87 crore in
FY15 to INR 7.54 crore in FY16.

Key Rating Strengths

Experienced promoters
RRHPl is managed by Mr. Pola Radhakishna, managing director and
other three directors, who have three decades of experience in
the hotel and service industry. Mr. Pola Radhakrishna has rich
experience in the hotel industry and owns three other restaurants
in Bellary region. The company is likely to benefit from the
established contacts and experience of the promoters.

Comfortable operating cycle
The operating cycle of the company remained comfortable at 14
days in FY16 on account of comfortable average collection period
and creditor's period.

Healthy operating (PBILDT) margins
RRHPL's PBILDT margins continue to be healthy at 37.73% in FY16
as against 47.81% in FY15. In spite of registering healthy
PBILDT, RRHPL continued to incur net losses primarily due to high
interest cost on unsecured loans from the promoters. RRHPL
reported net loss of INR2.19 crore in FY16 as against loss of
INR1.28 crore in FY15.

Rock Regency Hotels Private Limited (RHPL) was incorporated in
the year 2007 by Mr. Pola Radha Krishna, Mr. Y Satish, Mr. Y
Harish, and Mr. K V R Prasad who are the directors of the
company. RHPL operates a three-star hotel, Hotel Rock Regency, in
Bellary, Karnataka. The hotel is setup in four floors with 120
rooms, two restaurants, four conference halls, a pub, a health
centre, beauty parlour and a lease store for super market (MORE
super market). The hotel was initially constructed with a total
project cost of around INR21.20 crore which was funded through
equity of INR4.04 crore, INR13.60 crore of bank loan and the rest
through unsecured loans. The hotel commenced its operations in
January 2010. The hotel is aimed at customers from the industrial
segment in and around Bellary and Hospet (Karnataka).

During FY16, RHPL achieved a total income of INR7.54 crore
(INR7.87 crore in FY15) and Net loss of INR2.19 crore (INR1.28
crore net loss in FY15)


SHRI VAIJANATH: CARE Issues D Issuer Not Cooperating Rating
-----------------------------------------------------------
CARE has been seeking information from Shri Vaijanath Industries
Private Limited to monitor the ratings vide e-mail communications
dated December 12, 2016, February 20, 2017, February 21, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Shri Vaijanath Industries Private Limited bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING,
CARE C; ISSUER NOT COOPERATING and CARE A4; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          2.00       CARE D; Issuer not cooperating

   Long term Bank
   Facilities          4.10       CARE C; Issuer not cooperating

   Short term Bank
   Facilities          0.31       CARE A4; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating in January 29, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Delays in debt servicing:

The financial risk profile of the company is marked by declining
income and operating margins, adverse capital structure, negative
cash accruals and stretched liquidity position evidenced by
persistent overdrawals in CC account and delays in debt
servicing.

Subdued demand from auto ancillary industry and increased
competition in the vicinity leads to lesser production thereby
causing liquidity constraints. The company's sales has declined
from INR15.7crore in FY14 to INR 11 crore in FY15 and is making
continuous losses which has led to the erosion of net worth,
almost zero in the FY15.

Modest Scale of Operations:

Company is operating its sole unit having a production capacity
of 3000MTPA. Company's plant utilization levels has seen
significant decline from 74% in FY14 to 56% in FY15 on account of
slowdown in end user industry (auto and auto ancillaries).

Key Rating Strengths

Experienced Promoter

SVIPL was incorporated in the year 2008 by the Huddar family. The
promoters of the company Mr. Parashram, Mr. Girish and Mr. Namdev
have 30yrs experience each supported by professionals with
adequate experience.

Shri Vaijanath Industries Pvt. Ltd was incorporated on 13th July
2008, it is involved in the business of forging. It started its
commercial production in 2010. The company has its own
manufacturing unit in Kolhapur. Total installed capacity of the
unit is 3000MTPA. It has 2 Induction Machines, heat treatment
furnace, ISO furnace, 2-Tons hammer and 1-Ton hammer installed in
its Kolhapur unit. The products of the company find their
application in automobiles and CNC machines.


SIRIUS INFRA: CARE Issues D Issuer Not Cooperating Rating
---------------------------------------------------------
CARE has been seeking information from Sirius Infra Projects
Private Limited to monitor the rating(s) vide e-mail
communications dated February 21, 2017, February 22, 2017 and
February 23, 2017and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Sirius Infra Projects Private Limited
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4         CARE D; Issuer not
                                     cooperating; Based on
                                     best available information

   Short-term bank
   facilities              5         CARE D; Issuer not
                                     cooperating; Based on
                                     best available information

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

Detailed description of the key rating drivers

At the time of last rating in January 29, 2016 the following were
the rating strengths and weaknesses:

Key Rating weakness

Delay in debt Servicing
The company has delays in servicing of debt obligations owing to
the stretched liquidity position of the company.

Short track record of the company
The company's track record of operations is limited to about 6
years. During thid period it has executed around five projects
completely till date, amounting to around INR 50 crores. The
works executed predominantly are the road works, followed by
irrigation works.  Further, its scale of operations remained
small as compared to other industry peers marked by total
operating income of INR31.25 crore during FY14 (A) and low net
worth base of INR6.51 crore as on March 31, 2014. However the
company has substantial order book in hand which is expected to
result in increase in size of operations.

Working capital intensive nature of business
The company's business being execution of laying of roads and
canal works is working capital intensive.The firm follows
monthly billing and receives payment within 30-45 days of billing
and in turn pays to creditors in about 45-60 days for the
raw materials supplied.On account of these factors, average
working capital utilization stood at 75% for the last 12 month
ended September , 2014.

Key rating strengths

Qualified and experienced prmoters coupled with strong management
team

The company is promoted and managed by MrB. Narsimha Reddy and
Mr. Rajeev Mayor. Mr. Rajeev Mayor is a graduate with around 35
years of experience in this industry. .Mr. B. Narsimha Reddy, an
MBA graduate has around 8 years of experience. The managing
director, Mr. Reddy's industry experience and established
relationship with clients have helped the company in
procuringcontracts from reputed clientele.Mr.Jagga Rao(GM) looks
after administration activity and has more than three decades of
experience. Mr.SyedSaleem(GM-Technical) has technical expertise
with morethan three decades of experience whereas Mr.Joshi, a
Chartered Accountant looks after finance and accounts and has
more than two decade of experience.

Growth in total operating income coupled with improvement in
profitability margins during FY12-FY14

Total operating income of the company has registered a Compounded
Annual Growth Rate (CAGR) of 85.21% during the periods FY12-FY14
from INR9.11 croreto INR31.25 crore, backed by increased order
book and execution of contracts in hand; further the company has
work orders worth Rs168.43 crores in hand a predominant portion
to be executed before March, 2016 providing medium term revenue
visibility for next two years. The company has achieved revenue
of around Rs16.33 crore for the period 6MFY15 (refers to period
April, 2014 The PBILDT margins of the company improved
significantly from 2.65% during FY12 to 10% during FY14 since
thecompany started executing projects directly for the government
organizations in which the profit margins are relatively higher
than sub contracts. Further the company can mitigate the
fluctuation in raw material prices, as there is escalation clause
in the agreement. The PAT margin of the company increased to
5.78% during FY14 as against 5.18% during FY13 on back of
increased PBILDT.

Healthy order book position of around INR168.43 crore as on
October 15, 2014

SIPPL has healthy order book position with orders in hand
aggregating INR168.43 crore as on October 15, 2014 providing
medium term revenue visibility.

Comfortable capital structure and debt coverage indicators

The debt equityratio and overall gearing ratio of the company are
comfortable at 0.11x and 0.26x respectively as on March 31, 2014,
as the company is availing only vehicle loan and working capital
facility. As on March 31, 2014 the net worth of the company
increased to INR6.51 crore as against INR2.03 crore as on March
31, 2013due to infusion of equity of INR2.65 crore coupled with
accretion of profits to net worth.Interest coverage ratio stood
comfortable at7.37xduring FY14. Total debt to GCA improved from
1.84xduring FY13 to 0.91xduring FY14 on account of increase in
cash accurals.

Incorporated in 2008, Hyderabad-based, SIPPL was promoted by Mr.
B. Narsimha Reddy and Mr. Rajeev Mayor. The company is engaged in
civil construction works such as laying of roads and irrigation
works for government organizations covering the states of Madhya
Pradesh and Odisha. Till March 2011, the company used to work as
sub contractor for Patel Engineering Limited (CARE BB/A4) and KNR
Constructions Limited (CRISIL A-/A2+), whereas from April 2012
onwards the company started participating in tenders and
executing the projects directly for the government. The company
has executed around INR12.98crore for MPRDCL (Road Work) during
FY13.


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

   -- INR48.44 mil. Term loan migrated to Non-Cooperating
      Category;

   -- INR103 mil. Fund-based limit migrated to non-cooperating
      category; and

   -- INR60 mil. Non-fund-based limit migrated to Non-Cooperating
      category

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

COMPANY PROFILE

Bangalore-based, Southern Auto Products was established as a
partnership firm in 1987 by Mr. Deepak Malik, Mr. H P Malik and
Ms. Madhu Malik.  It processes glass to make laminated, toughened
and insulated glass for architectural use.


SRI BALAJI: CARE Issues B Issuer Not Cooperating Rating
-------------------------------------------------------
CARE has been seeking information from Sri Balaji Industries
(SBI) to monitor the ratings vide e-mail communications dated
February 21, 2017, February 23, 2017, March 2, 2016, March 10,
2017 and March 22, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the rating. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express an opinion on the rating. In
line with the extant SEBI guidelines CARE's rating on Sri Balaji
Industries bank facilities will now be denoted as CARE B; ISSUER
NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.63       CARE B; Issuer not
   Facilities                        cooperating

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

Detailed description of the key rating drivers

At the time of last rating in February 09, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Limited track record of operations coupled with relatively small
scale of operations

SBI commenced its operations from August 1, 2012, and hence has
limited track record of operations. Moreover, the firm has a very
small scale of operations with total operating income of INR13.45
crore and a PAT of INR0.27 crore during FY15 (refers to the
period April 1 to March 31) as compared with total operating
income of INR7.78 crore and PAT of INR0.27 crore in FY14.

Highly leveraged capital structure with weak debt coverage
indicators

The capital structure of the firm is highly leveraged with an
overall gearing ratio of 2.25x as on March 31, 2015, as against
1.92x as on March 31, 2014, on account of increase in long term
debt as well as high dependence on working capital borrowings.
The working capital borrowings increased to INR2.01 crore as on
March 31, 2015, from INR0.54 crore as on March 31, 2014, backed
by increase in scale of operations. Furthermore, the interest
coverage ratio declined to 1.77x as on March 31, 2015, from 3.05x
as on March 31, 2014, due to increase in interest expense. The
term debt /GCA further deteriorated to 8.29x as on March 31,
2015, from 4.29x as on March 31, 2014, on account of increase in
long-term debt coupled with decline in GCA. The total debt/GCA
also stood very high at 10.86x as on March 31, 2015.

Working capital intensive nature of business

The operating cycle of the company was high at 83 days during
FY15 on account of increase in inventory days by 22 days and
decline in creditors' days by 39 days. The inventory days has
increased on account of increase in raw material inventory to
support the capacity expansion during FY16. However, collection
period improved by 20 days. The working capital utilization was
around 90% for the last 12 months ending December 2015.
Key rating strengths

Experienced promoter with an experience of more than two decades
in the chemical industry

Mr. M R Subrahmanyam is the proprietor of SBI. He has a Bachelor
of Science degree in Chemistry and has an experience of 20 years
in manufacturing active pharmaceutical ingredients and its
various intermediates & trading of all kinds of chemicals and
solvents. Prior to this he has worked as products chemist at Dr.
Reddy's Labs Limited.

Growth in total operating income during FY13-FY15

The total operating income has increased to INR13.45 crore in
FY15 from INR7.78 crore in FY14 with a y-o-y growth of 72.89%
(CAGR of 86.05% during FY13-FY15) on account of increase in
quantum of sales coupled with increased realizations. The sales
quantum has increased by 79.56% during FY15 to 1,493,238 Kg from
8,31,598 Kg during FY14. Furthermore, the average sales
realization of solvents has increased to INR61.03/Kg in FY15 from
INR49.63/Kg in FY14 which has also resulted in increased income.

Moderate PBILDT margin, however, significant decline in FY15
Despite volatility in PBILDT margin, the same stood at a moderate
level at around 13% for FY15. The PBILDT margin increased during
FY14 from 16.26% in FY13 to 23.53% on account of decline in
material costs. However, the PBILDT margin declined to 13.17%
during FY15 on account of increase in prices of solvents used in
the distillation process and inability of the firm to completely
pass on the effect of increase in the prices of raw materials to
the customers due to tough competition in the chemical industry.
Being a manufacturing company, material cost constitutes major
portion of the total costs. In line with PBILDT margin, the PAT
margin also declined from 3.53% during FY14 to 2.03% during FY15
on account of increase in interest expense at the back of loans
availed by the firm for the purchase of machinery and other fixed
assets coupled with increased dependence on working capital bank
borrowings.

Established relationship with clients and suppliers Mr. M R
Subrahmanyam's experience in the industry has enabled him to
establish healthy relationships with customers and his suppliers
and the company's suppliers are reputed pharma players. The
company's customers are primarily various chemical and petro
chemical companies. The established relations have also resulted
in repeat orders from customers.

SBI is a proprietorship concern, established in 2011 by Mr. M R
Subrahmanyam. The firm is engaged in distillation of solvents
used by petrochemical and other chemical manufacturing companies.


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

   -- INR60 mil. Fund-based working capital migrated to non-
      cooperating category;

   -- INR250 mil. Non-fund-based working capital migrated to non-
      cooperating category; and

   -- INR8 mil. Proposed long-term loans migrated to non-
      cooperating category

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

COMPANY PROFILE

Satya Sai was incorporated in 2006 and is engaged in civil
construction work.


TAKEDA IFMR: Ind-Ra Affirms B+ Rating on INR22.6MM Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Takeda IFMR
Capital 2016 (an ABS transaction) as:

   -- INR73.6 mil. Series A1 pass-through certificates (PTCs)
      affirmed with 'IND BBB+ (SO)/Stable' rating; and

   -- INR22.6 mil. Series A2 PTCs affirmed with
      'IND B+(SO)/Stable' rating

The microfinance loan pool assigned to the trust was originated
by Future Financial Services Private Limited (FFSPL).  However,
the servicer and credit enhancement provider for this transaction
has been changed to Disha Microfin Ltd (DML), effective Oct. 1,
2016, (Ind-Ra published a RAC on Aug. 24, 2016).

                         KEY RATING DRIVERS

The affirmation reflects 61.2% amortization of the loan pool at
end-March 2017 payout, with no utilization of external credit
enhancement (CE).  According to the payout report of March 2017,
the available CE remained at the original level of INR11.3
million and the current pool principle outstanding (POS) was
INR109.6 million.  The available external CE as a percentage of
POS increased to 10.31% in March 2017 from 4.18% in March 2016.

The transaction benefits from the internal CE on excess interest
spread, subordination and over-collateralization.  The
transaction also benefits from the external CE in the form of
fixed deposit in the name of the originator, with a lien marked
in favor of the trustee.

The rating of Series A1 PTCs addresses the timely payment of
interest on monthly payment dates and the ultimate payment of
principal by the final maturity date of Dec. 21, 2017, in
accordance with transaction documentation.  The rating of Series
A2 PTCs addresses the timely payment of interest on monthly
payment dates only after the complete redemption of Series A1
PTCs and the ultimate payment of principal by the final maturity
date of Dec. 21, 2017, in accordance with transaction
documentation.

                         RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed the historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions about the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of PTCs
will not be impacted.

COMPANY PROFILE

Incorporated in 1995, DML is registered with the Reserve Bank of
India as a non-banking financial company - microfinance
institution.  In September 2015, it received in-principle
approval from the regulator to start operations as a small
finance bank.  In October 2016, DML acquired FFSPL.

DML is a part of Fincare group, which comprises DML, FFSPL, Lok
Management Services Pvt. Ltd., India Finserve Advisors Pvt. Ltd.
and Fincare Business Services Pvt. Ltd.


TARACHAND INT'L: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------------
CARE has been seeking information from Tarachand International
Private Limited (TIPL), to monitor the rating vide e-mail
communications/ letters dated October 7, 2016, March 29, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines
CARE has reviewed the rating on the basis of publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on TIPL's bank facilities
will now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short         50        CARE D; ISSUER NOT
   Term Bank                         COOPERATING; Based on best
   Facilities                        Available information

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

The ratings take into account the delay in servicing of debt
obligations.

Detailed description of the key rating drivers

At the time of last rating in February 9, 2016, the following
were the rating strengths and weaknesses.

Key rating weakness

Delay in debt servicing: As per interaction with banker, there
have been delay in debt servicing and account has been classified
as NPA.

Tarachand International Private Limited (TIPL) was set-up in 2011
by Mr. Vinod Kariya and Mrs Sunita Kariya. The company is into
the business of steel trading (viz. sheets, plates, channels,
angels & others) and ship breaking. TIPL has its registered
office in Mumbai and carries out the ship breaking activity from
the Mumbai   port. During FY14 (refers to the period April 1 to
March 31), TIPL successfully purchased 3 vessels aggregating
11,000 ldt (liquid displacement tonnage) for demolition at an
average rate of US$435/ ldt.


TEHRI PULP: CARE Reaffirms 'D' Rating on INR67.35cr Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tehri Pulp & Paper Limited (TPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             67.35      CARE D Reaffirmed

   Short-term Bank
   Facilities             18.75      CARE D Reaffirmed

The reaffirmation of the ratings assigned to the bank facilities
of Tehri Pulp & Paper Limited (TPPL) takes into account ongoing
delays in servicing of debt obligations by the company.
Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There have been instances of delay by
the company w.r.t. its debt service obligations. The same
was attributable to the stretched liquidity position of the
company.

Susceptibility of the company's margins to volatility in prices
of raw material and highly fragmented industry: TPPL uses waste
paper as a raw material whose prices are highly volatile.
Furthermore, the kraft paper industry is highly fragmented in
nature with stiff competition from a large number of organized as
well as unorganized players.

Key Rating Strengths

Experienced Promoters & Long track record of operations: TPPL was
incorporated in year 1993 and has a track record of 24 years in
this line of business. It is a part of 'Bindal Group of
Industries' which includes other companies like Neeraj Paper
Marketing Ltd (CARE BB+/CARE A4+), Bindals Papers Mills Ltd (CARE
BB-/CARE A4) and Agarwal Duplex Board Mills Ltd (CARE BB+/ CARE
A4), etc. Mr. Rakesh Kumar, chairman and managing director of
TPPL, has an experience of more than two decades in the paper
industry.

Tehri Pulp & Paper Limited (TPPL), incorporated in year 1993, is
engaged in manufacturing of Kraft Paper and Kraft Liner in
Muzaffarnagar, Uttar Pradesh. The company is a part of the Bindal
Group of companies, which includes other companies like Neeraj
Paper Marketing Ltd (CARE BB+/CARE A4+), Agarwal Duplex Board
Mills Ltd (CARE BB+/ CARE A4) and Bindals Papers Mills Ltd (CARE
BB-/ CARE A4).

TPPL has waste paper and agro-based Kraft paper manufacturing
facilities located at its units in Muzaffarnagar, Uttar Pradesh
with a total installed capacity of 78,000 metric tons per annum
(MTPA). It is a packaging item and used for manufacturing of
corrugated boxes, cartons and other packaging purpose.


VESTA EQUIPMENT: CARE Issues D Issuer Not Cooperating Rating
------------------------------------------------------------
CARE has been seeking information from Vesta Equipment Private
Limited to monitor the ratings vide e-mail communications dated
December 9, 2016, December 23, 2016, December 24, 2016,
January 4, 2017, January 9, 2017, February 20, 2017, February 21,
2017and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Vesta Equipment Private Limited bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         3.45       CARE D; Issuer not
   Facilities                        cooperating

   Long/Short term
   Bank Facilities        8.50       CARE D; Issuer not
                                     cooperating

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

Detailed description of the key rating drivers

At the time of last rating in December 15, 2015 the following
were the rating strengths and weaknesses:

Key Rating Weakness

Ongoing delays in debt servicing: The banker has confirmed that
there are ongoing delays in repayment and interest payment.

Vesta Equipment Private Limited (VEPL) was incorporated in May,
2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam
Alumkal Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with
M/s. Sullair Corporation, USA. Currently the company manufactures
three kinds of air screw compressors which are utilized in water
well drilling, coal bed methane drilling, geothermal,
underbalanced drilling etc. The manufacturing unit of the company
is situated at Bangalore and having a capacity to produced 690
units of machines per annum.



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


TOSHIBA CORP: Westinghouse Risks Still Shadow Firm
--------------------------------------------------
Nikkei Asian Review reports that even removed from Toshiba
Corp.'s consolidated accounts, Westinghouse Electric could still
expose the embattled Japanese conglomerate to major risks, with a
labor dispute on top of unresolved payment guarantees looming
large.

Westinghouse said May 21 that it would temporarily lock 172
unionized employees out of a nuclear components plant in the U.S.
state of New Hampshire, Nikkei relates. Management shut them out
of the factory in a bid to gain the upper hand after labor
rejected a contract offer.

Nikkei says the row comes amid growing anxiety among workers
after Westinghouse's Chapter 11 bankruptcy filing. U.S. Commerce
Secretary Wilbur Ross expressed concern in Japan last month about
the potential impact on employment. With the union aware of
Washington's stance and prepared to go all-out to save jobs, the
contract dispute could drag on.

Westinghouse, which filed for bankruptcy protection March 29, was
taken off Toshiba's consolidated books, according to Nikkei. Yet
the government under U.S. President Donald Trump could press the
Japanese conglomerate to stay involved in Westinghouse over jobs
and other issues, Nikkei says. The administration, which has
positioned protecting domestic jobs as a top priority, faces
declining poll numbers.

Southern Co., which ordered one of the nuclear plant projects
that ruined Westinghouse's finances, asserts that Toshiba owes
the utility $3.68 billion under guarantees provided by the
Japanese company as the parent of Westinghouse, according to
Nikkei. A similar arrangement is in place with Scana, a
Westinghouse customer for another such project.

Nikkei notes that Toshiba is expected to set aside roughly
JPY670 billion ($6.02 billion) as provisions for these guarantees
for the fiscal year ended March 31. But the amount covered by the
Scana guarantee has yet to be settled, leaving unclear whether
these reserves will fully cover Toshiba's obligations, Nikkei
says.

Westinghouse is expected to come out with a turnaround plan
around summer, adds Nikkei.

                          About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'.  Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime.  At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.

The TCR-AP reported on March 21, 2017, that S&P Global Ratings
has lowered its long-term corporate credit rating on Japan-based
capital goods and diversified electronics company Toshiba Corp.
two notches to 'CCC-' from 'CCC+' and lowered the senior
unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative.  The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.



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


RURAL BANK OF ILIGAN: Creditors' Claims Deadline Set for July 3
---------------------------------------------------------------
All creditors of the closed Rural Bank of Iligan City, Inc. have
until July 3, 2017 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Rural Bank of Iligan City and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. A sample Claim Form against
the assets of the closed bank may be downloaded from the PDIC
website, www.pdic.gov.ph.

Claims filed after July 3, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to July 3, 2017 are deemed to have filed their claims
against the closed bank's assets.

Rural Bank of Iligan City was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on April 20, 2017
and PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank is located at No. 0045 Gen. Aguinaldo St.,
Brgy. Poblacion, Iligan City.

All requests and inquiries relating to Rural Bank of Iligan City
shall be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, or through telephone numbers
(02) 841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.


RURAL BANK OF RAGAY: Claims Deadline Set for July 3
---------------------------------------------------
All creditors of the closed Rural Bank of Ragay (Camarines Sur),
Inc. have until July 3, 2017 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Rural Bank of Ragay and include depositors
whose deposits exceed the maximum deposit insurance coverage
(MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. A sample Claim Form against
the assets of the closed bank may be downloaded from the PDIC
website, www.pdic.gov.ph.

Claims filed after July 3, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to July 3, 2017 are deemed to have filed their claims
against the closed bank's assets.

Rural Bank of Ragay was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on April 20, 2017 and PDIC, as
the designated Receiver, was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The
bank's Head Office is located at Tomas Delgado St. cor.
Provincial Road, Poblacion Ilaod, Ragay, Camarines Sur. Its lone
branch is located in Del Gallego, Camarines Sur.

All requests and inquiries relating to Rural Bank of Ragay shall
be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, or through telephone numbers (02) 841-
4630 or 841-4631. Depositors and creditors outside Metro Manila
may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).
Walk-in clients may also visit the PDIC Public Assistance Center
at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***