TCRAP_Public/170526.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, May 26, 2017, Vol. 20, No. 104

                            Headlines


A U S T R A L I A

ALEXANDRIA LIGHTHOUSE: First Creditors' Meeting Set for June 5
AUSTRADIA PTY: Topshop Goes Into Voluntary Administration
BK GOLD: First Creditors' Meeting Set for June 2
EURO ECO: In Liquidation; Creditors' Meeting Set for May 29
GOODMAN PLUS: Moody's Ups Junior Subordinate Rating from Ba1

LATERAL GROUP: First Creditors' Meeting Set for June 9
PWK MEDAM: First Creditors' Meeting Set for June 5
SAPPHIRE XVI: Fitch Assigns B Rating to AUD3.75MM Class F Notes


C H I N A

AGRICULTURAL BANK: Fitch Affirms 'bb' Viability Rating
CHINA: Downgrade Could Lead to a Mountain of Debt
LOGAN PROPERTY: Fitch Assigns BB- Rating to US$450MM Sr. Notes


H O N G  K O N G

NOBLE GROUP: Still Talking With Potential Strategic Parties


I N D I A

AADHISIVA ENT: CARE Issues 'D Issuer Not Cooperating' Rating
ASAN MEMORIAL: CARE Issues 'D; Issuer Not Cooperating' Rating
BEAM COX: CARE Issues 'D; Issuer Not Cooperating' Rating
BHAVANAM TEXTILES: CARE Issues B+ Issuer Not Cooperating Rating
BHUSHAN ENERGY: CARE Reaffirms 'D' Rating on INR2472.90cr Loan

DABANG METAL: Ind-Ra Assigns 'D' Long-Term Issuer Rating
DHALAVAI PATHRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DIVYA AGRO: CARE Issues 'D; Issuer Not Cooperating' Rating
DTC SECURITIES: Ind-Ra Issues 'BB' Issuer Not Cooperating Rating
DURGA KRISHNA: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating

GCL PRIVATE: CARE Issues 'D; Issuer Not Cooperating' Rating
GMR WARORA: CARE Reaffirms 'D' Rating on INR3445.79cr Term Loan
HILL-BROW METALLICS: Ind-Ra Migrates Rating to Non-Cooperating
JAYARAM TEXTILES: CARE Issues 'D; Issuer Not Cooperating' Rating
JINDAL STEEL: CARE Reaffirms 'D' Rating on INR18,440.62cr Loan

JMJ SWITCH: CARE Issues 'D; Issuer Not Cooperating' Rating
KERALA STATE: Ind-Ra Assigns B+ Rating to INR100MM Capital Limits
KHAMMAM SPICE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
KOVAI KALAIMAGAL: CARE Issues 'D; Issuer Not Cooperating' Rating
KUBS SAFES: CARE Issues 'D; Issuer Not Cooperating' Rating

KWALITY FEEDS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
LIBRA FABRIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
LORDS ORIENTAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
M.G. INDUSTRIES: Ind-Ra Migrates B+ Rating to Non-Cooperating
M.P. ASSOCIATES: CARE Reaffirms B+ Rating on INR80cr Term Loan

METHRA INDUSTRIES: CARE Issues 'D; Issuer Not Cooperating' Rating
MICROTEX FASHION: CARE Lowers Rating on INR7.23cr LT Loan to D
MILAN PIPE: CARE Assigns B+ Rating to INR6.25cr LT Loan
NEOLITE BUILDCON: CARE Assigns B Rating to INR14.48cr LT Loan
ONGOLE AROGYA: CARE Issues 'D; Issuer Not Cooperating' Rating

PARIKH BROTHERS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
R. K. ELECTRICAL: CARE Assigns C Rating to INR3.0cr LT Bank Loan
RADHIKA JEWELLERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
RAMAKRISHNA ELECTRONICS: CARE Ups Rating on INR6cr Loan to 'C'
SAJJALA WOVEN: CARE Raises Rating on INR7.17cr LT Loan to 'C'

SHIV SHAKTI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
SHREE COAL: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
SHREE KRISHNA: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
SHRI RAMALINGA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
SHRI SENTHUR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

SHRI SIDHI: CARE Assigns 'B+' Rating to INR6cr LT Loan
SHRIRAM EPC: CARE Lowers Rating on INR927.27cr ST Loan to 'D'
SHUBHAM COTTON: CARE Assigns 'B+' Rating to INR8.90cr LT Loan
SMIT DEVELOPERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
SRINIVASA AGRO: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating

SRINIVASA STEEL: CARE Issues 'D; Issuer Not Cooperating' Rating
SURYA ELECTRICALS: Ind-Ra Migrates BB- Rating to Non-Cooperating
TIRUPATI SUGARS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
V.A. PRODUCTS: CARE Issues 'B; Issuer Not Cooperating' Rating
VEDBHUMI BUILDERS: CARE Reaffirms 'D' INR38.94cr LT Loan

VEENDEEP OILTEK: Ind-Ra Migrates 'B+' Rating to Non-Cooperating


I N D O N E S I A

CHANDRA ASRI: S&P Revises Outlook to Dev. & Affirms 'B+' CCR


J A P A N

TOSHIBA CORP: May Seek Buyers for Westinghouse Starting This Fall
TOSHIBA CORP: Western Digital offers JPY2 Trillion for Chip Unit


N E W  Z E A L A N D

SEADRAGON LIMITED: Confirms 2017 Full-Year Loss Will Widen


P H I L I P P I N E S

RB OF BAROTAC: PDIC Resumes Deposit Insurance, Liquidation Ops


                            - - - - -


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A U S T R A L I A
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ALEXANDRIA LIGHTHOUSE: First Creditors' Meeting Set for June 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Alexandria
Lighthouse Group Pty Ltd will be held at Level 3, 95 Macquarie
Street, in Parramatta, NSW, on June 5, 2017, at 11:00 a.m.

Riad Tayeh, Riad Tayeh and Suelen McCallum of de Vries Tayeh were
appointed as administrators of Alexandria Lighthouse on May 24,
2017.


AUSTRADIA PTY: Topshop Goes Into Voluntary Administration
---------------------------------------------------------
Austradia Pty Ltd (trading as 'Topshop/Topman') one of
Australia's best known fast fashion retailers, was placed into
Voluntary Administration on May 24.

Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan
Eagle were appointed Voluntary Administrators by the company's
board of directors.

Administrator James Stewart said the company had considered its
optimal operating structure. It will be business as usual as the
Administrators work closely with Arcadia Group (the UK owners of
the Topshop/Topman brand) on supporting and right-sizing the
Australian business to a sustainable platform going forward.

The Austradia management team are working closely with the
Administrators to ensure the best possible outcome for the
business.

Mr. Stewart said "Topshop/Topman is one of the world's best known
fast fashion retailers operating 9 stand-alone stores, 17 Myer
concessions and an on-line business in Australia".

Mr. Stewart said that employees will continue to be paid by the
Administrators.

Normal customer policies such as gift cards and product returns
will continue during the Administration period.

Topshop/Topman has 760 employees and annual sales of
approximately AUD90 million.

Topshop and Topman are the foundational brands of Arcadia Group
Ltd, a British multinational fashion retailer. The separately
owned and operated Australian franchise, Topshop/Topman opened
locally in 2011.


BK GOLD: First Creditors' Meeting Set for June 2
------------------------------------------------
A first meeting of the creditors in the proceedings of BK Gold
Mines Pty Ltd will be held at the offices of Auxilium Partners,
Level 2, 949 Wellington Street, in West Perth, West Australia, on
June 2, 2017, at 8:00 a.m.

Bob Jacobs of Auxilium Partners was appointed as administrator of
BK Gold on May 23, 2017.


EURO ECO: In Liquidation; Creditors' Meeting Set for May 29
------------------------------------------------------------
Simon Richard Miller and Timothy James Clifton of Clifton Hall
were appointed as administrators of Euro Eco Products Australia
Pty Ltd on May 16, 2017.

A meeting of the creditors of the Company will be held at the
offices of Clifton Hall, Level 3, 431 King William Street, in
Adelaide, South Australia, on May 29, 2017, at 10:30 a.m.


GOODMAN PLUS: Moody's Ups Junior Subordinate Rating from Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded Goodman Group's long-term
issuer and senior unsecured ratings to Baa1 from Baa2. The
ratings outlook remains stable.

Moody's has taken the following rating actions:

Goodman Group long-term issuer rating, and Senior Unsecured Bank
Credit Facility upgraded to Baa1, from Baa2

Goodman Australia Finance Pty Limited Backed Senior Unsecured MTN
upgraded to (P)Baa1 from (P)Baa2

Goodman Australia Finance Pty Limited Senior Unsecured EMTN Notes
upgraded to Baa1 from Baa2

Goodman Funding Pty Limited Backed Senior Unsecured Notes
upgraded to Baa1 from Baa2

Goodman Plus Trust Junior Subordinate rating upgraded to Baa3
from Ba1

The outlook on all ratings remains stable.

The upgrade in Goodman's ratings follows Goodman's change in
gearing policy to 0%-25% from 25-35%.

Moody's has also withdrawn the ratings for the facilities listed
below because there has been no issuance from them and there is
no intent to issue from them:

Goodman Funding (Jersey) Limited (P)Baa2 Backed Senior Unsecured
MTN

Goodman Funding Singapore Pte. Ltd. (P)Baa2 Backed Senior
Unsecured MTN

RATINGS RATIONALE

"Goodman's revised gearing policy will result in a stronger
credit profile through the cycle, which underpins a higher
rating", says Maurice O'Connell, a Moody's Vice President and
Senior Credit Officer.

The previous Baa2 rating had built in an expectation that the
company's financial metrics would weaken from the strong levels
shown over the past year, as Goodman moved from a historic low
gearing level of 8.7% as of December to closer to 30% during the
next two to three years, in line with the mid-point of its
previous gearing range.

"The revised gearing level will result in Goodman sustaining
lower levels of debt than it would under the old policy, with the
result that Moody's expects net debt/EBITDA to rise to around
2.5x on a headstock basis and to 5.0x on a look-through basis
from 1.0x and 2.8x respectively as at December 2016", adds
O'Connell. "Previously, Moody's had expected net debt/EBITDA to
remain under 5.0x on a headstock basis and 6.5x on a look-through
basis".

The rating reflects Goodman's strong market position and brand
name as the largest owner of good-quality industrial properties
in Australia and its market-leading position globally. This
situation helps underpin the Baa1 rating.

The rating takes into consideration the company's high level of
property development, which increases its earnings volatility and
risk profile. Compared with other REITs, Goodman generates a
higher proportion of revenue from property development and
investment management, and therefore a lower percentage from
rental income.

The rating also reflects Goodman's more complex business model
when compared with most REITs.

Goodman has a material equity exposure to a number of managed
industrial partnerships, which act as conduits for its investment
activity as well as for enhancing investment management earnings.
Goodman's financial metrics are higher on a proportional basis
than on an equity-accounted basis.

The rating, however, also takes into account Goodman's prudent
and conservative approach to capital management, which should
accommodate its growing development pipeline without weakening
its credit profile materially.

Goodman's liquidity position is strong. As of December 31, 2016,
the company had cash on hand of AUD1.7 billion, committed undrawn
lines of AUD1.1 billion, and no debt maturities before July 2018.

The stable outlook reflects Moody's view that the current
operating model is sustainable with development activity
undertaken in a prudent manner and via funds or capital partners
funded substantially through retained earnings.

Upward pressure on the rating is unlikely in the intermediate
term, but would be contingent upon Goodman adopting a more
conservative financial policy, leading to look-through net
debt/EBITDA falling below 3.5x and at the headstock level below
2.0x.

Downward rating pressure could evolve if Moody's foresees a
weakening in Goodman's financial metrics due to a weakened
operating environment. Metrics that Moody's will consider for a
downgrade include look-through net debt/EBITDA rising above 5.5x
and on a headstock level above 4.0x, on a consistent basis.

A material weakening in the group's liquidity position, or
evidence of a meaningful increase in development risk or
financial support for its managed partnerships, could also lead
to downward ratings pressure.

The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.

Goodman Group (Goodman) is an integrated commercial and
industrial property group that owns, develops and manages real
estate including warehouses, large scale logistics facilities,
business parks and offices globally throughout Australia, Asia,
Europe, UK, New Zealand, U.S and Brazil. It is Australia's
largest listed industrial real estate investment trust (REIT)
with AUD34.8 billion of assets under management as at December
2016.

Goodman also offers a range of property investment management
partnerships, giving investors access to specialist investment
management services and commercial and industrial property
assets.


LATERAL GROUP: First Creditors' Meeting Set for June 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Lateral Group Pty Ltd will be held at the offices of Morton's
Solvency Accountants, Level 11, 410 Queen Street, in Brisbane,
Queensland, on June 9, 2017, at 10:00 a.m.

Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Lateral Group on May 23, 2017.


PWK MEDAM: First Creditors' Meeting Set for June 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of PWK Medam
NSW Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Suite 1 Level 15, 9 Castlereagh Street, in
Sydney, NSW, on June 5, 2017, at 9:30 a.m.

Nicholas Craig Malanos of Worrells Solvency was appointed as
administrator of PWK Medam on May 24, 2017.


SAPPHIRE XVI: Fitch Assigns B Rating to AUD3.75MM Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XVI Series
2017-1 Trust's residential mortgage-backed floating-rate notes.
The issuance consists of notes backed by Australian non-
conforming first-ranking residential loans originated by
Bluestone Group Pty Limited (Bluestone) and Bluestone Mortgages
Pty Limited. The ratings are as follows:

AUD125.0 million Class A1 notes: 'AAAsf'; Outlook Stable
AUD48.75 million Class A2a notes: 'AAAsf'; Outlook Stable
AUD27.25 million Class A2b notes: 'AAAsf'; Outlook Stable
AUD11.5 million Class B notes: 'AAsf'; Outlook Stable
AUD12.75 million Class C notes: 'Asf'; Outlook Stable
AUD8.25 million Class D notes: 'BBBsf'; Outlook Stable
AUD4.5 million Class E notes: 'BBsf'; Outlook Stable
AUD3.75 million Class F notes: 'Bsf'; Outlook Stable
AUD5.75 million Class G notes: 'NRsf'; Outlook Stable
AUD2.5 million Class H notes: 'NRsf'; Outlook Stable

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

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

KEY RATING DRIVERS

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

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

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

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

RATING SENSITIVITIES

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

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

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

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



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AGRICULTURAL BANK: Fitch Affirms 'bb' Viability Rating
------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) of China's five large state-owned
commercial banks at 'A' with Stable Outlooks. The Short-Term IDRs
were affirmed at 'F1'.

The five banks are: Agricultural Bank of China Limited (ABC),
Bank of China Ltd. (BOC), Bank of Communications Co., Ltd.
(BOCOM), China Construction Bank Corporation (CCB) and Industrial
and Commercial Bank of China Limited (ICBC).

KEY RATING DRIVERS
IDRS, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS

All of the Long-Term IDRs are based on state support, and are at
the banks' Support Rating Floors, reflecting an extremely high
probability of extraordinary support from the central government
in the event of stress.

The banks' Support Ratings (SR) of '1' and Support Rating Floors
(SRF) of 'A' reflect their systemic importance and thus an
extremely high propensity for the state to support them, if
required. Combined, the state-owned commercial banks account for
around 38% of sector assets domestically at the end of March 2017
and are viewed as pivotal to the financing of China's economy.
The state banks' market shares have been declining over the past
few years due to rapid non-loan asset growth at other Chinese
commercial banks, in particular joint-stock and city commercial
banks, but they remain systemically important to the state in
Fitch's view.

Fitch believes the state banks continue to play significant roles
in supporting domestic growth as well as major roles in financing
activities abroad, including expansion by Chinese corporates and
infrastructure projects supporting strategic government
initiatives, such as the One Belt One Road development plan.
Fitch expects tighter market liquidity in 2017, which is aimed at
reducing leverage by increasing relative borrowing costs for
those entities most exposed to non-loan and non-bank credit. As
net liquidity providers, the state banks should benefit from a
more favourable outlook for net interest margin. The average
corporate borrowing rate for the sector has already increased
19bp since the end of 2016 to 5.63% in March 2017.

Although the Chinese authorities have not provided further
clarification over domestic systemically important financial
institutions (SIFIs), Fitch expects all the state banks to be
designated as domestic SIFIs; four of them (ABC, BOC, CCB and
ICBC) are already designated as global SIFIs. The central
government is ultimately the largest shareholder of all the five
state banks, and has a track record of providing solvency and
asset-quality support to the banks. Consequently, the banks' SRFs
remain closely linked to China's sovereign rating (A+/Stable). As
support is not expected to diminish in the foreseeable future,
the Outlook on their IDRs remains Stable, unless there is any
change to the sovereign rating, which may imply changes in the
state's ability or propensity to support the banking system.

VIABILITY RATINGS

The Viability Ratings (VRs) of China's state banks are in the
'bb' category and remain the highest in the sector. Reduced
economic headwinds support the near-term outlook for the state
banks, and Fitch expects the banks to be less impacted by changes
in regulations or economic challenges given how credit and risks
have shifted within the system over the past few years.

Relative to other Chinese commercial banks, the state banks
generally exhibit superior funding and liquidity, smaller credit
exposure and off-balance-sheet activities, and higher loss-
absorption capacity. Furthermore, the state banks would likely
benefit most from depositor flight to safety, which will provide
some support to their VRs in a stress scenario. The state banks
are also more likely to act as temporary liquidity providers on
behalf of the authorities, if required, where certain parts of
the system were under greater liquidity stress. These trends
continue to support the higher VRs for state banks relative to
other Chinese commercial banks, and Fitch expects greater
differentiation in the state banks' financial performances in the
future.

Financial metrics typically are influenced by the operating
environment, which has been negative for some time. This can give
rise to heightened challenges to maintain financial stability,
but support from various government levels have contributed to
the banks reporting financial profiles that compare well with
those of many banks in developed markets, although not as well
against the profiles of some large banks in emerging markets. The
availability of ordinary support from the government and China's
deposit-funded banking system give the authorities greater
flexibility to work through China's debt problem at their own
pace. Recognition of greater asset impairment may only come after
the sector has built up further buffers, credit or economic
growth is deemed sustainable by China's authorities, or the
system is viewed as less vulnerable to contagion.

Fitch's analysis of asset quality focuses more on loss-absorption
buffers (including factors such as capitalisation, loan-loss
reserve coverage, and profitability) than on reported NPL ratios,
given the limitations on sector-wide data disclosure and
transparency, as well as the significant amount of non-loan
credit and the frequency of regulatory intervention to support
borrowers. On average, the five state banks had loss-absorption
buffers equivalent to around 8% of credit based on end-2016 data
(overall Fitch-rated commercial banks in China: around 6%), which
show the level of deterioration they can withstand before some
form of remedial action would be likely to be required to restore
capital to a sustainable level. The magnitude of these buffers
has not changed much from the previous review given the state
banks have more stable near-term credit growth relative to other
commercial banks in China.

China's banking system has been accumulating large off-balance-
sheet exposures, including through transactions with non-banks,
and it is not always clear in such transactions with whom
ultimate risks resides. However, the state banks are considered
to be less exposed to such activities than other Chinese
commercial banks. In addition, entrusted investments, which
represent the banks' investments in asset- and wealth-management
product plans, made up around 1% of assets for state banks at
end-2016, compared with around 19% for mid-tier banks, Fitch
estimates. Short tenors, asset-liability mismatches and limited
disclosure of underlying assets associated with these investments
may pose liquidity risk to the banks, but Fitch expects such
risks to be more manageable by the state banks relative to the
smaller banks.

The state banks' reported profitability is likely to be under
less pressure in 2017 than in 2016, as near-term asset quality
still benefits from the government's stimulus efforts in 2016.
NPL write-offs and disposals also helped in containing reported
NPL figures and Fitch expects this to continue in the current
year. The state banks' reported provision coverage on average at
end-1Q17 reached around 166% with NPL ratio of 1.6%. Fitch
expects the authorities to continue to provide support to help
resolve underlying problematic credit over the medium term.

The five state banks are the best-capitalised in the system;
their reported core capital ratios are stable and are above the
regulatory minimum. However, their capital may not be sufficient,
given the build-up of risk across the financial system as
profitability comes under pressure and reduces internal capital
generation. In the short term, increased lending to mortgages and
investments in local government bonds should slow risk-weighted
asset growth (given their lower risk-weights) relative to overall
asset growth, which should help support reported capital ratios.

SENIOR DEBT AND SUBORDINATED NOTES

The senior debt instruments are rated in line with the banks'
IDRs of 'A', as they are considered to be unsecured and
unsubordinated obligations of the banks. The Tier 2 subordinated
(Basel III compliant) note ratings are in accordance with Fitch's
hybrid securities criteria, and reflect expectations that the
authorities will extend support to the banks to prevent the
triggering of non-viability clauses. As such, the anchor rating
is the banks' IDRs. However, since the notes are to be fully
written down if non-viability is triggered, they are notched
twice from the IDRs.

SUBSIDIARY AND AFFILIATED COMPANIES

Amipeace Limited is a wholly owned special purpose vehicle (SPV)
of Bank of China Group Investment Limited in Hong Kong. Azure
Orbit II International Finance Limited is an offshore SPV managed
by Bank of Communications Financial Leasing Co., Ltd (BOCOM
Leasing; A/Stable), a wholly owned subsidiary of BOCOM. ABCL
Glory Capital Limited is an offshore SPV wholly owned by ABC
Leasing International Corporation Limited (ABCLI), but under the
management control of ABC Financial Leasing Corporation Limited
(ABC Leasing). Both ABCLI and ABC Leasing are wholly owned
subsidiaries of ABC. Inventive Global Investments Limited is an
offshore SPV wholly owned by ABC International Holdings Limited
(ABCI), which is also a wholly owned subsidiary of ABC. All the
SPVs were established with the sole purpose of undertaking
offshore debt issuance of their parent entities.

As wholly owned subsidiaries, Fitch expects these SPVs to receive
very strong support from their ultimate parents in the mainland
in the event of repayment strains. In fact, current senior debt
issuance by Amipeace Limited is guaranteed by BOC's Macau branch,
while Azure Orbit II International Finance Limited's debt is
guaranteed by BOCOM's Macau branch. The senior debt issuance by
ABCL Glory Capital Limited and Inventive Global Investments
Limited are guaranteed by ABC's Hong Kong branch. Hence, the
Long- and Short-Term Ratings of these instruments are derived
from their parents' at 'A' and 'F1' ratings, respectively.

RATING SENSITIVITIES
IDRS, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS

Any changes to the IDRs, SRs and SRFs are most likely to be tied
to shifts in the central government's propensity or ability to
provide timely extraordinary support to these banks. Persistent
rapid growth across the financial system (including non-bank
credit extension) means that potential claims on the state
continue to increase, and there may be potential erosion of the
state's ability to support the banks.

However, Fitch believes that absent any negative action on the
sovereign rating, support for the state banks is less likely to
diminish than would be the case for other Chinese commercial
banks. It remains unclear how the adherence to a state-controlled
status, as stipulated in BOCOM's ownership reform plans, would
affect state support for the state banks. For the time being, the
agency does not expect the state's propensity to support the
state banks to reduce significantly as long as the banks remain
highly influenced by the state (including influence from
authorities to extend credit in support of public policy).

VIABILITY RATINGS

Asset quality is currently a high influencing factor for the VRs
of these banks. Credit continues to build up within the financial
system and Fitch expects asset-quality pressures to remain,
although reduced economic headwinds, if sustained, could help
lower the pressures in the short term. Risks within the system
have increasingly migrated towards the second- and third-tier
banks, and as a result the state banks are likely to be better
positioned in a sustained economic downturn.

There are also some early signs of stronger enforcement of risk-
management regulations, particularly with regard to shadow-
banking activities, including broader credit monitoring under the
Macro Prudential Assessment (MPA), which incorporates wealth
management products (WMP) as part of credit. This may lead to
improvements in governance and transparency over time and enable
regulators to better quantify and manage systemic risk, which
Fitch regards as potentially credit positive for China's
financial system.

VR upgrades for the state banks are possible if Fitch considers
the operating environment to be less of a rating constraint than
it has in the past. This would likely be evidenced by greater
certainty over regulators' commitment to contain financial risks
over growth priorities, credit growth being more sustainable,
off-balance-sheet activities reducing or being less of a concern
(including due to greater transparency around such activities),
greater confidence that reported asset-quality ratios will hold,
or the banks having improved loss-absorption capacity (building
risk buffers, such as raising of additional capital) or
strengthened deposit funding and liquidity.

The state banks have made improvements in some of these areas,
for example, there are signs of more stable credit growth.
However, the resilience of such improvements has yet to be proven
if more asset impairment is recognised, or if credit growth
accelerates in response to policy actions to support economic
growth.

The VRs may be downgraded in the absence of willingness by the
authorities to maintain stability and allowing risks to become
more binding constraints, for example, further excessive on- and
off-balance sheet growth rendering capital more vulnerable to
deterioration, asset quality deterioration undermining solvency,
or funding and liquidity strains. Although much of the sector
benefits from a degree of ordinary support from the Chinese
authorities in the form of forbearance, whether in relation to
on- or off-balance sheet exposures or strict interpretation of
prudential limits, the state banks arguably benefit most.
However, if this support was to reduce, the state banks' VRs
could come under pressure as vulnerabilities would become further
exposed.

SENIOR DEBT AND SUBORDINATED NOTES

The ratings on the senior debt instruments and subordinated notes
are primarily sensitive to a change in the banks' IDRs.

SUBSIDIARY AND AFFILIATED COMPANIES

Any changes to the programme ratings under Amipeace Limited and
Azure Orbit II International Finance Limited will be directly
correlated to changes in the IDRs of BOC and BOCOM, and any
changes to the ratings on the programme and notes under ABCL
Glory Capital Limited and Inventive Global Investments Limited
will be directly correlated to changes in ABC's IDRs. Changes in
the parents' IDRs will reflect any shift in the perceived
willingness or ability of China's government to support BOC,
BOCOM and ABC in a full and timely manner.

The rating actions are as follows:

Agricultural Bank of China Limited:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'
- USD15 billion medium-term note programme affirmed at 'A'/'F1'
- CNY600 million 4.15% senior unsecured notes due 2017 affirmed
  at 'A'
- USD400 million 2.125% senior unsecured notes due 2018 affirmed
  at 'A'
- USD500 million 2.75% senior unsecured notes due 2020 affirmed
  at 'A'

ABCL Glory Capital Limited
- USD500 million 2.5% senior unsecured notes due 2021 affirmed at
  'A'

Inventive Global Investments Limited
- USD1.5 billion medium-term note programme affirmed at 'A'/'F1'
- USD500 million 2.375% senior unsecured notes due 2019 affirmed
  at 'A'

Bank of China Ltd.:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Long-Term Local-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Local-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'
- Senior unsecured certificate of deposit programme affirmed at
  'A'/' F1'
- Senior unsecured euro commercial paper and certificate of
  deposit programme affirmed at 'A'/'F1'
- Senior unsecured medium-term note programme affirmed at
  'A'/'F1'
- Senior unsecured Bons a Moyen Terme Negociables (BMTN)
  programme affirmed at 'A'
- Chinese yuan senior unsecured notes (issued by Bank of China
  Taipei Branch) affirmed at 'A' /'AA+(twn)'
- Chinese yuan senior unsecured notes (issued by Bank of China
  London, Singapore, Sydney, Luxembourg, Paris, Abu Dhabi, New
  York and Johannesburg Branches) affirmed at 'A'
- US dollar senior unsecured notes (issued by Bank of China
  Hong Kong, Macao, Dubai and Singapore Branches) affirmed at 'A'
- Singapore dollar senior unsecured notes (issued by Bank of
  China
  Singapore Branch) affirmed at 'A'
- Euro senior unsecured notes (issued by Bank of China Hungarian
  Branch) affirmed at 'A'
- Euro senior unsecured notes (issued by Bank of China
  (Luxembourg) S.A. and guaranteed by BOC's Luxembourg Branch)
  affirmed at 'A'
- Australian dollar senior unsecured notes (issued by Bank of
  China Sydney Branch) affirmed at 'A'
- Basel III-compliant Tier 2 subordinated notes affirmed
  at 'BBB+'

Amipeace Limited:
- Senior unsecured, guaranteed medium-term note programme
  affirmed at 'A'
- USD300 million 2.375% guaranteed notes due 2017 affirmed at 'A'
- USD300 million 3.125% guaranteed notes due 2019 affirmed at 'A

Bank of Communications Co., Ltd.:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb-'
- Senior unsecured euro medium-term note programme (EMTN) under
  Bank of Communications Hong Kong Branch and notes issued under
  the programme affirmed at 'A'/'F1'
- Chinese yuan senior unsecured notes (issued by Bank of
  Communications Hong Kong Branch) affirmed at 'A'
- Basel III-compliant Tier 2 subordinated notes affirmed
  at 'BBB+'

Azure Orbit II International Finance Limited:
- Senior unsecured medium-term note programme affirmed at 'A'
- USD500 million 3.375% senior unsecured notes due 2019 affirmed
  at 'A'
- USD385 million 3.125% senior unsecured notes due 2020 affirmed
  at 'A'
- EUR100 million senior unsecured notes due 2018 affirmed at 'A'

China Construction Bank Corporation:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Long-Term Local-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Local-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'
- Basel III-compliant Tier 2 subordinated notes affirmed
  at 'BBB+'

Industrial and Commercial Bank of China Limited:
- Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
- Short-Term Foreign-Currency IDR affirmed at 'F1'
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A'
- Viability Rating affirmed at 'bb'


CHINA: Downgrade Could Lead to a Mountain of Debt
-------------------------------------------------
Bloomberg News reports that the downgrade of China's debt by
Moody's Investors Service may push Chinese companies to borrow
even more money from domestic banks as overseas debt becomes more
expensive, increasing risks for the nation's finance industry.

With growing indebtedness at home, compounded by a slowing
economy, there's a risk of a "negative feedback loop," said Khoon
Goh, head of Asia research for Australia & New Zealand Banking
Group who sees state-owned enterprises and property developers
feeling the biggest impact, Bloomberg relates. The downgrade will
particularly hurt airlines and shipping companies, said Corrine
Png, chief executive officer of Crucial Perspective in Singapore,
Bloomberg relays.

Mainland firms "will need to go back to the Chinese banks in
order to get loans," Bloomberg quotes ANZ's Goh as saying. "That
means that Chinese banks will grow more exposed to the corporate
sector."

Since the start of the global financial crisis, Chinese companies
have borrowed to keep the economy growing, pushing corporate debt
to 156 percent of gross domestic product, from 100 percent in
2008, according to Bloomberg Intelligence. Most of that debt is
held by state-owned enterprises, putting the government on the
hook in case of defaults, Bloomberg says.

Citing a worsening debt outlook, Moody's lowered China's rating
to A1 from Aa3 on May 24, the same level as Japan and the Czech
Republic, Bloomberg reports. "The economy is dependent on policy
stimulus and with that comes higher leverage," Marie Diron,
associate managing director, Moody's Sovereign Risk Group, said
on Bloomberg Television after the announcement. "Corporate debt
is really the big part."

Bloomberg notes that the move, which the Finance Ministry blasted
as "absolutely groundless," may add to pressure on mainland
companies to fall back on the local debt market, reinforcing
risks that have been roiling the nation's financial markets.

According to Bloomberg, the downgrade may have angered the
Chinese government, but some of the country's biggest companies
have been preparing themselves. China's three major state-owned
airlines have been reducing their dollar debt exposure and
borrowing more onshore.

Sales of yuan bonds by Air China Ltd., China Eastern Airlines
Corp. and China Southern Airlines Co. jumped more than threefold
last year to CNY135.4 billion ($20 billion), according to data
compiled by Bloomberg.

Airlines and shipping companies are vulnerable "as they generally
finance their new aircraft and vessel capital expenditure with
debt," Crucial Perspective's Png, as cited by Bloomberg, said.
Every percentage-point increase in average borrowing costs can
cut net profits for the major Chinese airlines by 5 to 9 percent,
she said. For shipping companies, the impact is 15 to 30 percent.

Hainan Airlines, controlled by aviation-to-hotels conglomerate
HNA Group Co., plans to buy 19 Boeing aircraft, using the
proceeds of a convertible bond sale of up to CNY15 billion,
Bloomberg discloses citing a statement to the Shanghai Stock
Exchange on May 19. HNA itself has been one of China's most
acquisitive companies, with more than $30 billion worth of
announced and completed deals since 2016, including CIT Group
Inc.'s aircraft leasing business, technology firm Ingram Micro
Inc. and a stake in Hilton Worldwide Holdings Inc., Bloomberg
states.

Aircraft and ship leasing companies like COSCO Shipping
Development Co., China Development Bank Financial Leasing Co. and
China Aircraft Leasing, will also "try to pass on their higher
financing cost to the airlines and shipping companies via higher
aircraft and ship leasing rates," Png said, Bloomberg relays.

According to Bloomberg, a representative for Air China said the
carrier hasn't issued U.S. dollar bonds overseas for a while and
its aircraft leasing and buying is not funded by the securities.
Chief Financial Officer Xiao Feng said in March that the
carrier's U.S. dollar debt exposure will fall to 35 percent this
year. Representatives for China Eastern, China Southern and Cosco
didn't respond to requests seeking comment, while a
representative for China Aircraft Leasing said the rating
downgrade would have no impact on the lessor, Bloomberg notes.

Even before the Moody's announcement, some Chinese companies were
struggling to adjust, Bloomberg says. Ambitious conglomerate
LeEco, which last month scrapped a proposed $2 billion
acquisition of Californian TV maker Vizio Inc., has struggled to
raise funds and plans to lay off more than 300 employees in the
U.S., keeping about 50 people, according to Bloomberg.

"The challenges with raising new capital have made it difficult
in the past few months to support all of our business'
priorities," LeEco said in a statement on May 23, Bloomberg
relays.


LOGAN PROPERTY: Fitch Assigns BB- Rating to US$450MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Logan Property Holdings Company
Limited's (BB-/Stable) US$450 million 5.25% senior notes due 2023
a final rating of 'BB-'.

The notes are rated at the same level as Logan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of documents conforming to information already received.
The final rating is in line with the expected rating assigned on
May 15, 2017.

Logan's ratings are supported by its well-located land bank in
Shenzhen city and the Guangdong region. This provides the company
with stronger contracted sales and margin visibility over the
next 24 months compared with rated peers of similar size.

KEY RATING DRIVERS

Leverage to Increase: Fitch expects Logan's leverage, measured by
net debt/adjusted inventory, to rise to 40%-45% in the next 12-18
months. Its 2016 leverage increased to 37%, from 32% in 2015,
after it acquired well-located sites in Shenzhen to reposition
its land bank. Fitch expects the company to replenish its land
bank in Shenzhen from 2017, mostly via redevelopment projects due
to the limited land parcels available in the open market. This
may result in lower land cost and more spread-out land payment
terms.

Robust Contracted Sales, Margins Maintained: The company's
contracted sales have increased by over 40% a year since 2014, to
CNY29 billion in 2016. The Fitch-calculated EBITDA margin widened
to 30% in 2016, compared with 26% in 2014. Fitch expects average
selling prices to improve given Logan's well-positioned land
bank, although sales by gross floor area are likely to drop.
Fitch expects the company to meet its consolidated contracted
sales target of CNY35 billion for the next 12-18 months and
maintain its margin at 29%-30% over the next two years.

Cash Outflow for JVs: Fitch expects Logan to buy back stakes in
its joint ventures (JVs) held by financial investors once
contracted sales in these projects start in 2017. Logan says
these investors have committed CNY8.7 billion to the JVs. Fitch
expects a cash outflow of around CNY4.4 billion in 2017 related
to these stake purchases, which will leave CNY4.3 billion to be
purchased later.

Concentration Risks: Fitch believes the well-located and high-
quality land bank mitigates Logan's concentration risks over the
next year or two. Logan's contracted sales are highly
concentrated in the Guangdong region, with Shenzhen city
contributing around 43% of 2016 contracted sales. The cities of
Shenzhen, Shantou, Foshan and Nanning - all in the Pearl River
Delta region - accounted for over 80% of contracted sales in 2015
and 2016. Fitch expects Shenzhen to continue to account for 30%-
45% of Logan's total attributable contracted sales in 2017-2018.

However, the concentration in Guangdong means Logan's sales
performance is strongly correlated with the local economy and
local policy changes compared with developers that have more
geographically diversified operations.

DERIVATION SUMMARY

Logan's contracted sales are comparable with other 'BB-' rated
Chinese developers that have contracted sales of CNY28 billion-32
billion. These peers include KWG Property Holding Limited (BB-
/Stable), China Aoyuan Property Group Limited (BB-/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB-/Positive).

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders such as KWG and Yuzhou Properties Company Limited
(BB-/Stable). The increase in Logan's leverage to 37% at end-2016
puts it in line with that of peers such as KWG, with leverage of
40%-42%, Yuzhou's 38%-42% and Times Property Holdings Limited
(B+/Positive), with 38%-40%.

No Country Ceiling or parent/subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Contracted sales by gross floor area to decrease by 35%
   in 2017 and increase by 2% in 2018

- Average selling price for contracted sales to increase by 60%
   in 2017 and 2% in 2018

- EBITDA margin stays at 29%-30% in 2017-2018

- Cash out flow of around CNY4.4 billion in 2017 to buy back
   financial investors' JV stakes

RATING SENSITIVITIES

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

- Substantial increase in its scale, with annual attributable
   contracted sales sustained above CNY30 billion

- Sustained leadership position in key cities in the greater
   Guangdong area

- Achieving sustainable neutral or positive cash flow from
   Operation

- EBITDA margin sustained above 30%

- Net debt/adjusted inventory sustained below 35%

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

- Net debt/adjusted inventory above 45% for a sustained period

- EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had CNY15 billion of cash on hand,
including CNY1.2 billion of restricted cash, at end-2016,
compared with short-term debt of CNY5.1 billion. The company had
a high cash collection ratio of above 90% for the past two years.
Over 75% of Logan's total debt is denominated in Chinese yuan, as
the company continued to tap onshore debt markets, including
CNY7.4 billion raised in 2016.



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


NOBLE GROUP: Still Talking With Potential Strategic Parties
-----------------------------------------------------------
Reuters reports that Noble Group Ltd said on May 24 it was still
in discussions with various potential strategic parties as it
sought to regain market confidence, but its shares fell
11 percent in early trade.

Sources have told Reuters that China's state-owned Sinochem
is no longer pursuing an investment in Noble due to concerns
over its finances and business outlook - a development that came
after Noble reported a shock quarterly loss and said it would
not be profitable for the next two years.

Pain for the Singapore-listed firm was exacerbated with S&P
Global Ratings' slashing of its corporate credit ratings by
three notches deeper into junk territory and a warning that it
might not be able to pay its debt, according to Reuters.

"The company has previously announced it is in talks with
various potential strategic parties . . . Such discussions are
ongoing," the report quotes Noble as saying in its statement.

It also said it has mandated Moelis & Company and Morgan
Stanley to review strategic alternatives and is continuing to
evaluate further asset sales.

Referrring to the Reuters article on Sinochem, Noble said it
indicated the reasons for any transaction not proceeding were
commercial reasons about Noble, but "Noble is not aware of any
reason that would confirm what the article reports."

Noble's stock fell by 11 percent to SGD0.375 on May 24,
with trade resuming after the company asked for a halt on
May 23 when the stock dropped as much as 32 percent in heavy
Volume, the report discloses.

Reuters says Noble has struggled ever since Iceberg Research
questioned its accounts in early 2015 which came in tandem with a
brutal downturn in commodity markets. The company has stood by
its accounts.

Reuters notes that the combined impact has been a collapse of its
share price, credit downgrades, management upheavals and a series
of writedowns, asset sales and fundraising.  Noble's market value
has shrunk to $354 million currently from $6 billion in
February 2015, adds Reuters.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 15, 2017, Fitch Ratings assigned Noble Group Limited's
(Noble, BB+/Stable) US$750 million 8.75% notes due 2022 a final
rating of 'BB+'.

This final rating follows the receipt of documents conforming to
information already received, and is in line with the expected
rating assigned on March 5, 2017.



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


AADHISIVA ENT: CARE Issues 'D Issuer Not Cooperating' Rating
------------------------------------------------------------
CARE has been seeking information from Aadhisiva Enterprises to
monitor the rating(s) vide e-mail communications/ letters dated
November 17,2016, December 02,2016, February 17, 2017,
February 20, 2017and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requiste
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 Aadhisiva Enterprises's bank
facilities and will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.35       CARE D Issuer not
                                     cooperating

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

Detailed description of the key rating drivers

Delays in debt servicing: The company has been facing tight
liquidity position on account of the delay in receipts from its
customers. Further the firm has high level of inventory holding.
The tight liquidity has to led to firm delaying on its repayment
obligations.

Aadhishiva Enterprises (AE) is a proprietorship concern
established by Mr. Prathap Chandran in July 2007. AE is engaged
in trading of imported cashews and is operating in 3 facilities
in Kerala (Nedumpana and Pooyappally in Kollam and Attingal in
Thiruvananthapuram). Mr.Prathap Chandran (34 years) has an
overall experience of 15 years. Prior to establishing AE, he was
working as a Marketing Executive with a pharmaceutical company
for around 7 years.

AE imports raw cashews from African countries like Ivory Coast,
Ghana, Tanzaniya, Benin etc. and undertakes the process of borma
(process of heating the cashews kernels), Shelling, peeling,
grading and packing. AE has a centralized packing unit in Kollam
where the packing is done based on customer requirements.

M/s Asivat International is the associate proprietorship concern
owned by Mrs.Aswani Sasi Kumar (w/o Mr.Prathap Chandran). It is
engaged in trading of cashews. Asivat International is operating
in India and Singapore.

As per provisional results, AE achieved a PAT of INR0.20 crore on
a total operating income of INR21.51 crore in FY15 as compared
with PAT of INR0.19 crore on a total operating income of INR22.70
crore in FY14 (Audited).


ASAN MEMORIAL: CARE Issues 'D; Issuer Not Cooperating' Rating
-------------------------------------------------------------
CARE has been seeking information from Asan Memorial Association
(AMA) to monitor the rating vide e-mail communications dated
November 9, 2016, November 11, 2016, April 11, 2017, April 12,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express an
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on AMA's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.38       CARE D; 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.

Detailed description of the key rating drivers

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

Key Rating weakness
Ongoing delays and irregularities in debt servicing:There are
ongoing delays in servicing the interest for term loans and
various other debt obligations for a period of 15-45 days. The
delays are primarily due to delay in fees collections which
are being done on a quarterly basis.

Losses in the year FY15: With increase in operational expenses,
AMA could not generate adequate operating income to cover the
same which resultantly lead to the cash losses in the year 2015.
AMA has incurred around INR29 crore for salary and administrative
expenses while about INR6 crore was incurred on interest costs.
Losses along with the staggered nature of receipts has led to
liquidity issues and the society has delayed debt payments.


BEAM COX: CARE Issues 'D; Issuer Not Cooperating' Rating
--------------------------------------------------------
CARE has been seeking information from Beam Cox Constructions
Private Limited (BCCPL), to monitor the ratings vide email
communications dated February 1, 2017, February 21, 2017,
February 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 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 BCCPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE D; Issuer not
                                     cooperating; Based on best
                                     available information

   Short-term Bank
   Facilities             0.50       CARE D; 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 ratings.

Detailed description of the key rating drivers

At the time of last rating in February 03, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing
The company operates in a working capital intensive industry and
has been facing stretched collection period with majority of
contracts executed for the Government departments which has been
associated with delayed payment of bills. Consequently the
company suffers from a weak liquidity position and cash flow
mismatches resulting in delays in meeting the debt obligations in
a timely manner.

Key Rating Strengths

Experienced promoters in the construction industry
The company is managed by Mr. Y Ravinder Reddy, a graduate with
around 20 years of experience in this line of industry and other
directors of the company who have rich industry experience in the
areas of construction, finance and engineering.

BCCPL was incorporated in the year 1994 by Mr. Y Ravinder Reddy
and other three directors. The company is registered as Class-I
contractor with Andhra Pradesh government and is into execution
of civil works and construction contracts for government
entities. Major works of the company include construction of
school buildings, school and college hostel buildings, laying of
cement roads, laying of water pipelines, etc.


BHAVANAM TEXTILES: CARE Issues B+ Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Bhavanam Textiles (India)
Private Limited (BTIPL), to monitor the rating vide email
communications dated January 13, 2017, February 1, 2017,
February 21, 2017, February 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
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 BTIPL's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.57       CARE B+; ISSUER NOT
                                     COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in February 22, 2016, the following
were the rating strengths and weaknesses:

Key Rating Strengths
Established track record of promoters in other businesses coupled
with financial support being extended in the form of unsecured
loans albeit inexperience in the cotton yarn manufacturing
segment.

The company has been promoted by Mr. Bhavanam Rama Koti Reddy and
Mrs Bhavanam Adi Lakshmi. Mr. Bhavanam Rama Koti Reddy (Managing
Director) has long established track record in other business
such as trading of chillies and cotton for more than two decades.
However, the business operations of BTIPL are relatively new as
the company was incorporated in February 2013 and the commercial
operations commenced from April 1, 2013. Though the promoters
lack experience in the current line of business, they possess
previous experience in trading of cotton.

The promoters are supported by an able management team which
includes experienced professionals, some of whom have more than
two decades of experience in this industry. The promoters have
been supporting the company's operations and debt servicing
considering the absence of track record of operations. Unsecured
loans brought in by the promoters were to the tune of INR5.54
crore as on March 31, 2015. Satisfactory working capital cycle
Though the company operates in a working capital intensive
industry, the operating cycle remains moderate.

Furthermore, the working capital cycle of the company has
improved in the last year from 47 days in FY14 vis-a-vis 36 days
in FY15 (refers to the period April 1 to March 31). This is
mainly on account of improved collection and inventory days. The
major business of the company is on cash basis and hence the
collection period is on the lower side. The inventory days are
higher as the company has to maintain relatively large stock of
raw materials due to season availability of cotton with
harvesting cycle (peak season) spread from November to February
every year. The average fund-based working capital utilisation
has been high at nearly 85% during the 12-month period ended
December 2015.

Government support to the textile industry
Government has taken various initiatives to support the textile
industry and encourage use of latest technologies. The company is
eligible for interest subsidy of 5% on term loan for machineries
and exemption from custom and excise duty on purchase of
machinery against export obligation up to 8 times of duty saved
under the Technology Up-gradation Fund Scheme (TUFS). Also,
Andhra Pradesh state Government, through its Industrial
investment promotion policy, have provided various benefits to
the industry such as 100% reimbursement of stamp duty and
transfer duty on land and reimbursement of power cost by INR1.00
per unit.

Growth in total operating income during last two years ended FY15
(Prov.)

The total operating income of the firm has grown at a Compounded
Annual Growth Rate (CAGR) of 26% from INR6.93 crore in FY13 to
INR10.97 crore in FY15 (refers to the period April 1 to March 31)
(Prov.) at the back of development of industrial area (SEZ) in
and around the location of properties resulting in higher
occupancy levels over the years. The average occupancy levels
increased from 80% in FY13 to 87% in FY15 (Prov.).

Key Rating Weaknesses

Short track record with small scale of operation albeit increase
during FY15

The size and scale of company's operation is small with
relatively low net worth base of INR2.21 crore as on March 31,
2015, and total operating income of INR20.97 crore for FY15 as
the company commenced its operations on April 1, 2013.

The total income of the company, however, has been increased
substantially in the last two years.

Low PBILDT margin coupled with losses during FY14-15

Though the income of the company has increased during FY15, the
profitability margins of the company have remained on the lower
side on account of under-absorption of costs and overheads at the
back of limited track record of operations. The PBILDT margin of
the company declined significantly from 16.16% in FY14 to 5.79%
in FY15 mainly due to higher raw material costs on account of
growing scale of operations and the company was not able to pass
this increase onto its customers. Furthermore, low PBILDT and
high interest cost (due to higher working capital borrowings) has
resulted in net loss during FY14-15. However, the company has
turned around during H1FY16 and registered PAT of INR0.29 crore
on a total operating income of INR12.36 crore.

Leveraged capital structure and weak debt coverage indicators
Backed by debt-funded acquisition, working capital intensive
nature of operations and low networth, the capital structure of
the company remains leveraged. In addition to this, the promoters
also brought-in unsecured loans for financing the nascent stage
of operations and debt servicing. The overall gearing level of
the company deteriorated sharply to 6.67x as on March 31, 2015
from 5.93x as on March 31, 2014, on account of increased bank
borrowings. The debt coverage indicators viz. interest coverage
and total debt/GCA have also been weak over the last two years.
The interest coverage ratio declined to 0.88x in FY15 as against
1.54x in FY14 on account of higher interest expenses amid lower
PBILDT during the year.

Raw material price volatility risk
BTIPL is exposed to risk of price volatility as prices of raw
material i.e. raw cotton are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
demand and supply scenario, export quota decided by government
and inventory carry forward of the last year. The company has to
procure raw materials at significantly higher volume to bargain
bulk discount from suppliers. Furthermore, cotton is seasonal in
nature, as sowing season is done during March to July and
harvesting cycle (peak season) is spread from November to
February every year. This results in a higher inventory holding
period for the business. Thus, aggregate effect of both the above
factors results in exposure of spinners to price volatility risk.

Presence in highly fragmented industry and regulated by the
government

The textile industry is marked by intense competition with large
number of units operating in similar business resulting in high
fragmentation and restricting the profitability. Thus, spinning
players have very low bargaining power against its customer as
well as suppliers. Furthermore, the cotton prices in India are
highly regulated by Government through MSP (Minimum Support
Price) fixed by government, though due to huge demand-supply
mismatch the prices have rarely been below the MSP. Moreover,
exports of cotton are also regulated by government through quota
systems to suffice domestic demand for cotton. Hence, any adverse
change in government policy i.e. higher quota for any particular
year, ban on the cotton or cotton yarn export may negatively
impact the prices of raw cotton in domestic market and could
result in lower realizations and profit.

BTIPL was incorporated on February 27, 2013, by Mr. Bhavanam Rama
Koti Reddy and Mrs Bhavanam Adi Lakshmi after the promoters took
over the operations of another company, Pujita Spinning Mills
Limited. Commercial operations of the company commenced from
April 01, 2013 and FY14 (refers to the period April 1 to
March 31) was the first full year of operation. The company is
engaged in the manufacturing of cotton yarn through its
manufacturing unit at Thimmapuram village, Guntur district,
Andhra Pradesh, with an installed capacity of 13,644 spindles.


BHUSHAN ENERGY: CARE Reaffirms 'D' Rating on INR2472.90cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhushan Energy Limited (BEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          2,472.90      CARE D Reaffirmed

   Short-term Bank
   Facilities             88.00       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of ratings of bank facilities of Bhushan Energy
Limited (BEL), takes into account the continuing delays in debt
servicing by the company.

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
During FY16 (refers to the period April 1 to March 31), the
financial risk profile of BEL continued to remain weak
characterized by continued losses at net level and negative
accruals. Though, the total operating income and PBILDT for the
company improved the same remained low. The PLF continued to
remain low since the company was not able to operate 4th boiler
of 300 MW on account of certain environmental concerns.
Furthermore, pursuant to the revocation of shut down order by
SPCB, the company started the operations of 3 boilers; however,
the same were running at low PLF due to environmental issues
related to ash handling. Lower operational performance had
adversely impacted the company's income, profitability and cash
accruals. Declining PBILDT coupled with high debt obligations
resulted in increased losses at net level thereby impacting the
liquidity position of the company and delays in debt servicing.

Analytical approach: Standalone

Bhushan Energy Limited (BEL), incorporated on September 14, 2005,
is promoted by Mr. Brij Bhushan Singal, Mr. Neeraj Singal and
their relatives/associate companies including Bhushan Steel Ltd.
The constitution of the company was changed to public limited
company on December 19, 2006. BEL has setup a 300 MW coal based
power plant in August 2010, to provide captive power supply to
Bhushan Steel Limited's (BSL, rated CARE D for long-term bank
facilities and CARE D for short term bank facilities) integrated
steel plant located at Dhenkanal, Orissa. Currently, BSL holds
47.71% shareholding in BEL while the rest is held by the
promoters and other promoter owned companies. BEL has also
executed a coal based thermal power project consisting of two
boilers of 425 TPH each to generate steam to produce 185 MW
(Phase-II) of power. The said project project started commercial
operations from June 30, 2015.

BSL, the flagship company of the group, is one of the leading
players in steel industry with an installed capacity of 3.1
million tonnes per annum (MTPA). The company has HR steel
capacity of 4.7 MTPA and billet manufacturing capacity of 0.6
MTPA with captive power generation capacity of 158 MW (including
110 MW waste heat recovery based capacity in Orissa). Its
manufacturing facilities are situated in Sahibabad (UP), Khopoli
(Maharashtra) and Dhenkanal (Orissa). BSL's products primarily
cater to the demand of automobiles and white goods sectors.

During FY16 (refers to the period April 1 to March 31), BEL
reported a total operating income of INR621.97 crore with a
PBILDT and net loss of INR83.50 crore and INR228.94 crore,
respectively as against a total operating income of INR361.32
crore with a PBILDT and net loss of INR34.82 crore and INR177.30
crore, respectively during FY15.


DABANG METAL: Ind-Ra Assigns 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dabang Metal
Industries (DMI) a Long-Term Issuer Rating of 'IND D'.
Instrument-wise rating action is:

   -- INR1.25 mil. Term loan (Long-term) assigned with 'IND D'
      rating; and

   -- INR55 mil. Fund based working capital limits (Long-
      term/Short-term) assigned with 'IND D/IND D' rating

                        KEY RATING DRIVERS

The ratings reflect instances of delay in servicing of term loans
by DMI for three months ended March 2017 due to untimely
realization from debtors.

                          RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

DMI was incorporated in 2012 but began commercial production in
February 2013.  The company is engaged in drawing of copper wires
of thickness of 1-6 mm used in electricity cables.  Its
manufacturing facility located in Kotdwar (Uttrakhand) has a
capacity of 4,000 TPA.


DHALAVAI PATHRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhalavai Pathra
kaliamman Modern Rice Mill (Dhalavai) a Long-Term Issuer Rating
of 'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR 9.33 mil. Long term loan assigned with 'IND BB-/Stable'
      rating; and

   -- INR40.00 mil. Fund-based facilities assigned with
      'IND BB-/Stable/IND A4+' rating

                       KEY RATING DRIVERS

The ratings reflect Dhalavai's small scale of operations with
moderate credit metrics due to the risks associated with the
commodity-based nature of business.  According to unaudited FY17
financials, revenue was INR350 million in FY17 (FY16: INR351
million, FY15: INR309 million) with net leverage (total Ind-Ra
adjusted net debt/operating EBITDA) of 3.08x (3.3x, 3.7x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
of 2.05x (2.6x, 2.5x).

The ratings are constrained by the firm's tight liquidity and
partnership form of business.  The company almost fully used the
fund-based facilities during the 12 months ended March 2017.

The ratings, however, continue to be supported by the promoters'
two decades of experience in the rice milling business, the
company's established brand name in the local market and stable
profitability of 4.1%-5.5% over FY13-FY17 on account of regular
orders from customers.

                        RATING SENSITIVITIES

Positive: Any substantial growth in the top line with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Dhalavai was incorporated in 2005.  It is a Virudhunagar based
company, engaged in rice milling.  The company has two production
units in Virudhunagar, having a production capacity of three
tonnes and five tonnes rice per hour.


DIVYA AGRO: CARE Issues 'D; Issuer Not Cooperating' Rating
----------------------------------------------------------
CARE Ratings has been seeking information from Divya Agro Roller
Flour Mills Private Limited (DFPL) to monitor the rating vide
email communications dated February 1, 2017, February 21, 2017,
February 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 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 DFPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.60       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.

Detailed description of the key rating drivers

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

Key Rating Weaknesses
Stretched liquidity resulting in delays in debt servicing The
company has been facing stressed liquidity condition, on account
of delay in commencing of commercial operation. While the
operations have not commenced, the debt repayment obligation has
commenced. Consequently, there have been delays in meeting
repayment of debt obligations.

Key Rating Strengths
Experience of promoter for more than three decades in the similar
line of business:

Mr. Nandlal Vijaywargi, one of the promoters, has 38 years of
experience in similar line of business, having incorporated 9
companies, one of them being, Real Agro Industries Private
Limited, a wheat flour manufacturing company, incorporated
in 2009, which supplies wheat flour to Britannia Industries
Limited. Due to promoter extensive experience in the industry,
the company is likely to be benefited from established healthy
relationship with key suppliers and customers.

DFPL was incorporated on December 11, 2011, by Mr. Kapil Gupta,
Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based
flours (viz, Maida, Suzi, Atta and Bran) with an installed
capacity of 60,000 metric tonnes per annum. The total cost of the
project was about INR14.34 crore and the company had expected the
unit to achieve commercial operations in April 2015. However, due
to few unforeseen circumstances the same was revised to April
2016. The company has entered into sale agreement with ITC
Limited.


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

   -- INR305 mil. Proposed long-term loans migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
April 13, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

DTC Securities was incorporated in 1995 by DTC Group.  Mr. Dinesh
Jalan, Satya Narayan Jalan, and Mrs. Poonam Jalan are the
directors of the company.  The company has its registered office
in Kolkata.  DTC Group has leased out a 63000 sf commercial mall
to Pantaloon Retail India.  East Commercial Private Limited is
the owner of the property and DTCSL is acting as a service
provider to the lessee for which it has obtained a no objection
certificate from East Commercial.  ECPL is part of DTC Group and
was incorporated in 1990 by DTC group.


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

   -- INR30 mil. Proposed fund-based limit migrated to non-
      cooperating category;

   -- INR75 mil. Non-fund-based limit migrated to non-cooperating
      Category; and

   -- INR60 mil. Proposed non-fund-based limit migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 2, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

DKSPL is an area Class 1 (A) registered contractor company
incorporated under the Indian Companies Act, 1956.  Its head
office is located in Cachar (Assam).

DKSPL, formerly M/s Durga Krishna Store, was established in 1962
by Mr. Prabhu Dayal Mundra as a partnership concern.  It
commenced operations as a supplier of various materials to army
command units in northeast India.  In 2007, the firm started a
contractual business for infrastructure projects in northeast
India and became a private limited company.

DKSPL's current directors are Mr. Govind Mundra and Mr. Pawan
Mundra.  Its shares are held by the Mundra family.


GCL PRIVATE: CARE Issues 'D; Issuer Not Cooperating' Rating
-----------------------------------------------------------
CARE Ratings has been seeking information from GCL Private
Limited (GPL) to monitor the rating vide e-mail communications/
letters dated November 24, 2016, January 09, 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 GCL
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             17.71      CARE D; Issuer not
                                     cooperating; Based on best
                                     available information

   Short-term Bank
   Facilities              4.00      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.

The rating assigned to the bank facilities of GCLPL continue to
remain constrained by moderate scale of operations, highly
leveraged capital structure with negative networth and weak debt
coverage indicators. The rating is also constrained by marginal
decrease in total operating income and elongation of working
capital cycle in FY16 (refers to the period April 1 to March 31).

The rating, however, continues to draw strength from experienced
promoters, long track record of operations and achievement of net
profit in FY16.

Detailed description of the key rating drivers

At the time of last rating on December 22, 2015 the following
were the rating strengths and weaknesses (updated for the
information available from Registrar of Companies).

Key Rating Weaknesses

Moderate Scale of operations

The total operating income of the company is moderate at INR
47.87 crore in FY16 when compared to other peers in the industry.

Highly leveraged capital structure with negative net worth and
weak debt coverage indicators

GCLPL has highly leveraged capital structure during the review
period. The debt equity ratio and overall gearing ratio of the
company remained respectively at -0.79x and -9.00x as on March
31, 2016 on account of increase in total debt and erosion of net
worth on account of past losses incurred by the company.

GCLPL has weak debt coverage indicators during the review period.
Total debt/GCA and PBILDT interest coverage ratio of the company
improved from -4.65x and -2.08x respectively in FY15 to 7.79x and
1.52x respectively in FY16 due to increase in cash accruals.

Marginal decrease in total operating income in FY16
The total operating income of the company marginally declined
from INR 54.74 crore in FY15 to INR 47.87 crore in FY16.

Elongation of working capital cycle in FY16
The company has elongated operating cycle during FY16 at 106 days
on account of high inventory days at 180 days.

Key Rating Strengths
Experienced promoters and long track record of operations
GCLPL was established in the year 1985 and hence has an
operational track record of close to three decades Mr.Harish
Kamath, Mr.Girish Kamath and Mrs.Sangeeta Kamath has 25 years and
20 years of experience respectively in manufacturing of capital
goods. The company has strong management team. Mr.Narendra Kumar,
a Chartered Accountant has 19 years of experience and looks after
financial activities. Mr.Narayan Bhat, B.E. has 18 years of
experience and looks after production activities. Mr.Venkatesh
has 25 years of experience and is actively involved in the
marketing activities.

Achievement of net profits in FY16
GCLPL turnaround from losses to profits in FY16 and achieved
PBILDT margin of 13.58% and PAT margin of 1.96% in FY16.

GCL Private Limited (GPL) formerly known as Girish Circular Looms
Private Limited (GCLPL), was established in by Mr. Harish Kamath,
Mr. Girish Kamath and Mrs. Sangeeta Kamath in June, 1985. In
2013, the company was renamed GPL. GPL is engaged in
manufacturing circular weaving machine, tape extrusion line and
conversion machinery with an installed capacity of 1000, 50 and
100(no's per annum) respectively, which are installed in Knitted
fabric, Flexible bulk containers tarpaulins PP/PE woven fabric
cutting, bag/cover manufacturing units. More than 90% of the
revenue generated through circular weaving machine. Apart from
Bengaluru, the company has its branches at Delhi, Ahemdabad,
Mumbai and Kolkata. The company sells its machinery in the
domestic (65%) and exports (35%) markets .The export markets
include Saudi Arabia, Russia, Egypt and Pakistan. GPL procures
its raw material, namely steel, and iron (Mild Steel, Flats,
Sheets, Cold Roll, Seamless pipes) predominantly from the
domestic market (95%).


GMR WARORA: CARE Reaffirms 'D' Rating on INR3445.79cr Term Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GMR Warora Energy Limited (GWEL), as:

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term Bank
   Facilities
   (Term Loan)           3,445.79      CARE D Reaffirmed

   (ii) Long/Short-
   term Bank Facilities
   (Fund-based)            397.62      CARE BB; Stable/CARE A4
                                       Revised from CARE D/CARE D

   (iii) Short-term Bank
   Facilities (Non-fund-
   based)                  244.38      CARE A4 Revised from
                                       CARE D


   (iv) Non-Convertible
   Debenture Programme       75.00     CARE BB; Stable Revised
                                       From CARE D

Detailed Rationale & Key Rating Drivers

The reaffirmation of the rating ([i] above) of GWEL continues to
take into account the irregularity in servicing of the debt
obligations by the company.

The revision in the ratings ([ii] to (iv) above) of GMR Warora
Energy Limited (GWEL) takes into account the delay free track
record of more than three months in servicing of debt obligations
by the company. The same is also confirmed by the lenders of the
company. The ratings however continue to remain constrained by
the below average financial risk profile of GWEL characterized by
high overall gearing and low debt coverage indicators. The
ratings also continue to remain constrained by the relatively
weak credit profile of its offtakers.

The ratings, however, continue to derive strength from the
experience of its promoters in operating power projects, its
long-term power off-take arrangement for sale of power and Fuel
Supply Agreement (FSA) for coal supply with South Eastern
Coalfields Ltd (SECL). The ratings also take comfort from the
favourable order received from CERC with respect to change in
law.

Going forward, the company's ability to realize its regulatory
receivables, regularize its debt servicing and register
improvement in overall financial risk profile while managing its
working capital cycle shall be the key rating sensitivities.

Detailed description of the key rating drivers Irregularity in
servicing of term loan obligations

The rating (i) above takes into account the irregularity in
servicing of term loan obligations by the company. Lower power
generation due to inadequate availability of water led to
stretched liquidity position resulting in delays in servicing of
its term loan obligations. However, the servicing on working
capital borrowings and NCDs remained regular which has been
confirmed by the lenders of the company.

Below average financial risk profile

GWEL continue to have below average financial risk profile
characterised by high overall gearing and low debt coverage
indicators. High debt levels resulted in high capital charge
which coupled with low operating profitability resulted in weak
debt coverage indicators. Furthermore, the company witnessed
lower availability of water for its plant on account of draught
situation in many parts of Maharashtra during Q1FY17 leading to
shut down of its plant for few weeks leading to stretched
liquidity position. However, the operational performance improved
thereafter and the plant has reported satisfactory performance.
GWEL reported a PLF of 70.46% during FY17 (refers to the period
April 1 to March 31) with an availability factor of 85.90%.
Although, the PLF remained lower in FY17 as against 76.15% in
FY16 due to shut down for close to 40 days, but the improved
realization per unit and favourable order from CERC resulted in
improvement in total operating income and profitability. The
company provisionally reported a PBILDT and PAT of INR756.88
crore and INR149.80 crore respectively on a total operating
income of INR1,729.16 crore during FY17.

Experienced promoter group with experience in developing power
projects

GWEL is a part of GMR group which is a major player in the
infrastructure sector (GMR Infrastructure Limited, rated CARE
BBB-; Stable/CARE A3) and has been developing projects in India
and abroad in areas such as airports, energy, transportation,
etc. Over the years GMR group has successfully implemented
various power projects and has substantial experience in
developing and operating diversified fuel based power projects.
Also, the promoters have supported the company by regular
infusion of funds in the form of equity and unsecured loans.

Long term fuel supply agreement in place with SECL

GWEL has executed FSA with SECL for feeding it's both units of
300 MW each. Presence of FSA with SECL safeguards GWEL against
any fuel supply risks. In cases of any short supply from SECL,
GWEL meets the same through e auction and imported coal.

Long-term PPAs in place providing revenue visibility

The company has long term PPAs for entire capacity including PPA
for 200MW with DNH, 200 MW with MSEDCL and 150MW with TANGEDCO
while the balance power is for auxiliary consumption. This
arrangement with its clients ensures long term revenue visibility
for GWEL with 92% capacity of its plant. All the PPA provides
tariff recoverable in the form of capacity charge & energy
charges.

Favorable order received from CERC with respect to change in law
GWEL has received favorable order in February 2017 from CERC for
recovery of regulatory receivables pertaining to change in Law
from MSEDCL and DNH. The order largely includes change in custom
duty, excise duty, service tax and other taxes in the
construction period. Also, it includes change in excise duty on
coal, change in royalty, clean energy cess, service tax on coal
transportation, swachh bharat tax during the operational period.
The company has already raised the bills on MSEDCL and DNH for
the arrears upto February 2017 aggregating INR158 crore towards
regulatory receivables which is expected to be received in
Q1FY18. Taking into consideration the favorable order, the
monthly billing on DISCOMs is also likely to increase which will
result in improvement in profitability going forward.

Counterparty credit risk with respect to delay in receivables:
GWEL is supplying power to DNH, MSEDCL and TANGEDCO. Among the
three utilities, TANGEDCO is having a relatively weak financial
profile as reflected by high AT&C losses, significant subsidy
support from the government, and relatively long payable cycle.
Going forward, GWEL's ability to realize the dues from discoms in
a timely manner would remain important for its liquidity profile.

GMR Warora Energy Limited (GWEL), previously known as EMCO Energy
Limited (EEL) a Special Purpose Vehicle (SPV) was promoted by
EMCO group on 4th August 2005 to set up a 2*135 MW coal-based
power plant at Maharashtra Industrial Development Corporation
(MIDC), Warora, Dist. Chandrapur, Maharashtra. The promoters of
EEL sold 100% stake to GMR Energy Limited (GEL) in July 2009
making it a 100% subsidiary of GEL. After acquisition, the scope
of the project was enhanced from 2*135 MW to 2*300 MW in view of
the demand for power in western India. The project achieved its
commercial operations on 1st September 2013 with Unit-1 of 300 MW
achieved its Commercial Operation Date (COD) on 19th March 2013
and Unit-2 of 300 MW achieved its COD on 1st September 2013. The
cost of project stood at INR4,250 crore funded in the ratio of
75:25 for debt and equity.

GWEL has signed a Fuel Supply Agreement (FSA) with South Eastern
Coalfields Limited (SECL) a subsidiary of Coal India Limited
(CIL) for supply of coal. The power of the plant is fully tied up
with PPA of 200MW each with Dadra & Nagar Haveli Power
Distribution Corporation Limited (DNH) and Maharashtra State
Electricity Distribution Company Limited (MSEDCL) and a PPA of
150MW with Tamil Nadu Generation and Distribution Corporation
(TANGEDCO).

During FY17 (Provisional) (refers to the period April 1 to
March 31), the company reported a PBILDT and PAT of INR756.88
crore and INR149.80 crore respectively on a total operating
income of INR1,729.16 crore as against as against a PBILDT and
net loss of INR409.57 crore and INR158.05 crore respectively on a
total operating income of INR1,391.30 crore during FY16.


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

  -- INR80 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category; and

  -- INR150 mil. Non-fund-based limit migrated to Non-Cooperating
     Category

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

COMPANY PROFILE

Incorporated in 2004, Hill-Brow Metallics & Construction is
engaged in the civil construction of roads and bridges.  The
company started its commercial operation in 2008.  It is managed
by Mr. Sunil Kumar Agarwal and family.


JAYARAM TEXTILES: CARE Issues 'D; Issuer Not Cooperating' Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Jayaram Textiles
(JT) to monitor the ratings vide e-mail communications dated
April 12, 2017 April 17, 2017, and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express an opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on JT's bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        23.67       CARE D; Issuer not
   Facilities                        Cooperating

   Short-term Bank        0.18       CARE D; 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 March 17, 2016 the following were
the rating strengths and weaknesses:

Key Rating weakness
Moderate Debt protection metrics: With the reduction in total
term debt, the debt-equity ratio and overall gearing ratio
improved as on March 31, 2015.Interest coverage ratio stood
stable in FY15 (refers to the period April 1 to March 31) while
total debt/GCA declined on the back of lower cash accruals.
Working capital intensive nature of operations: With the addition
of the spinning unit in FY14, the inventory period increased
during the last 2 years. However the same improved marginally in
FY15. As the creditors as of March 31, 2015 was very low (Rs.0.04
cr), the average credit period was nil for FY15 and this led to
elongated operating cycle which stood at 212 days against 180
days in FY14.

The working capital facility was utilized in full for the last 12
month period as confirmed by the banker.

Key rating strengths

Ongoing delays: During the banker interaction, the banker had
indicated that there is an ongoing delay in meeting the monthly
repayment for the 2 term loans for 2 months (January 2016 and
February 2016)aggregating to INR1.21 crore as on March 9, 2016.

Sustained growth in total operating income: The total operating
income of the firm grew by 19% in FY15 over FY14 primarily driven
by increase in the volume of sales. In 11MFY15, the firm achieved
sales of INR33 crore.

Fluctuating profit margins: Considering the nature of business,
the profit margins are susceptible to fluctuation in raw material
prices. The PBILDT margin declined significantly by 722 bps in
FY15 due to increased material cost and drop in realization price
on the back of subdued demand of the product. The interest cost
has declined on the back of reduction in the term debt and lesser
utilization of working capital facility during the year.
Depreciation cost declined due to change in the depreciation
accounting as per Companies Act whereby, the useful life of the
asset to be considered to arrive at the depreciation. Decline in
interest and depreciation cost led to improvement in PAT margin
by 309 bps in FY15.

JT was established as a partnership firm in 1985 by Mr. P M
Thirumoorthy, Mr. P M Balasubramaniam and Mr. P M Ganeshmoorthy
(brothers). The firm was started as a fabric manufacturing unit
with an initial capacity of 78 power looms in Tirupur, Tamil
Nadu. Since then, the firm has expanded its weaving operations to
the current levels. The present installed capacity is 140 power
looms, 32 suzler looms. It also utilizes the third party capacity
of 300 power looms. Initially, JT had been outsourcing the
spinning to a number of spinning units situated in and around
Tirupur and Coimbatore. With a view to integrate backwards, the
firm has forayed into spinning activity by establishing a
manufacturing unit in April 2013 with an installed capacity of
12,000 spindles at Tirupur to produce yarn of 32's, 40's and 60's
count which is used for the company's own fabric production.The
fabric produced by JT finds application in linen, curtain etc.
The firm sells the fabric to a number of distributors and agents
in the markets like Tirupur, Ahmedabad, Mumbai and New Delhi, who
in turn sells the fabric to linen and garment manufacturing
units.


JINDAL STEEL: CARE Reaffirms 'D' Rating on INR18,440.62cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jindal Steel & Power Limited (JSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          18,440.62     CARE D Reaffirmed

   Short-term Bank
   Facilities            6846.23     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-I            500.00     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-II         1,000.00     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-III          862.00     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-IV           100.00     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-V            750.00     CARE D Reaffirmed

   Non-Convertible
   Debentures
   Programme-VI           400.00     CARE D Assigned

Detailed Rationale & Key rating drivers

The reaffirmation of ratings of bank facilities and debt
instruments of JSPL takes into account the irregularities in debt
servicing by the company. The delays were largely attributable to
stretched liquidity position owing to lower profitability due to
sustained pressure on steel realizations, sizeable debt repayment
obligations and delay in debt-refinancing.

The ratings take cognizance of the completion of the refinancing
of project loans of Angul & Dongamahua Captive Power Plant (DCPP)
under 5/25 except one bank thereby easing the repayment pressure
over the medium term. The ratings also take note of the improved
operational performance during Q3 & Q4FY17 and favourable
industry developments including imposition of tariff barriers by
Government of India (GoI) resulting in improved sales
realizations for the domestic steel companies. The profitability
is expected to improve going forward with the scheduled
commissioning of capacities at Angul.

The ratings continue to remain constrained by the below average
financial risk profile of JSPL characterised by leveraged capital
structure and low debt coverage indicators. The ratings also
continue to remain constrained by the cyclicality inherent in the
steel industry and price & supply risks associated with coal and
iron ore sourcing in the absence of commensurate captive mines.
However, JSPL has integrated nature of operations backed by
captive power and captive iron ore mine for part of its capacity,
diversified product mix and established promoter group with
diversified operations. Also JSPL has sizeable scale of
operations with healthy operational track record, strong asset
base and strategically located plants in proximity to coal and
iron ore mines. Going forward, the company's ability to service
its debt obligations in a timely manner and register improvement
in its capital structure shall be the key rating sensitivities.
Further, CARE has withdrawn the rating assigned to the commercial
paper of JSPL on company's request as there is no outstanding
against the same.

Detailed description of the key rating drivers

Below average financial risk profile and stretched liquidity
position

JSPL has a below average financial risk profile characterized by
leveraged capital structure and low debt coverage indicators.
JSPL has a leveraged capital structure characterized by overall
gearing ratio of 2.34x as on March 31, 2016.

JSPL has undertaken sizeable debt funded capex across segments
over the past 5 years including steel and power plant in Angul
(Odisha), pellet plant in Barbil (Odisha) resulting in elevated
debt levels. The commercial operations of few of these facilities
(largely Angul) overlapped with the cyclical downturn in the
steel industry thereby making it difficult for JSPL to make
optimum use of these capacities. Lower profitability due to
sustained pressure on steel realisations and sizeable debt
repayments with delay in debt refinancing led to irregularities
in debt servicing.

The company, however, has reported healthy sales volume in Q3
which along with cost rationalisation efforts undertaken by the
company has resulted in improvement during Q3FY17. The company
reported a growth of 21% and 87% in total operating income and
PBILDT respectively during Q3FY17 as compared to similar quarter
previous year. The improvement in cash flow has resulted in
reduction in overdues to the banks. Further, during Q4FY17, the
company has completed part of its refinancing of project loans of
Angul & DCPP thereby easing the repayment pressure on company's
cash flows over the medium term.

Integrated nature of operations with healthy product mix: The
company sources a part of its iron ore requirement from its
captive mines at Tensa, Orissa which has estimated geological
reserves 23 Million Tonnes (MT) with extraction capacity of 3.11
MTPA while the balance requirement is met from sourcing
arrangements with private mine owners at Barbil, Orissa. The
company largely meets its non-coking coal requirements from coal
linkage for captive power plant (CPP) while the remaining
requirement is met through e-auction. JSPL manufactures value
added products through its rail & universal beam mill, plate
mill, medium & light section mill and bar mill. Further, the
company also has wire rod mill, pelletization plant and cement
plant. The higher level of operational integration and presence
in the value added product segments not only optimizes the
company's cost of production but also results into higher
realizations leading to better profitability. Furthermore,
presence of the company in the entire steel value chain provides
it the flexibility to sell its products at various stages of
production.

Established promoter group with diversified operations

JSPL, part of the O P Jindal group, was formed in April 1998 by
hiving off the Raigarh and Raipur manufacturing facilities of
Jindal Strips Ltd. (JSL) into a separate company. The company's
key business activities include iron ore & coal mining, steel
manufacturing and power generation with its operations spread
across Chattisgarh (Raigarh and Raipur), Orissa (Barbil and
Angul) and Jharkhand (Patratu) in India. It also has a presence
outside India with major operations in Oman, South Africa,
Indonesia, Mozambique and Australia through its various
subsidiaries. The company's subsidiary company Jindal Power Ltd
operates 3,400 MW independent power plant at Raigarh,
Chhattisgarh. Its step down subsidiary Shadeed Iron & Steel
Company LLC operates 2.0 MTPA gas based Hot Briquetted Iron (HBI)
plant at Oman Cyclicality inherent in the steel industry: The
steel industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the
market. Apart from the demand side fluctuations, the highly
capital intensive nature of steel projects along-with the
inordinate delays in the completion hinders the responsiveness of
supply side to demand movements. This results in several steel
projects bunching-up and coming on stream simultaneously leading
to demand supply mismatch. Furthermore, the producers of steel
products are essentially price-takers in the market, which
directly expose their cash flows and profitability to volatility
of the steel industry.

JSPL, part of the O P Jindal group, was formed in April 1998 by
hiving off the Raigarh and Raipur manufacturing facilities of
Jindal Strips Ltd. (JSL) into a separate company. JSPL is amongst
the leading Integrated Steel Producers (ISP) in the country. The
company's key business activities include manufacturing of sponge
iron, steel products and power generation with its operations
spread across Chhattisgarh (Raigarh and Raipur), Orissa (Barbil
and Angul) and Jharkhand (Patratu) in India. JSPL has an
installed iron making capacity of 5.25 MTPA (Million Tonnes Per
Annum), 9.0 MTPA of pellet, 6.1 MTPA of liquid steel and 6.55
MTPA of finished steel manufacturing. Currently, JSPL has iron
making capacity of 2.125 MTPA through blast furnace route and
1.32 MTPA through Direct Reduced Iron (DRI) route at Raigarh and
1.8 MTPA through DRI route at Angul. The capacity is set to
increase further by 3.2 MTPA with scheduled commissioning of
blast furnace at Angul in Q1FY18 and by 2.5 MTPA through Basic
Oxygen Furnace (BoF) in Q2FY18. The company also has power
generation capacity of 1,661 MW (including captive) as on March
31, 2016, the surplus power from which is sold on merchant basis.
It also has a presence outside India with major operations in
Oman, South Africa, Indonesia, Mozambique and Australia through
its various subsidiaries. The operations in Oman include
installed capacity of 1.5 MTPA of iron making, 2.0 MTPA of liquid
steel and 1.4 MTPA of finished steel.

JSPL reported a healthy sales volume in Q3 and Q4FY17 taking the
annual volumes to an all-time high for the company for FY17.
Growth in volume coupled with the cost rationalization efforts
undertaken by the company resulted in improved PBILDT to INR784
crore during Q3FY17 as against INR419 crore in Q3FY16. During
9MFY17, the company reported a PBILDT of INR1,974 crore on a
total operating income of INR9,768 crore as against a PBILDT
INR1,775 crore on a total operating income of INR9,234 crore
during 9MFY16. During FY16, JSPL reported a PBILDT of INR2,573
crore and a net loss of INR1,019 crore on a total operating
income of INR14,080 crore.


JMJ SWITCH: CARE Issues 'D; Issuer Not Cooperating' Rating
----------------------------------------------------------
CARE Ratings has been seeking information from JMJ Switch Gears
Private Limited(JMJ) to monitor the ratings vide e-mail
communications dated December 9, 2016, December 23, 2016,
December 24, 2016, January 04, 2017, January 09, 2017,
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 an opinion on the rating. In
line with the extant SEBI guidelines CARE's rating on JMJ Switch
Gears Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.12       CARE D; Issuer not
                                     Cooperating

   Short-term Bank
   Facilities             1.72       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 January 19, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weakness
Ongoing delay in debt servicing: The banker has confirmed that
there are ongoing delays in interest payment.

JMJ Switch Gears Private Limited (JMJ) incorporated in August,
2013 is promoted by Mr. Adaikalasamy along with his friend Mr.
Philip Kumar. The company started its commercial operation in
January, 2014. It has been engaged in the business of
manufacturing of electrical products like power control panels,
low-tension & high-tension panels, compact substations with its
sole manufacturing facility located at Bommasandra Industrial
Area, Bangalore. These panels provide backup protection to the
power transformers, generation, capacitor banks and power
distribution.

The day-to-day affairs of the company are looked after by Mr.
Adaikalasamy and he has more than one and a half decade
long experience in the relevant line of business.


KERALA STATE: Ind-Ra Assigns B+ Rating to INR100MM Capital Limits
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Kerala State
Electronics Development Corporation Ltd.'s (KSEDC) bank
facilities as:

   -- INR100 mil. Working capital limits assigned with
      'IND B+/Stable/IND A4' rating

                         KEY RATING DRIVERS

The ratings reflect KSEDC's weak financial profile owing to
accumulated losses from the past and investment in and support
extended to weak subsidiaries, some of which are in the process
of liquidation.

The ratings factor in KSEDC's low EBITDA margin (FY16
provisional: 4.6%; FY15: 0.3%; FY14: 1.8%) on account of high
employee costs and intense competition.  In FY16, net leverage
was high at 10.5x (FY15: 156.9x; FY14: 34.3x).  Its gross cash
cycle was stretched at 291 days in FY16 (FY15: 319 days; FY14:
325 days) on account of delayed payments from customers,
primarily government bodies.

Of the total INR 2,211.5 million outstanding as on March 31,
2016, a major portion of KSEDC's debt was unsecured loans
totaling INR 2,088.5 million from the government of Kerala and
other state government entities.  Weak earnings and high working
capital requirement had led to tight liquidity position resulting
in delays in debt servicing on the unsecured loans from state
government and other government entities.

The ratings, however, positively factor in the willingness of the
state government to extend further unsecured loans to support the
company's capex plans.  Furthermore, EBITDA interest coverage was
comfortable at 4.3x in FY16 (FY15: 0.2x; FY14: 1.5x) on account
of interest freeze available on unsecured loans from the state
government until FY21.

The ratings are also supported by KSEDC's strong short-term
revenue visibility, given it had an unexecuted order book
position ofINR6,162.9 million (1.5x of FY16 revenue) as on Nov.
20, 2016. Revenue grew 39.4% yoy to INR 4,105.9 million in FY16,
primarily driven by higher revenue from the IT business group
division. According to provisional figures for FY17, revenue was
INR 3,800.2 million.  Moreover, KSEDC has a significant track
record and presence in the electronics industry since 1973.  It
has an established market position across a diverse range of
product segments.

                        RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to a decline in
interest coverage below 1.25x on a sustained basis would be
negative for the ratings.

Positive: Timely servicing of debt obligations on all loans from
the Kerala government and other government entities or any
deferment on the debt repayment obligations for the above loans
granted by respective entities would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1972, KSEDC is a government of Kerala undertaking
that is engaged in the manufacturing of a wide range of
electronic goods.  Moreover, it undertakes projects involving the
design, manufacturing, testing, installation, commissioning and
maintenance of electronic equipment in industrial establishments.
KSEDC has six strategic business units, along with a diversified
product portfolio, catering to sectors such as defence, space,
power electronics, control and instrumentation, traffic
management, IT/ITES, and security and surveillance. Based in
Trivandrum, Kerala, KSEDC has three manufacturing facilities
across the state.


KHAMMAM SPICE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khammam Spice
Specialities (KSS) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  Instrument-wise rating action is:

  -- INR60 mil. Proposed fund-based working capital limits
     assigned with provisional IND BB-/Stable Provisional IND A4+
     rating;

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

                         KEY RATING DRIVERS

The ratings reflect KSS' improving yet moderate scale of
operations, volatile and weak EBITDA margin, and moderate credit
metrics due to intense competition, low entry barriers and
trading nature of the business.  Revenue grew at a CAGR of 39.2%
to INR769.3 million over FY13-FY16 on account of increased orders
from existing customers as well as new customers.  EBITDA margin
remained below 1% over FY14-FY16.

As per provisional financials for FY17, revenue was
INR800 million.  Ind-Ra believes a further growth in revenue in
FY18 and FY19 will be contingent upon the firm's ability to tie-
up working capital funds and/or infuse capital when required.

Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.8x in FY16 (FY15: 8.7x) due to increase in
interest expenses emanating from working capital debt.  The
company was net debt negative in FY16 (FY15 net leverage (total
adjusted net debt/operating EBITDAR): 0.6x).

The ratings are also constrained by the partnership nature of the
firm.

However, the ratings benefit from the partners' two decades of
experience in the trading of chillies leading to well-established
relationship with customers and suppliers.

                        RATING SENSITIVITIES

Positive: A substantial growth in the revenue leading to a
sustained improvement in the overall credit metrics will be
positive for the ratings.

Negative: A decline in the revenue or a rise in margin pressures,
leading to a sustained deterioration in the credit metrics will
be negative for the ratings.

COMPANY PROFILE

KSS was established as a partnership firm in 2011 and is located
in Khammam, Telangana.  The firm is engaged in the trading of
chillies in the domestic as well as export markets.


KOVAI KALAIMAGAL: CARE Issues 'D; Issuer Not Cooperating' Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from Kovai Kalaimagal
Educational Trust (KKET), to monitor the ratings vide e-mail
communications/ letters dated February 13, 2017, February 21,
2017, March 11, 2017, March 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 Kovai Kalaimagal
Educational Trust's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term bank
   Facilities             5.66       CARE D; Issuer Not
                                     Cooperating

   Short-term bank
   Facilities             0.14       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

Key Rating Weaknesses
Ongoing Delays in debt servicing
There are on-going delays in meeting the debt obligations since,
the trust faces liquidity issues arising from delay in fee
collection.

Kovai Kalaimagal Educational Trust (KKET) was set up as a
charitable trust under section 12A of Income Tax Act by Mr. K.A
Chinnaraju and Mrs P. Shanmugadevi of Coimbatore, Tamil Nadu in
the year 1992. The trust currently operates four
educational institutes:

1. Kovail Kalaimagal College of Arts & Science (KKCAS)
2. Coimbatore Institute of Management & Technology (CIMAT)
3. Coimbatore Institute of Engineering & Technology (CIENT)
4. Kovai Kalaimagal Matriculation School (from K-10)


KUBS SAFES: CARE Issues 'D; Issuer Not Cooperating' Rating
----------------------------------------------------------
CARE Ratings has been seeking information from Kubs Safes & Locks
Private Limited (KSL) to monitor the ratings vide e-mail
communications/ letters dated February 21, 2017, March 11, 2017,
March 22, 2017, April 6, 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 opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Kubs Safes &
Locks Private Limited's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank         28.76      CARE D; 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.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing
The company has been incurring cash losses leading to weak
liquidity position. On account of this the company had
delayed its debt servicing in the recent past.

Marginal decline in scale of operations

With an intent to move from trading to manufacturing, a
manufacturing facility was set up at Oragadam, Chennai at a cost
of INR60.17 crore for which the commercial operations started in
April 2014. KSL started the manufacturing of its product lines
namely fire and burglary resistant safes, safe deposit locker
cabinets and strong room doors with an installed capacity of 40
security equipment per shift. During FY15 (refers to the period
April 1 to March 31), the manufacturing sales constituted 26% of
the total sales as against nil in FY14. As the focus of the
management shifted towards the manufacturing activities, the
trading sales declined in FY15 which resulted in the marginal
decline in its total operating income (TOI) from INR10.85 crore
in FY14 to INR10.11 crore in FY15.

High cash loss
The operating income of KSL declined by 6.82% in FY15 mainly due
to fewer orders from NBFCs. The NBFCs, which are the major buyers
of safety deposits and lockers stunted expansion during the year.
The number of new branches added by NBFCs and banks came down due
to a mix of market & regulatory orders. On the back of the higher
fixed overheads and the first year of manufacturing operations,
the company reported a negative PBILDT of INR5.55 crore during
FY15 as against a negative PBILDT of INR4.82 crore in FY14.
Furthermore, on account of the higher interest and depreciation
expense, the company incurred a net loss of INR11.87 crore in
FY15. The gross cash accruals (GCA) were negative INR10.98 crore
in FY15 as against negative INR4.82 crore in FY14.

Moderate capital structure on account of the capital infusion by
the promoters

Despite incurring heavy net loss of INR11.87 crore in FY15, the
tangible networth of the company increased from INR25.80 crore as
on March 31, 2014 to INR27.11 crore as on March 31, 2015. This
was on account of the equity infusion of INR13.46 crore in FY15.
Further, the promoters infused preference share capital (treated
as debt) of INR2.70 crore in FY15 to fund the working capital
needs as well as to fund the operating loss incurred.

The overall gearing improved marginally from 1.52 times as on
March 31, 2014 to 1.46 times as on March 31, 2015 and stood
moderate. However, the debt coverage indicators viz. interest
coverage and total debt/ GCA stood weak stressed owing to the
operating loss incurred.

Working capital intensive nature of operations

The nature of business undertaken by KSL is working-capital
intensive given the long lead time involved in importing of the
physical security products (for traded products) and credit
period given to the customers. The company operated with   an
operating cycle of 90 days in FY15. Going forward, with
stabilisation of KSL's manufacturing unit, its dependence on
imports (of trading products) is expected to reduce thereby
providing some comfort in its operating cycle.

Key Rating Strengths
Experience of the promoters in trading of security equipment
The promoters have nearly 10 years of experience in marketing and
distribution of physical security products in the Middle East.
Mr. Bhasi Pazhat, one of the promoters, has experience of over
three decades in managing various lines of business in the Middle
East. He is ably assisted by Mr. P. Somasundaran and Mr.
Venugopalan, who possess four decades of experience, primarily
with Al Nabooda Group. The directors of KSL have interests in
other entities such Al Nabooda Interiors LLC (Dubai), Al Nabooda
Insurance Brokers LLC (Dubai), Toli Floor Middle east LLC
(Dubai), Total Offis Interiors & Solutions LLP (Bangalore) and
Hospitality Catering LLC (Abu Dhabi).

Strategic initiatives taken by the company to improve business
prospects
The company is currently importing and selling UL, European
Standard based physical security equipment apart from the
equipments manufactured in its Oragadam Plant. KSL has already
obtained ISO 9001 & ISO 14001 certification for its plant. The
company is in the process of obtaining BIS certification. With
BIS certification, KSL will get the opportunity to supply its
equipment to all banks throughout the country. After stabilising
its operations with respect to the physical security equipment
based on BIS standard, KSL intends to implement UL and European
standards for its manufactured products, thereby exporting these
to the Middle East and Europe through the promoter controlled
entities. The company has also signed a MoU with a Swedish
Company for contract manufacturing for their brand "SECURA" by
shifting their production fully to the company's factory at
Oragadam. Furthermore, the company has developed a prototype for
an ATM manufacturer and is exploring opportunities in the market
for such products.

KSL is engaged in the business of manufacturing and trading of
various physical security equipment such as safe deposit lockers
and boxes, record protection filing cabinets, fire resistant data
storage cabinets, fire resistant vault doors and similar space-
saving storage equipment. These products are primarily used by
jewellers, corporate houses, banks, financial institutions and
government establishments. KSL was incorporated on October 13,
2009 by a group of entrepreneurs who are involved in the
distribution of physical security equipment of reputed global
majors in the Middle East, since 2004. The firm has setup a
warehouse at Oragadam, Chennai, for storing the inventory. KSL
has an associate concern KUBS Impex Private Limited, established
in 2010, which is engaged in trading of office products such as
shredders, laminating and binding machines.


KWALITY FEEDS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kwality Feeds
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 BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR75.3 mil. Term loans migrated to non-cooperating
      category; and

   -- INR47.5 mil. Fund-based facilities migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Andhra Pradesh-based Kwality is a fish feed manufacturer with an
installed capacity of 60,000 metric tonnes per annum.  The
founder, along with his family, owns around 62% of the stake in
the company.


LIBRA FABRIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Libra Fabric
Designs 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 BB-(ISSUER NOT COOPERATING)' on
the agency's website.  The instrument-wise rating action is:

   -- INR150 mil. Fund-based facilities migrated to non-
      cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 24, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Libra Fabric Designs was established as a proprietorship concern,
Libra Apparels in 1989, and was reconstituted as a private
limited company in 2012.  The company is engaged in fabric
trading.


LORDS ORIENTAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lords Oriental
Resorts Developers (Silvassa) Private Limited (LORDSPL) a Long-
Term Issuer Rating of 'IND B+'.  The Outlook is Stable.  The
instrument-wise rating actions are:

   -- INR126.00 mil. Term loan assigned with 'IND B+/Stable'
      rating; and

   -- INR2.50 mil. Fund-based limit assigned with 'IND B+/Stable'
      rating

                         KEY RATING DRIVERS

The ratings reflect LORDSPL's small scale of operations and weak
credit profile, as reflected by its revenue of INR73 million in
FY17 (FY16: INR64 million), EBITDA margin of 37.3% (34.1%),
interest coverage (operating EBITDA/gross interest expense) of
1.52x (1.09x) and net leverage (adjusted net debt/operating
EBITDAR) of 5.08x (6.79x).  FY17 numbers are provisional in
nature.

The ratings also factor in the company's tight liquidity position
as reflected by its average maximum working capital utilization
of 88% during the 12 months ended March 2017.

However, the ratings are supported by the company's founder-
promoters' more than two decades of experience in the hospitality
industry.

                        RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the EBITDA interest coverage
could lead to a positive rating action.

Negative: Sustained deterioration in the EBITDA interest coverage
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2011, LORDSPL operates a three-star hotel in
Silvassa.  The hotel is managed by Pushpendra Bansal, Sanjeev
Gupta, and Brijesh Chauhan.


M.G. INDUSTRIES: Ind-Ra Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.G. Industries
(MG) 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:

   -- INR19.1 mil. Term loans migrated to Non-Cooperating
      Category;

   -- INR35.5 mil. Fund-based working capital migrated to Non-
      Cooperating Category; and

   -- INR5 mil. Non-fund-based working capital migrated to Non-
      Cooperating Category

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

COMPANY PROFILE

Incorporated in 1980, MG manufactures fuel injector, engine body
(child parts of engine) and pneumatic components (air components)
and construction equipment.


M.P. ASSOCIATES: CARE Reaffirms B+ Rating on INR80cr Term Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
M.P. Associates (MPA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities-Term
   Loan                    80        CARE B+; Stable Reaffirmed

The reaffirmation of rating assigned to the bank facilities of
M.P. Associates (MPA) factors in limited management experience of
operating a mall and high tenant concentration risk. The rating
strength is also tempered by stressed liquidity position and
partnership constitution of the firm. However, the rating is
benefitted by more than two decades experience of management in
real estate development, favourable location of the mall, fairly
high occupancy levels in the first year of operation, additional
cash flows stream available from future sale of completed unsold
residential inventory and revenue visibility to some extent on
account long tenure of agreements (albeit lock-in period remains
short) with the tenants.

The ability of the firm to manage debt servicing requirements
through timely receipt of rentals from tenants, leasing of the
balance leasable area and timely receipt of funds from sales of
balance unsold completed residential flats are the key rating
sensitivities.

Detailed description of the key rating drivers

Experienced management in real estate sector: The firm is managed
by Mr. Mangesh V Parulekar who has been in the real estate sector
for decades. The firm is part of M.P. Group group; which has
developed more than 8.50 lacs sq.ft. residential and commercial
projects in the past two decades in Panvel, Navi Mumbai.

High occupancy albeit early stage and favorable location: MPA has
already leased out area of 2.07 lsf of the total area as on May
31, 2016 forming 83% of the total leasable area. Moreover the
project is located in Panvel and is in close proximity i.e.
around 1 km to Panvel station and 0.4 km to bus depot.

Key Rating Weaknesses

Stressed liquidity position: The firm's liquidity position is
stressed as reflected from the delays in payment of its debt
obligations of the construction loan. However the loan has been
refinanced through the LRD terms loan and the firm has been
regularly servicing its debt obligations. Moreover with 97% mall
occupancy, the company's rental income would further improve from
FY18 onwards.

Partnership constitution: The legal constitution being
partnership firm has inherent risks of withdrawal of capital.

Established in 2005, M P Associates [(MPA) part of M.P. Group] is
engaged in real estate development. Its partners are Mr. Mangesh
V Parulekar, Mr. Dilip Karelia and Mr. Vivekanand Shankar Patil.
The group over the last decade has completed projects of more
than 8.50 lacs sq. ft. in Navi Mumbai. Further the firm has last
executed a residential project namely 'Balaji Aangan'. Further
MPA has developed 2.50 lacs sq. ft. of commercial retail mall
named 'Orion Mall' at Panvel, which commenced its operations on
April 2016. The mall has a total leasable area of 2.50 lsf (total
carpet area of 1.38 lsf) of which an area of 2.07 lsf has been
leased out to various retail and lifestyles brands and to
multiplex (PVR). The mall was completed at total cost of
INR154.80 crore funded through debt to equity ratio of 0.85:1.

During FY16 (refers to the period April 01 to March 31); MPA
posted total operating income of INR5.85 crore (vis-a-vis
INR15.09 crore in FY15) and PAT of INR0.91 crore (vis-Ö-vis PAT
of INR5.40 crore in FY15).


METHRA INDUSTRIES: CARE Issues 'D; Issuer Not Cooperating' Rating
-----------------------------------------------------------------
CARE Ratings has been seeking information from Methra Industries
India Private Limited (MIIPL) to monitor the rating vide e-mail
communications dated November 9, 2016, April 11, 2017, April 12,
2017, April 13, 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 an opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on MIIPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12.08      CARE D; 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.

Detailed description of the key rating drivers

At the time of last rating in February 16, 2016 the following
were the rating strengths and weaknesses:

Key Rating weakness
On-going delays in servicing debt obligations: There are on-going
delays in servicing both principal and interest in all the term
loans to the extent of 60 days. The maximum utilization of CC is
100% and there is no overdrawal as on January 31, 2016.

Stressed credit risk profile: The company was incorporated in the
year 2010, whereas operations were commenced only in August 2011.
It operated at 32% capacity in FY13 and 47% in FY14 (refers to
the period April 1 to March 31). Due to nascent stage of
operations and with high interest and depreciation cost, the
company incurred cash losses of INR3.39 crore in FY13, net losses
of INR3.19 crore in FY14 and INR0.96 crore in FY15. However, the
net loss so incurred since FY12 is being reduced from INR6.75
crore to INR0.96 crore in FY15.

The cash accruals have improved from INR0.28 crore in FY14 to
INR1.95 crore FY15 due to increase in PBILDT. Furthermore, the
total debt/GCA has also improved from 84.72x times in FY14 to
11.42x times in FY15.

Going forward, the ability of the company to scale up the
operations and improve profitability will be critical.

Recent updates to the aid of operations: During FY15, the company
constructed a lime godown at the cost of INR0.12 crore and
purchased coal crusher equipment at the cost of INR0.10 crore
used as fuel in the boiler to produce steam. The expenditures
were funded by the promoters.

Key rating strengths

Long experience of the promoters of about three decades in the
field of Construction: Mr. P Venkatesan who is one of the
promoter is in the field of construction for about three decades.
He is technically qualified having completed M.E in Structural
engineering. He was previously employed in Public works
department as Assistant Engineer and was also in teaching
profession for few years in Anna University. Mrs Saraswathi
Venkatesan who is also one of the promoters of MIIPL is a Science
graduate and was employed in Central Leather Research
Institute(CLRI) as Accounts officer.

MIIPL was established on April 12, 2010 by Mr. P Venkatesan and
Mrs Saraswathy Venkatesan with the objective of manufacturing
concrete blocks (Autoclaved Aerated Blocks) which are eco-
friendly under the brand name "CELL O CON" using the German
technology. In addition to the manufacture of AAC blocks, MIIPL
also trades the gypsum material which is used in plastering of
building. Before commencing this company, the promoter was
engaged in undertaking government contract works through
different entities- Karthik Constructions (KC), Kaushik
Enterprises (KE) and K.K Foundation (KKF) which was established
in the year 1980 and Classic Construction Consortium & Homes
India Pvt. Ltd., (CCCHIPL) established in the year 2005.

KC, KE and CCHIPL has been closed in the year 2008. The Companies
which are now in operation are MethraInfratech Pvt. Ltd., (MIPL)
in Bangalore and Methra Constructions Consortium India Pvt
Ltd.,(MCCIPL), Chennai and both are in the field of real estate.
But due to lack of transactions in MCCIPL, MIIPL is being
concentrated more in order to expand its operations. All the
companies are managed by the promoters themselves. The key raw
material lime is purchased from Jodhpur, Rajasthan. All the other
materials are sourced in South India.

The key clients of MIIPL are CasaGrande, Amaraprakash, Shobha
Realities, Mallees Constructions, Appasamy Realities, SPRRG,
Virgo, Alliance etc. located in South India.


MICROTEX FASHION: CARE Lowers Rating on INR7.23cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Microtex Fashion Industries (MTFI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.23       CARE D Revised from
   Facilities                        CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
Microtex Fashion Industries (MTFI) is on account of delay in
debt repayment owing to weak liquidity position.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Weaknesses
Ongoing delay in debt servicing: MTFI has been irregular in
servicing its debt obligation as the term loan principal and
interest remained unpaid for more than 60 days, while the cash
credit account also remained overdrawn. The same is due to weak
liquidity position of the firm.

Valsad-based (Gujarat) MTFI was established in the year 2015 by
the proprietor Ms Beena Jayesh Gor, with an objective of
manufacturing and trading of linen fabric from flax yarn, which
finds application in the textile industry.

MTFI commenced its trading operations in linen fabric from April
2015, while the manufacturing operations commenced from September
2015 from its sole manufacturing facility located in Valsad
(Gujarat) with 48 rapier looms having an installed capacity of
about 1.75 lakh metres of linen fabric per month. MTFI procures
flax yarn domestically and sells the finished product to
retailers and wholesalers located in various cities of India like
Ludhiana, Hyderabad, Kanpur etc.


MILAN PIPE: CARE Assigns B+ Rating to INR6.25cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Milan
Pipe Industries (MPI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.25       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Milan Pipe
Industries (MPI) primarily remained constrained on account of its
nascent stage of operation along with stabilization risk
associated with recently completed project. Furthermore, the
rating also remained constrained on account of its presence in in
fragmented and competitive PVC pipe industry coupled with
vulnerability of its profit margins to fluctuation in raw
material prices. The rating, however, derives benefits from the
experienced partners in same line of industry.

The ability of MPI to stabilize recently commissioned
manufacturing operations along with increase in the scale of its
operations and achieving envisaged level of sales and
profitability are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Nascent stage of operation
The operation MPI is into nascent stage as MPI has commenced its
operation from April 2017 after completion of its green field
project. Hence, MPI remains exposed to post implementation risk
mainly comprising of stabilization of operations from the new
plant and salability risk. Presence in in fragmented and
competitive PVC pipe industry MPI is operating in highly
fragmented industry having low entry barriers and presence of
numerous smaller entities in the unorganized sector. Furthermore,
the presence of larger established players in the industry also
restricts the bargaining power of smaller players such as MPI.

Vulnerability of its profit margins to fluctuation in raw
material prices
The key raw material is PVC Resins, which being derivatives of
crude oil the prices of the same remains highly fluctuating
in nature. Hence, any adverse fluctuation in the raw material
price will have direct impact on the operating margins of the
company.

Key rating strengths

Experienced partners
Mr Haresh Kalaria, Mr. Pareshkumar Patel and Mr. Utkarsh Naidu
are the key partners of MPI, who possess more than 15 years of
experience in the industry.

MPI was established in 2016 as a partnership firm by eight
partners and managed by five partners named Mr. Haresh Kalaria,
Mr. Pareshkumar Patel, Mr. Utkarsh Naidu, Mr. NimoshKalaria and
Mr. Jay Patel. MPI has recently completed its green field project
for manufacturing PVC Pipes having total cost of INR5.94 crore.
MPI has commenced its commercial operation from April 2017. MPI
procures raw material from domestic traders and sales its
manufactured product to various domestic dealers. The products
manufactured by MPI i.e. PVC pipes find its application in
agriculture sector. MPI is operating from its sole manufacturing
unit located in Bavla-Ahmedabad (Gujarat) having installed
capacity of 360 Metric Tonne per Annum for manufacturing PVC
pipes as on April 30, 2017.


NEOLITE BUILDCON: CARE Assigns B Rating to INR14.48cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Neolite Buildcon Private Limited (NBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            14.48       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Neolite Buildcon
Private Limited (NBPL) are constrained by relatively modest scale
of operations with low net worth base and net loss, leveraged
capital structure and weak debt coverage indicators, working
capital intensive nature of operations, susceptibility of margins
to volatile raw material prices and presence in a highly
competitive and fragmented industry.

The ratings, however, draw strength from extensively experienced
promoters with established presence in the industry.

The ability of the entity to increase its overall scale of
operations, improve profit margins amidst intense competition and
capital structure while managing its working capital requirement
efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths
Experienced promoters and established presence in the industry:
NBPL is managed by Chavan and Deshpande families, with director
Mr. Sanjay Chavan and Mrs Vibhavari Chavan have around 25 years
of experience in tiles and blocks manufacturing. In the past,
they were involved in their family business (Tryamboli
Industries) of tiles and blocks manufacturing.

Key Rating Weaknesses

Modest scale of operations coupled with net loss: The overall
size of operations of the company remained modest which is mainly
attributable to nascent stage of operations of the company and
its low capacity utilization during FY16. During FY16 (refers to
the period April 1 to March 31), the operating margin of the
company remained healthy due to direct sale of product to end
users and direct purchase of raw material from reputed raw
material manufacturers such as Ultratech Cement Ltd., JSW Energy
Ltd. However the entity reported losses due to higher
depreciation and interest expenses. Leveraged capital structure
and stressed debt coverage indicators: NBPL's capital structure
stood weak during last four years on account of high dependence
on external borrowings to support the operations and low
capitalization. Further with low cash accruals, debt coverage
indicators also remained weak.

Working capital intensive nature of operation: Operations of NBPL
are working capital intensive in nature mainly on account of
funds being blocked in receivables and inventory. The gross
current assets days remained high at 126 days in FY16. Although
the company receives credit period of 60-90 days from its
suppliers, its liquidity position remained moderately weak marked
by moderate current ratio of 1.09 times and quick ratio of 0.87
times. Furthermore, cash flow from operating activities remained
negative in FY16.

Susceptibility of profit margins due to volatile raw material
prices: The raw material i.e. oil, fly ash and cement are the
major cost drivers (constituting about 85.96% of total cost of
sales in FY16) and the prices of the same are volatile in
nature therefore cost base remains exposed to any adverse price
fluctuations in the prices of the raw materials.

Accordingly, the profitability margin of the company is
susceptible to fluctuation in raw material prices. Furthermore,
the company does not have any long-term contracts for purchase of
material.

Presence in competitive and fragmented industry: NBPL operates in
a highly competitive construction material manufacturing industry
which is characterized by moderately low entry barriers and a
large number of organized and unorganized players leading to
intense competition. Though the policy environment has not been
completely favorable for the brick making business, stringent
norms on use of fly ash in brick making and upgrading to new
technologies has opened new venues of opportunity for NBPL.

Neolite Buildcon Private Limited (NBPL) was incorporated in
September 2007 as Anukampa Steel Pvt. Ltd. by Mr. Gandhi and
later it was taken over by Chavan and Deshpande families in
January 2014 and the name was changed to the current one. NBPL is
engaged in the business of manufacturing of autoclaved aerated
blocks (AAC Blocks) with its manufacturing facility located in
MIDC, Kolhapur, spread over the area of 20200 Sq. meters with an
aggregate installed capacity of 1 lakh cubic meter per annum.

NBPL procures raw material i.e. boiler chemical, lab chemical,
cement, fly ash, oil and packing material domestically and
finished products are directly sold to players in real estate and
construction industry from all over Maharashtra, Goa and
Karnataka.

During FY16 (Audited), NBPL reported total operating income of
INR4.40 crore and net loss of INR0.59 crore.


ONGOLE AROGYA: CARE Issues 'D; Issuer Not Cooperating' Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from Ongole Arogya
Hospitals Private Limited (OAHPL), to monitor the rating vide
email communications dated February 1, 2017, February 21, 2017,
February 25, 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 OAHPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         38.00      CARE D; 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.

Detailed description of the key rating drivers

At the time of last rating in February 16, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing
The company is into stretched liquidity position which resulted
in delays in servicing of debt obligations owing to the company.

Key Rating Strengths
Qualified promoters and governing body consisting experienced &
resourceful doctors

The main promoter of OAHPL; Dr. M. Anjaneyulu (Managing Director)
is a qualified doctor (MBBS) and has experience of 17 years in
Ophthalmology. He has been associated with several hospitals in
the past; Cambell Hospital, Y.S. Raja Reddy Hospital, L.V. Prasad
Eye Hospital (Hyderabad), Aravind Eye Hospital (Madurai), etc.
Furthermore, he commenced 30 beds eye hospital in name of
'Aravind Eye Hospital' in Ongole in the year 2000. The MD is
member of Indian Medical Association, All India Ophthalmic
Society, Andhra Pradesh Ophthalmic Society, Delhi Ophthalmic
Society and AP Private Nursing Home Associations.


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

   -- INR110 mil. Fund-based limits migrated to non-cooperating
      Category; and

   -- INR5 mil. Non-fund-based limits migrated to non-cooperating
      category

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

COMPANY PROFILE

Parikh Brothers was incorporated in 1988.  Its registered office
is at Opera House, Mumbai, and manufacturing unit is in Palanpur,
Gujarat.  The firm imports, exports and processes/manufactures
diamond stones of various qualities.  The firm is promoted by
Mr. Mukesh Parikh.

The firm is a third-generation organization, descended from
Saralal Laxmichand & Co established in 1939.  The organization
became the first Indian diamond trading company sight holder in
1964.


R. K. ELECTRICAL: CARE Assigns C Rating to INR3.0cr LT Bank Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of R. K.
Electrical Industries India Private Limited (RKIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.00       CARE C; Stable Assigned

   Short-term Bank
   Facilities             5.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RKIPL are
primarily constrained by weak financial risk profile marked by
history of past delays, debt restructuring and stressed liquidity
position, small and declining scale of operations, leveraged
capital structure and stressed debt service coverage indicators.
Furthermore, the ratings are also constrained by risk related
with raw material price volatility and competitive nature of
industry.

These ratings, however, are partially offset by experienced
promoters in the cable industry.

Going forward, the ability of RKIPL to increase its scale of
operations while improving its profitability margins and timely
servicing of its debt obligations shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
History of past delays, debt restructuring and stressed liquidity
position: There were instances of delay in the repayment of term
loan interest and installments during FY15 (refers to the period
April 1 to March 31) attributable to delay in order received,
resulting in stressed liquidity and cash flow mismatch. However,
there has been restructuring of loan in March, 2015 and no delay
is observed in the interest and repayments of the term loan since
April, 2016.

Furthermore, the company's operations are working capital
intensive in nature as reflected by high working capital
utilization of almost full for the last 12 months ended December,
2016. The company's weak liquidity profile is evident from very
low gross cash accruals of INR0.07 crore against term debt
repayment which leads to delay in timely servicing of debt
obligations.

Small and declining scale of operations: RKIPL's operations
remained small evident from total operating income of INR2.80
crore in FY16 (refers to the period April 1 to March 31) which
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, the company has
declining scale of operations from last three years (FY14-FY16)
owing to decline in number of contracts from the government
sector.

Leveraged capital structure and stressed debt service coverage
indicators: The company's capital structure stood leveraged on
account of high dependence on external borrowings in the form of
bank borrowings to meet the working capital requirements coupled
with low capital base evident from overall gearing of 1.87 times
in FY16 Furthermore, the company's debt coverage indicators as
marked by interest coverage and total debt to GCA stood weak.

Raw material price volatility: The main raw materials for the
manufacturing of cables and wires are copper, aluminum and
polymers. Prices of all the raw material have witnessed high
volatility during previous financial years. They constitute
a major component of the raw material and hence any volatility in
their prices has a direct impact on the profitability margins of
the company.

Key Rating Strengths

Experienced promoters in the cable industry: Mr. Sanjeev Sethi
and Mrs Manju Sethi, Directors of RKIPL manage routine operations
of the company. Mr. Sanjeev Sethi has experience of around three
decades in similar line of business. Mrs Manju Sethi, has
experience of more than one decade in the cable industry through
her association with this entity.

R. K. Electrical Industries India Private Limited (RKIPL) was
incorporated in April 1980 as a private limited company by Mr.
Sanjeev Sethi and Mrs Manju Sethi. The company is engaged in the
manufacturing of wide varieties of electrical cables and wires
such as power cables (high tension & low tension), control
cables, instrumentation cables, networking cables, aerial bunched
cables, SLP cables, etc. The manufacturing facility of the
company is located at Sonipat, Haryana, with an installed
capacity of 2000 meters per day (MPD) as on March 31, 2016. The
key raw material for the company includes copper, aluminum and
polymers which are procured domestically. The company sells its
product to various government and private entities. For
government companies, the company obtains orders through
tendering and bidding process. The products are sold under the
brand name "Kalinga".

RKIPL reported a PAT of INR0.02 crore on a total operating income
of INR2.80 crore in FY16 as against net loss of INR0.06 crore on
a total operating income of INR7.69 crore in FY15. As per
provisional financials for eleven months of FY17 (refers to the
period April 1 to February 28), the company has achieved total
operating income close to of INR2.00 crore.

Status of non-cooperation with previous CRA: Rating suspended by
ICRA as per rationale dated January 23, 2015 on account of non-
availability of information from client.


RADHIKA JEWELLERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Radhika
Jewellers (RJ) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  Instrument-wise rating action is:

   -- INR65 mil. Fund-based limit assigned with 'IND B+/Stable'
      rating

                        KEY RATING DRIVERS

The ratings reflect RJ's small scale of operations and moderate
credit metrics on account of volatility in gold prices.  Revenue
surged to INR370 million in 10MFY17 (FY16: INR254 million) owing
to the November 2016 demonetization, which led to an increase in
sales.  Interest coverage improved to 2.5x (FY16:1.1x) and net
financial leverage to 4.9x (7.0x) on account of an improvement in
EBITDA to INR20.63 million (INR17 million) and profitability
margin to 6.0% (5.5%).

The ratings are also constrained by the firm's partnership nature
of business and tight liquidity position with instances of
overutilization of fund-based limits, which were regularized
within 18 days.

However, the ratings derive support from the director's 25 years
of experience in the jewelry trading business.

                         RATING SENSITIVITIES

Negative: A further deterioration in the liquidity position will
be negative for the ratings.

Positive: An improvement in the scale of operations along with
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1991, RJ is engaged in trading of gold, silver
and diamond jewelry.  The firm has a 1,200 sq mt retail showroom
located in Vadodara.  RJ is managed by Mr. Patadia and family.


RAMAKRISHNA ELECTRONICS: CARE Ups Rating on INR6cr Loan to 'C'
--------------------------------------------------------------
CARE Ratings has been seeking information from Ramakrishna
Electronics Karnataka Division (REK) to monitor the rating vide
email communications/letters dated August 17, 2016, October 6,
2016, February 1, 2017 , February 21, 2017, February 25, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on REK's bank
facilities and/or instruments will now be denoted as CARE C;
ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank        6        CARE C; Issuer not cooperating;
   Facilities                     Revised from CARE B; 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 revision in rating takes into account continuous overdrawings
in cash credit account. The rating further, continues to be
constrained by working capital intensive nature of business and
highly cyclical business to economic scenario with seasonal
nature of business operations.

The rating, however, continues to draw strength from experienced
promoters in trading activities.

Detailed description of the key rating drivers

Overdrawings in cash credit account
There have been continuous overdrawals in the cash credit account
by the firm on account of stretched liquidity position of the
firm.

At the time of last rating in March 7, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses
Low profit margins at the back of distribution/trading nature of
business in the highly fragmented and competitive industry: REK
is engaged in distribution and trading business wherein the
margins are low. Furthermore, the industry is highly fragmented
by nature with large number of players in the market. REK has
limited negotiating power as the margins on products are set by
Samsung Electronics India Pvt Ltd thereby restricting the firm to
earn incremental income. Furthermore, REK's margins are
constrained by intense competition, so in order to capture the
market share, REK has to offer better buying terms like allowing
discounts on purchases, and providing credit period. The PBLIDT
margin and PAT margin continued to remain low and decreased from
3.69% in FY14 ( refers to the period April 01 to March 31) to
2.93% in FY15 and 0.59% in FY14 to 0.33% in FY14 respectively on
account of increase in cost of goods sold and interest charges.
Highly leveraged capital structure: The capital structure of the
firm is highly leveraged with overall gearing ratio at 2.51x as
on March 31, 2015. The capital structure is leveraged at the back
of high debt levels vis-a-vis low capital base.

Risk inherent in a partnership firm: The firm being a partnership
firm is exposed to inherent risk of capital withdrawal by
partners due its nature of constitution. Any significant
withdrawals from the capital account would impact the net worth
and thereby the firm's capital structure. In FY15, two partners
(Mr K Manjunath and Mr. J V Raviprasad) retired on March 31,
2015. Furthermore, total withdrawals made during FY15 by the
partners (including upon retirement) amount to INR0.90 crore.

Highly cyclical to economic scenario and seasonal in nature: The
electronic home appliances industry is inherently vulnerable to
the economic cycles and is highly seasonal in nature. Purchase
decisions are often influenced by proximity of seasons, festivals
and sports events. The firm thus faces significant risks
associated with the dynamics of the electronic home appliances
industry.

Working capital intensive nature of business: Trading and
distribution business is highly working capital intensive mainly
on account of the high level of inventory required to be
maintained to ensure ready availability of stock. REK, being in
business of selling of electronics and home appliance to retail
shops, it has to keep stock of variety of products so as to offer
choice and quick delivery to its various clients. As the firm
provides the credit facilities to its clients, the firm faces
stretched liquidity. The operating cycle increased from 74 days
in FY14 to 88 days in FY15 due to increased collection period and
inventory period from 49 days in FY14 to 55 days in FY15 and 29
days in FY14 to 34 days in FY15 respectively. Average working
capital utilization for the last month ended at December 2015 is
at 97%.

Key Rating Strengths

Experienced promoters in trading activities: REK is a family run
business. Mr. V Raghavendra (Managing Partner) has experience of
around 26 years in the trading activity and looks after marketing
and purchase activities of the firm. Mr. V Ravi Kumar has an
experience of around two decades and looks after day-to-day
operations of the firm. Mrs V Rajeswari has an experience of
around 11 years in this business. Consistent growth in total
operating income Income from operations has been increasing y-o-y
from FY13. The total operating income increased by 47% CAGR from
INR18.12 crore in FY13 to INR39.15 crore in FY15. In FY15, the
total operating income increased by 30.76% to INR39.15 crore from
INR29.94 crore in FY14 on account of increase in sale of LED and
LCD TVs.

Authorized distributor in seven districts of Karnataka: The firm
is the only exclusive distributor for Samsung electronics and
home appliance goods in seven districts of Karnataka (Raichur,
Bellary Koppal, Hubli, Gadag, Baghalkot, Bjiapur and Belgaum),
and hence faces minimal competition in Samsung products in the
seven district of Karnataka.

REK, is a partnership firm established in April, 2003 by Mr. V
Raghavenrdra, Mr. V Ravi Kumar, Mr. K Mahnjunath, Mr. M Mahesh
,Mr B Shatrugna , Mrs V Rajeshwari and Mr. J Venkateshwara Ravi
Prasad. The firm is engaged in distribution and trading
(wholesale) of consumer electronic products and home appliances
of Samsung in seven districts of Karnataka (Raichur, Bellary
Koppal, Hubli, Gadag, Baghalkot, Bjiapur and Belgaum). The firm
is exclusive distributor of electronics appliance of Samsung in
seven district of Karnataka. The firm has warehouses at Hubli,
Gangavathi and Belgaum.


SAJJALA WOVEN: CARE Raises Rating on INR7.17cr LT Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sajjala Woven Sacks Private Limited (SWS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.17       CARE C; Revised from CARE D

   Short-term Bank
   Facilities             1.00       CARE A4; Revised from CARE D

Detailed Rationale

The revision in the ratings assigned to the bank facilities of
Sajjala Woven Sacks Private Limited (SWS), take into account
regularisation of bank facilities availed by the company by
infusing unsecured loan. The ratings, however, are constrained by
substantial decline in total operating income with increase in
net losses resulting in deterioration of capital structure and
debt coverage indicators along with elongation of working capital
cycle in FY16 (refers to period April 1 to March 31).

The ratings continue to derive strength from wide experience of
the management in the textile industry and regular financial
support by the promoters through regular infusion of funds in the
form of share application money and unsecured loans.

Ability of the company to improve the scale of operation,
turnaround from loss to profit and improve capital structure and
debt service indicators and working capital cycle are the key
rating sensitivities.

Detailed description of the key rating drivers
Key rating Weaknesses

Weak financial performance in FY16
The total operating income declined significantly by around 85%
to INR3.36 crore in FY16 compared to INR22.94 crore in FY15 since
operations were stopped in August 2015, due to lack of orders
from Dalmia Cements (Bharat) Limited. However, the operations
were resumed in December, 2016. The company incurred operational
loss in FY16 due to under absorption of fixed overheads and net
loss has also increased from INR0.01 crore in FY15 to INR2.25
crore in FY16. The capital structure of the company remained
leveraged marked by overall gearing at 2.26x as on March 31,
2015, due to high debt levels and low net worth base.
Furthermore, overall gearing continues to remain leveraged at
3.97x as on March 31, 2016, due to net loss incurred which
resulted in erosion of net worth. Due to operational loss, net
loss and cash loss, the debt coverage indicators remained weak in
FY16 over FY15. The liquidity position of the company continues
to remain stressed with elongated operating cycle of 891 days in
FY16 compared to 135 days in FY15.

Key rating Strengths

Experienced management
SWS have experienced management and have been operating the
business since last decade. Moreover, the promoters are also
supporting the business through regular infusion in form of share
application money and unsecured loans.

Regularization of bank facilities
There were no instances of delays or defaults for last three
months ended March 25, 2017 and no overdrawals in cash credit
facility. Furthermore, there are no devolvements in non-fund
based facility (letter of credit). The promoters have brought in
compulsory convertible preference shares (CCPS) of INR0.86 crore
in FY15 and unsecured loans of INR2.85 crore in FY16 to support
debt repayment and manage business operations.

Incorporated in 2007, SWS is engaged in manufacturing of high
density polyethylene (HDPE) and polypropylene (PP) based woven
sack, bags and fabric. The company procures entire raw material
from the domestic market and subsequently also has majority of
the sales in the domestic market. SWS has manufacturing facility
at Kadapa with installed capacity of 40 lakhs bags per month and
70 MT of fabric per month.

During FY16, the company incurred operational loss (PBILDT) of
INR0.65 crore (FY15-INR2.36 crore) and net loss of INR2.25 crore
(FY15-INR0.01 crore) on a total operating income of INR3.36 crore
(FY15-INR22.94 crore).


SHIV SHAKTI: Ind-Ra Assigns 'B' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Shakti
Modern Rice Mill Private Limited (SSMRMPL) a Long-Term Issuer
Rating of 'IND B'.  The Outlook is Stable.  The instrument-wise
rating actions are:

   -- INR64.21 mil. Proposed fund-based limits* assigned with
      provisional IND B/Stable rating; and

   -- INR70.79 mil. Proposed long-term loan* assigned with
      provisional IND B/Stable rating

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

                         KEY RATING DRIVERS

The ratings reflect the nascent stage of SSMRMPL's project of
setting-up a rice milling plant, with a total production capacity
of 38,400mtpa.  As of March 31, 2017, the company had completed
40-50% of the civil work and is scheduled to place the order for
machinery in June 2017.  The plant is expected to start
commercial production from January 2018.

However, the ratings benefit from the locational advantage of the
proposed plant in terms of easy availability of raw material.

The ratings are also supported by the promoters' experience of
close to two and a half decades in the food grain business.

                       RATING SENSITIVITIES

Negative: Any time or cost overrun for the project will be
negative for the ratings.

Positive: Timely completion of the project in line with the
projected cost outlay will be positive for the ratings.

COMPANY PROFILE

SSMRMPL was incorporated in 2013 by three directors, Mr. Birendra
Kumar, Mr. Ram Krishna Kumar and Mrs. Monika Kumari, for setting
up a paddy processing plant in the Raxaul city, Bihar.

The company purchased around 109,000sf of land from the promoters
for construction of shed, and building and installation of plant
and machinery.


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

  -- INR25 mil. Fund-based working capital limit migrated to Non-
     cooperating category; and

  -- INR65 mil. Non-fund-based working capital limit migrated to
     non-Cooperating Category

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

COMPANY PROFILE

Based in Bhopal, SCC supplies Indian coal as well as coal of
Indonesian, Switzerland, Singapore and South African origin to
customers based in Madhya Pradesh and Gujarat.


SHREE KRISHNA: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Krishna
Steels' (SKS) 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 BB+(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR803 mil. Non-fund-based facility migrated to non-
      cooperating category

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

COMPANY PROFILE

Incorporated in 1980, SKS is a trading concern, dealing in
mild/flat steel products such as hot-rolled coils.  SKS was
converted into a partnership firm in 2013 from proprietorship
entity.  Promoted by Mr. Binod Kumar Gupta, the company is
primarily an importer of steel products.


SHRI RAMALINGA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Ramalinga
Textiles' (RT) 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 BB(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating action is:

   -- INR194 mil. Fund-based working capital limits migrated to
      non-cooperating category

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

COMPANY PROFILE

RT was established in October 2014 after being carved out of
another group entity, Shri Govindaraja Textiles Private Limited.
RT manufactures cotton yarn, polyester yarn, polyester cotton and
polyester viscose blended yarn and has an installed capacity of
37,092 spindles.


SHRI SENTHUR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Senthur
Velan Infras (SSVI) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.  The instrument-wise rating actions are:

   -- INR100 mil. Fund-based working capital limits assigned with
      'IND BB-/Stable/IND A4+' rating; and

   -- INR25 mil. Non-fund-based working capital limits assigned
      with 'IND A4+' rating

                         KEY RATING DRIVERS

The ratings reflect SSVI's small scale of operations and moderate
credit metrics.  According to the unaudited provisional FY17
financials, revenue declined to INR301 million from INR454
million in FY16 on account of a decline in the orders received
and executed and demonetization.  SSVI has INR380.93 million
worth of orders to be executed in FY18.  Interest coverage
(operating EBITDA/ gross interest expense) was 1.9x in FY17
(FY16: 2.6x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 3.2x (2.7x).  The deterioration in
metrics was due to a fall in EBITDA. EBITDA margin remained in
the range of 12%-9.8% over FY14-FY17 on account of fluctuations
in raw material, labor and other input costs.

Also, the liquidity position is tight, with average utilization
of the working capital limits being 99.4% for the 12 months ended
March 2017.

The ratings also factor in the firm's partnership form of
organization.

The ratings are supported by around two decades of experience of
SSVI's promoters in the engineering, procurement and construction
segment.

                          RATING SENSITIVITIES

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

Positive: A significant increase in the scale and profitability
as well as receipt of new high-value contracts, leading to a
sustained improvement in the credit metrics and working capital
utilization, could be positive for the ratings.

COMPANY PROFILE

SSVI is a partnership firm incorporated in 2012 and executes
construction and maintenance of roads (national highways, state
highways and private roads) and bridges.


SHRI SIDHI: CARE Assigns 'B+' Rating to INR6cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Sidhi Vinayak Sarees (SSS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               6        CARE B+; Stable Assigned

The rating assigned to the bank facilities of Shri Sidhi Vinayak
Sarees (SSS), is primarily constrained by SSVS's short track
record of operations, obsolescence risk associated with inventory
and its presence in a highly fragmented competitive nature of
industry. The rating constraints are partially off-set by
experienced proprietor in the textile industry. Going forward,
the ability of the firm to profitably scale up its operations and
effective working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weakness
Short track record of operations: The firm started with its
commercial operations during August, 2016 and has a relatively
short track record of operations as compared with other
established players.
Obsolescence risk associated with inventory: The apparel sector
is highly dependent on fashion trends, consumer spending habits
as well as economic cycles. At times such fashion trends are
short-lived, resulting into risk of inventory getting obsolete if
it does not meet the taste and preferences of the customers. This
could impact the financial profiles of entity.

Intense competition given the highly fragmented nature of
industry: SSVS operates in highly fragmented industry wherein the
presence of large number of players in the unorganized sector and
organized sectors. There are number of small and regional players
and catering to the same market which has limited the bargaining
power of the firm and has exerted pressure on its margins.

Key rating strengths
Experienced and resourceful promoters: The firm is established by
Mrs Komal Kapoor who is a post graduate and holds a decade of
experience in trading of ladies garments through her association
with Shri Siddi Vinayak Creations Private Limited.

Uttar Pradesh based Shri Sidhi Vinayak Sarees (SSVS) was
established on August 1, 2016, as proprietorship concern by Mrs
Komal Kapoor. The firm is engaged in wholesale trading of ladies
garment mainly Sarees. The firm procures the traded products from
various merchants located in Surat (Gujarat). The firm caters to
the retail Saree shops mainly in the regions of Uttrakhand,
Uttranchal and Uttar Pradesh. It has two sister concerns namely
Shri Siddhi Vinayak Creations Private Limited engaged in trading
of sarees and suits in Bareilly (Uttar Pradesh) and Shri Siddhi
Vinyak Trust which operates paramedical colleges, engineering
colleges and management colleges. In FY17, the firm has achieved
total operating income of INR32.34 crore till February 13, 2017
(based on provisional results).


SHRIRAM EPC: CARE Lowers Rating on INR927.27cr ST Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shriram EPC Limited (SEPC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        739.41      CARE D Revised from
   Facilities                        CARE BB

   Short-term Bank
   Facilities            927.27      CARE D Revised from CARE A4

   Long-term/Short-      57.77       CARE D/CARE D Revised from
   Term Bank Facilities              CARE BB/CARE A4

The ratings assigned to the bank facilities of Shriram EPC
Limited (SEPC), takes into account instances of delays in
servicing debt obligation.

Detailed description of the key rating drivers

Weak financial performance in FY16 and 9MFY17 and Instances of
delays in debt servicing
SEPC was put under Corporate Debt Restructuring (CDR) during
September 2014, with cut-off date of April 1, 2014. The company
reported a PBILDT of INR139 crore on a total income of INR659
crore in FY16. However, due to the leveraged capital structure
and interest cost associated with it, the company reported a net
loss of INR244 crore during FY16 as against a net loss of INR253
crore during FY15. During FY16, there was equity infusion by the
promoters (including conversion of preference share and accrued
interest), conversion of Funded Interest Term Loan (FITL) &
Interest sacrifice to lenders into equity. During 9MFY17, SEPC
has further converted portion of FITL, WCTL and interest
sacrifice to lenders into equity which improved the net worth.

The losses incurred by the company in the last three years have
significantly affected the net-worth of SEPC, notwithstanding
conversion of debt into equity, the capital structure still
remains to be highly leveraged. Being an EPC contractor, the
operations of SEPC are working capital intensive with the project
cycle generally ranging from six months to three years. The
higher receivables position and the delays associated with
implementation of certain projects have increased the pressure on
the cash flow position of the company compounded by the cash
losses incurred in the past three years ended March, 2016. This
has resulting in tight liquidity position of the company and
instance of delays in debt servicing.

SEPC was incorporated in June 2000, after merging companies
engaged in similar businesses, consolidating their operations.
Initially, setup as an EPC contractor to carry out the
construction works of associate entities within the Shriram
group, SEPC has been able to establish its presence in
undertaking jobs for external parties and government/quasi
government entities. SEPC specialises in executing EPC contracts,
providing integrated solutions encompassing design, engineering,
procurement, construction and project management services. The
company's services are primarily spread across municipal
services, process & metallurgy, power and mineral processing
segments. SEPC is a part of the Chennai-based Shriram group,
which has varied business interests.

The company reported a net loss of INR244 crore on a total income
of INR659 crore in FY16 and net loss of INR166 crore on total
operating income of INR312 crore in 9MFY17.


SHUBHAM COTTON: CARE Assigns 'B+' Rating to INR8.90cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shubham Cotton (SC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.90       CARE B+; Stable

The rating assigned to Shubham Cotton (SC) are constrained on the
account of small size of the firm with leveraged capital
structure and moderate debt coverage indicators, low and
fluctuating profitability margins owing to limited value addition
nature of business and susceptibility to fluctuation in the raw
material price. Furthermore, the rating also take into
consideration the working capital intensive nature of operations,
presence in highly competitive and fragmented industry and
susceptibility to adverse changes in government policies related
to prices and export of cotton and partnership nature of
constitution.

However, the rating derives strength from extensive experience of
the promoters with established track record of the firm and
location advantage emanating from proximity to raw material
source.

Going forward, the ability of the firm to increase its scale of
operations with improvement in profitability in light of
fluctuation in raw material prices and capital structure along
with efficient working capital management are the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths
Long track record of firm with wide experience of the promoters:
SC is promoted by Mr. Vijay Agrawal, Mr. Kishorekumar Tayal and
Mr. Puneet Tayal. All partners have an experience of about one
and half decade in agro based industries i.e. cotton ginning &
pressing etc through group entities viz Meenakshi Cotton,
Minakshi Cotton Private Limited etc which has helped them in
conducting smooth operations of SC and maintaining relationship
with its customers and suppliers.

Locational advantage emanating from proximity to raw material:
The manufacturing facility of the firm is located at Vaijapur in
Aurangabad District in Maharashtra. Maharashtra produces around
21% of total cotton production of India. Out of the total
production of Maharashtra, 22.7% is contributed by Marathwada
region. Hence, raw material is available in adequate quantity
also results in lower logistics and labour expenditure. Moreover,
there is robust demand of cotton bales and cotton seeds in the
region due to presence of spinning mills in the region.

Key Rating Weaknesses
Modest scale of operations with low and fluctuating
profitability:

The scale of operations of SC remained modest with fluctuating
income and low capitalization restricting its financial
flexibility and depriving it of benefits of economies of scale.
Furthermore, owing to limited value addition nature of business
and susceptibility to input prices, profit margins of the entity
remained low and fluctuating. Leveraged capital structure and
working capital intensive operations: The capital structure of
the firm remained leveraged on account of higher reliance on
external borrowings to support its increased scale of operations.
Furthermore, the liquidity position of the firm remained moderate
marked by moderate current ratio owing to high inventory holding
as the raw material availability is seasonal in nature leading to
high utilization of working capital limits owing to low creditor
period.

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

Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. Furthermore, the price of raw
cotton is highly volatile in nature and depends upon factors like
area under production, yield for the year, international demand
supply scenario, export quota decided by the government.

Partnership nature of its constitution: Due to the composition of
the concern, it is exposed to the risk of withdrawal of capital
by the partner's as well as long-term existence of business
operations under the concern. Also, this limit assess of the firm
to external borrowings resulting in limited financial
flexibility.

Established in 2006 as partnership firm, Shubham Cotton (SC) is
based in Vaijapur, Maharashtra. SC is primarily engaged in the
business of cotton ginning & pressing and oil extraction at its
manufacturing facility with installed capacity to gin and press
1,54,000 quintals of cotton per annum and to extract 5,180 tons
of oil per annum. The overall operations of SC are looked after
by Mr. Vijay Agarwal, Mr. Kishore Tayal and Mr. Punit Tayal. SC
grades raw cotton and produces cotton seeds and then crushes and
extracts oil from that seed in its oil extraction unit.
Furthermore, SC sells oil to refineries based in Maharashtra and
Gujarat. In the Pressing Division, SC grades raw cotton into pure
cotton and the after pressing it, SC produce cotton bales and
sells it to
spinning mills. SC also manufactures cotton cake from that seed
and sells it in the local market of Maharashtra for cattle feed
purposes.

During FY16, SC achieved revenue of INR34.06 crore reported PAT
of INR0.33 crore.


SMIT DEVELOPERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Smit Developers'
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 action is:

   -- INR70 mil. Term loan migrated to non-cooperating category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 29, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Ahmedabad-based Smit Developers is a
partnership firm engaged in residential real estate development.
The firm has purchased a land parcel to construct residential and
commercial units in Ahmedabad.  The firm is constructing 241
units consisting 231 residential flats and 10 commercial shops,
of which 50 units were sold in the past two years.


SRINIVASA AGRO: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srinivasa Agro
Products' 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 BB-(ISSUER NOT COOPERATING)' on the agency's
website.  The instrument-wise rating actions are:

   -- INR180 mil. Fund-based facility migrated to non-cooperating
      category

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

COMPANY PROFILE

Incorporated in 1991, Srinivasa Agro Products is engaged in
delintering and processing of cotton seed.  The company's 160MTPD
manufacturing facility is located at Guntur, Andhra Pradesh.


SRINIVASA STEEL: CARE Issues 'D; Issuer Not Cooperating' Rating
---------------------------------------------------------------
CARE Ratings has been seeking information from Srinivasa Steel
Products (SSP), to monitor the rating vide e-mail communications
dated August 17, 2016, October 6, 2016, February 1, 2017,
February 21, 2017 and February 25, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm 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 opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on SSP's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.25       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.

Detailed description of the key rating drivers

At the time of last rating in January 18, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing
The firm has been facing stretched liquidity position with cash
flow mismatch resulting in delays in servicing of debt
obligations.

Key Rating Strengths
Experienced promoters with track record of more than a decade in
the iron and steel industry

Mr S Ashok Kumar, Managing Partner has an experience of more than
three decades in the iron and steel industry. The other partners,
Mr. S Sravan Kumar and Mr. Bharat Kumar, have an experience of
around 5 years each in a similar line of business. All the three
partners are actively involved in the day-to-day activities of
the firm.

SSP was established in the year 2007 by Mr. S Ashokumar (Managing
Partner), Mr. Bharat Kumar among other partners.

SSP is engaged in the manufacturing of hot rolled steel stripes,
Electric Resistance Welded (ERW) pipes and other steel structural
products. SSP is specialized in manufacturing of iron and steel
structural products which are used in furniture, racks and
hoardings, etc. SSP sells ERW pipes and structural products to
distributors across India. Raw material comprises steel and iron
which are procured from local suppliers and hot rolled steel
stripes manufactured are used in manufacturing of ERW pipes and
structural products.


SURYA ELECTRICALS: Ind-Ra Migrates BB- Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Surya
Electricals & Engineers 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 BB- (ISSUER NOT
COOPERATING)' on the agency's website.  The instrument-wise
rating actions are:

   -- INR69 mil. Fund-based limit migrated to non-cooperating
      category; and

   -- INR31 mil. Non-fund-based limit migrated to non-cooperating
      category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 13, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SEEPL was formed as a proprietorship firm in 1976 and was
initially manufacturing Hamilton poles.  In 1992, the company
diversified into manufacturing telecom towers for Reliance
Communications Ltd, Phoenix Hitech, Quippo Telecom, etc. In 2008,
it was registered as SEEPL and further diversified into the
fabrication of heavy structures such as columns, girders, truss,
floor beam, insert plates, etc.  The company also exports telecom
towers and high-tension line structures to Nepal, Mauritius and
Kenya. It has a capacity to produce 12,000MT per annum.


TIRUPATI SUGARS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tirupati Sugars
Limited's Long-Term Issuer Rating of 'IND BB+'.  The Outlook was
Stable.  The instrument-wise rating actions are:

   -- INR1.570 bil. Fund-based working capital limit rating
      withdrawn; and

   -- INR434 mil. Term loans rating withdrawn

                        KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the bank loan rating,
based on the receipt of a no-objection certificate from the
lender.  This is consistent with The Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies.  Ind-Ra will no longer provide analytical and rating
coverage for TSL.

COMPANY PROFILE

Tirupati Sugars is a sugar manufacturing unit established in
1936. The company's sugar unit is located in Bagaha, West
Champaran District, Bihar and has a crushing capacity of 7,000
tonnes per day.


V.A. PRODUCTS: CARE Issues 'B; Issuer Not Cooperating' Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from V.A. Products
(VAP) to monitor the ratings vide e-mail communications/ letters
dated April 04, 2017, April 17, 2014 April 18, 2014 and April 19,
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 Palla Silks Private Limited's bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank
   facilities             1.50       CARE B; Issuer Not
                                     Cooperating

   Short term bank
   Facilities             4.50       CARE A4; Issuer Not
                                     Cooperating


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

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operations albeit growth in total operating income
during FY15

VAP's scale of operations has remained small with a modest income
and very low networth base. The firm's operating income grew by
38.73% in FY15 to INR5.01 crore from INR3.61 crore in FY14 mainly
on account of favorable demand and addition of new customers.

Weak capital structure with low capital base
The firm has considerable working capital requirements with high
level of debtors which is predominantly debt funded.

This, along with low net worth base, resulted in high overall
gearing of 6.28x as on March 31, 2015.

Stretched operating cycle

VAP's operating cycle remains significantly stretched at about
200 days mainly on account of elongated collection period of 250
- 300 days as the firm has to extend long credit periods to the
OEMs due to steep competition and low bargaining power. The firm
procures about 70% of its raw material from the local market and
avails credit period of about 90 days from the local suppliers.
However, the firm receives no credit from overseas suppliers.

Foreign currency risk
The firm being an EOU generates about 98% of its revenue from
export markets and imports about 30% of its procurements. Thus,
VAP is exposed to foreign currency risk with no hedging measures
being taken by the firm.

Key Rating Strengths

Experienced partners
VAP is promoted by two partners Mr. J Nandish (Managing Partner)
and Mr. Babu Jayaram. Both the partners have more than two
decades of experience in the engineering industry. Over the past
decade, the firm has developed healthy relations with its
clients.

Healthy operating profit margins, albeit thin PAT margins
The key raw materials used by VAP are mild steel, stainless
steel, brass, copper, and aluminum which constitute around
60% of the total cost of sales during the last three years. The
prices of these raw materials are governed by global demand-
supply dynamics and are highly volatile in nature resulting in
volatile profitability. Notwithstanding the volatility, the
firm's operating margins have been healthy with PBILDT margin of
about 15% - 20%.

Despite healthy PBILDT margin, the firm's PAT margins are very
thin owing to significantly high interest cost with high
level of borrowings.

Incorporated in the year 1994, VAP is a 100% export oriented unit
(EOU) engaged in manufacturing of precision machined components.
The firm's existing range of products includes hollow screws,
spacer rings, round nuts, bushes, bolts, alternator and starter
motor, sockets, sleeves, housings, pins and bushes. The firm's
customers mainly belong to automobile engineering, aerospace, and
other allied engineering industries. VAP has its warehouses in
the U.S.A. and the U.K.; and caters to numerous international as
well as domestic clients spread across America & Europe.


VEDBHUMI BUILDERS: CARE Reaffirms 'D' INR38.94cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vedbhumi Builders and Developers Private Limited (VBDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            38.94       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Vedbhumi Builders
and Developers Private Limited (VBDPL) factors in the delay in
debt service obligations of the term loan facility availed by the
company. Establishing a clear track record of timely debt
servicing with improvement in liquidity position is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in servicing of debt obligations: Due to delay in receipt
of payments from customers due to low demand in the retail real
estate market, liquidity position of the entity remained weak.
The same resulted in various instances of delays in repayment of
principal and interest obligation of the term facility.

Vedbhumi Builders & Developers Private Limited (VBDPL) was
incorporated in 2005 by Mr. Yogesh Chawda & Mr. Vijay Pawar. The
promoters have been involved in the development of residential
and commercial projects in the city of Nagpur and its catchment
areas since over a decade. VBDPL, in the past, has developed one
residential/commercial project 'Bhumi Arcade' which was completed
in June, 2012. The project was residential cum commercial project
comprising of 21 apartments and 25 commercial units with a total
salable area of 69,379 sq.ft and the same has been completely
sold off.

The promoters in their individual capacities have executed 11
projects with total saleable area of 18, 58,175 sq.ft. VBDPL is
currently executing one residential project named 'Vatsalya Bhumi
(VB)' in Nagpur with a total saleable area of 3.71 Lakh Sq.ft. at
the cost of INR97.74 crore. The project was started in June 2012
and was envisaged to be completed by September 2015. However,
given the weak demand situation in the real estate segment, the
scheduled completion date of the project got delayed. The project
comprises of 24 row houses and 224 apartments spread across five
buildings.


VEENDEEP OILTEK: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Veendeep Oiltek
Exports Pvt Ltd's (VOEPL) 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:

   -- INR50 mil. Fund-based limit migrated to non-cooperating
      category; and

   -- INR40 mil. Non-fund-based limit migrated to non-cooperating
      category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 20, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VOEPL manufactures and exports solvent extraction, refinery,
hydrogenation and fractionation plants.



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


CHANDRA ASRI: S&P Revises Outlook to Dev. & Affirms 'B+' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Indonesia-based
petrochemical producer PT Chandra Asri Petrochemical Tbk. to
developing from positive.  At the same time, S&P affirmed its
'B+' long-term corporate credit rating and its 'axBB' long-term
ASEAN regional scale rating on the company.  S&P also revised
upward the stand-alone credit profile (SACP) on Chandra Asri to
'bb-' from 'b+'.

S&P revised the outlook on Chandra Asri to developing from
positive to reflect the uncertain direction of the credit profile
of and leverage at parent company PT Barito Pacific Tbk.
following a major corporate reorganization at Barito Pacific
started at the end of 2016; S&P expects it will be completed
within the next few months.  The higher SACP on Chandra Asri
reflects, on the other hand, further debt reduction, sound
operating cash flows, and a sustainably stronger balance sheet.

The 'bb-' SACP on Chandra Asri reflects the company's reduced
debt following the expansion of its expanded cracker capacity and
steady market conditions.  Chandra Asri's reported debt declined
to about US$385 million as of March 31, 2017, from about
US$550 million in 2015, with cash on hand nearly tripling over
the period to about US$278 million.  At the same time, reported
EBITDA grew to about US$500 million in 2016 (2015: about US$145
million) and reached about US$170 million in the quarter ended
March 31, 2017, amid higher sales volumes and supportive
conditions for naphtha-based petrochemical producers regionally.
Chandra Asri's ratio of debt-to-EBITDA fell below 1x in 2016.

Product spreads in the chemical sector fluctuate rapidly and the
sector has high operating leverage. Current spread levels for
ethylene--a major contributor to Chandra Asri's profits--are also
near all-time highs, thanks to subdued oil and naphtha prices.
While spreads may not be sustainable at this level for an
extended period, S&P still projects Chandra Asri's debt-to-EBITDA
ratio to stay below 1.5x through 2018 even if product spreads
weaken from current levels.  S&P anticipates EBITDA of at least
US$400 million in 2017 and above US$300 million in 2018.  S&P
also believes substantial debt repayment since 2015 has reduced
somewhat the sensitivity of Chandra Asri's cash flow adequacy and
leverage ratios to fluctuating product spreads. Under a mid-cycle
spread environment, S&P believes the company could generate at
least US$175 million in EBITDA (translating into a debt-to-EBITDA
ratio of about 2.5x), given its capacity is about 40% greater
than during the last down cycle in 2012 and it has somewhat
better product integration.  S&P therefore revised upward its
financial risk profile assessment on the company to significant
from aggressive previously.

S&P has historically considered that Chandra Asri and Barito
Pacific, its majority shareholder, have similar credit profiles.
This is because Chandra Asri historically represented more than
90% of its parent's assets, debt, revenues, and EBITDA.  With
limited leverage and immaterial activities on its own, Barito
Pacific's consolidated cash flow adequacy ratios were broadly
consistent to those of Chandra Asri.  S&P had assessed Barito
Pacific's consolidated group credit profile as 'b+'.

At the end of 2016, Barito Pacific initiated a major
reorganization of its operations.  That reorganization entailed
the purchase of Indonesia-based geothermal power and oil and gas
producer Star Energy, a sister company to Chandra Asri owned by
the ultimate shareholder of Barito Pacific.  The purchase price
that Barito Pacific paid was not disclosed.  S&P understands that
the transaction has not yet closed, with a number of
considerations related to corporate structure and funding still
pending and not publicly disclosed.  Given Barito Pacific is
listed on the Jakarta Stock Exchange, S&P believes the financial
statements of Barito Pacific's corporate actions will reflect its
recent corporate reorganization upon the transaction's closure.
But this may take a few more months.

At this stage, S&P is uncertain about the implications of the
Star Energy acquisition for Barito Pacific's asset base, debt,
revenues, pro forma profits, and, ultimately, its leverage and
cash flow adequacy ratios.  S&P believes consolidated leverage is
likely to increase as the group will now consolidate debt from
Chandra Asri (about US$385 million as of March 31, 2017),
acquisition-related debt, and, depending on the structure,
potentially the debt at Star Energy (which had, until recently,
debt including a US$350 million bond).  S&P estimates that
reported debt at Barito Pacific already increased to about
US$685 million for the quarter ended March 31, 2017, from about
US$537 million as of Dec. 31, 2017.  S&P also notes that a
consortium led by Star Energy signed a sale and purchase
agreement to buy certain assets of oil and gas major Chevron,
with potential further implications for Star Energy's own balance
sheet and that of Barito Pacific indirectly.  However, the
acquired assets are generally income producing and will add to
Barito Pacific's consolidated EBITDA and cash flows.

S&P believes the pro forma group credit profile of Barito Pacific
could therefore remain unchanged at 'b+', be stronger or weaker
upon transaction completion, depending on the ultimate corporate
structure and funding profile.  A consolidated ratio of debt to
EBITDA below 3.0x could be indicative of a 'bb-' group credit
profile, pending further analysis of the stability of Star
Energy's operations and the group's liquidity management.  On the
other hand, a consolidated ratio of debt to EBITDA above 3.5x, or
an unfavorable debt maturity schedule post transaction closure
could be indicative of a 'b+' group credit profile or lower,
noting residual volatility in consolidated performance given
sizable petrochemical operations.

S&P views Chandra Asri as a core and non-insulated member of
Barito Pacific given its major, though somewhat diluted,
contribution to group earnings post transaction, main strategic
pillar for the group, record of support between Chandra Asri and
Barito Pacific, and group control.  As a result, the rating on
Chandra Asri remains constrained by S&P's current assessment of
group credit profile at 'b+'.

The developing outlook on Chandra Asri reflects the uncertain
direction of the credit profile and balance sheet strength of
Barito Pacific when the group's corporate reorganization is
completed.

S&P may revise the outlook to stable or lower the rating on
Chandra Asri if S&P assess the consolidated credit profile of
Barito Pacific as having substantially weakened.  This could
materialize if one or more of these occurs:

   -- S&P assess Barito Pacific's cash flow adequacy and leverage
      ratios as having substantially weakened post completion of
      the group corporate reorganization, with a consolidated
      ratio of debt to EBITDA exceeding 3.5x with no prospect of
      near-term improvement;

   -- The group fails to maintain ample liquidity or its debt
      maturity profile is concentrated, leading to persistent
      refinancing risks; or Chandra Asri's own operations
      deteriorate materially from current levels because of a
      sharp and sudden decline in product spreads or much higher
      spending than S&P anticipates, diminishing the profit-
      generation capacity of the group as a whole.

S&P may lower Chandra Asri's SACP to 'b+' if the company embarks
in near-term and large-scale greenfield projects or its product
spreads decline sharply such that its debt-to-EBITDA ratio
exceeds 3.5x with no near-term prospect of recovery.  S&P views
this situation as unlikely over the next 12 months, given its
forecasts of subdued oil and naphtha prices, steady product
spreads and EBITDA.

S&P may raise the ratings on Chandra Asri if S&P assess the
consolidated credit profile and balance sheet of Barito Pacific
to be commensurate with at least a 'bb-' level, with a
consolidated debt-to-EBITDA ratio sustainably below 3.0x after
the company reorganization.  A higher credit profile at Barito
Pacific would also be contingent upon the group demonstrating and
maintaining ample liquidity and proactively lengthening its debt
maturity profile within the group.

A higher SACP at Chandra Asri is unlikely over the next 12-24
months, given the company's structural exposure to industry risks
in the petrochemical sector, volatile product spreads, high
operating leverage, and moderate scale compared with higher-rated
peers regionally and globally.  A 'bb' SACP would require larger
scale, broader product diversity, a permanently reduced
sensitivity to fluctuations in product spreads through enhanced
integration and greater economies of scale, while maintaining a
debt-to-EBITDA ratio below 2.0x through a product spread cycle.



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


TOSHIBA CORP: May Seek Buyers for Westinghouse Starting This Fall
-----------------------------------------------------------------
Bloomberg News reports that Toshiba Corp. could begin the process
to sell a majority stake in Westinghouse Electric this fall as
the U.S. company makes its way through a bankruptcy proceeding,
according to Mark Marano, Westinghouse's chief operating officer.

Bloomberg relates that Tokyo-based Toshiba has "signaled pretty
clearly to the market" that it wants to divest a majority stake
in Westinghouse, Mr. Marano said in an interview at the Nuclear
Energy Assembly in Scottsdale, Arizona, on May 12. Toshiba put
Westinghouse into bankruptcy in the U.S. on March 29 and has
since warned it may not be able to continue as a going concern
because of the losses from the business, Bloomberg says.

According to Bloomberg, Toshiba President Satoshi Tsunakawa has
said the company may sell the unit, which has been hit with
billions of dollars in losses from cost overruns on nuclear
projects. Possible bidders may come from China or South Korea,
which are developing their own reactors for export, according to
analysts and academics, Bloomberg says. Private equity firms are
also among potential suitors. Apollo Global Management won a
bidding war to lend Westinghouse $800 million to fund operations
as it tries to reorganize.

The process of selling Toshiba's Westinghouse stake "may
materialize into the fall, once we get further along in the
Chapter 11 process," Mr. Marano, as cited by Bloomberg, said. "At
which point in time they may engage in a formal process to
potentially seek new ownership for us."

Westinghouse expects to file a business plan in bankruptcy court
and with a debtor in possession financing committee led by Apollo
in July, David Howell, Westinghouse's president of Americas
region, said in a separate interview at the conference, Bloomberg
relays.  The company expects approval of the plan "some months
after," he said.

                          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.


TOSHIBA CORP: Western Digital offers JPY2 Trillion for Chip Unit
----------------------------------------------------------------
The Japan Times reports that Western Digital has offered
JPY2 trillion ($17.8 billion) to buy Toshiba Corp's chip unit put
up for sale by the embattled Japanese conglomerate, sources said
on May 24.

Western Digital Chief Executive Officer Steve Milligan and
Toshiba President Satoshi Tsunakawa held talks on May 24 over the
potential acquisition, the report says. Toshiba is believed to
have expressed reluctance to accept the plan.

According to the Japan Times, sources said Western Digital is
planning to put up JPY1.5 trillion through convertible preferred
shares, while asking the state-backed turnaround fund Innovation
Network Corp. of Japan and the state-owned Development Bank of
Japan to provide close to JPY500 billion for common equities.

The U.S. company will then acquire Toshiba Memory through a
special purpose company and take up the common stock several
years later, they said, The Japan Times relates.

However, Western Digital's plan could prolong antitrust
examinations and cause an ill-timed delay for Toshiba, whose
survival relies on the sale of the flash memory business, the
report notes.

The Japan Times says Toshiba is looking to raise at least JPY2
trillion by selling a majority stake in Toshiba Memory, the
world's second-largest producer of NAND flash memory chips after
South Korea's Samsung Electronics. The chips are used in devices
such as smartphones.

Potential buyers of the chip business include U.S. investment
fund Kohlberg Kravis Roberts, U.S. fund Bain Capital and Taiwan's
Hon Hai Precision Industry, which bought Japanese display maker
Sharp, the report discloses.

Hon Hai has reportedly offered JPY3 trillion for the chip
business, Japan Times notes.

                          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.



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


SEADRAGON LIMITED: Confirms 2017 Full-Year Loss Will Widen
----------------------------------------------------------
Tina Morrison at BusinessDesk reports that SeaDragon confirmed
its 2017 annual loss would widen, in line with its previous
guidance.

BusinessDesk relates that the Nelson-based fish oil refiner said
its management and auditors are currently working through the
year-end audit process, and it expects to report a loss of NZ$4.3
million to NZ$4.5 million on a normalised earnings before
interest, tax, depreciation and amortisation basis, versus a 2016
loss of NZ$400,000. That's in line with its previous guidance
released March 1.

The company said the earnings for the year ended March 31 will be
released on or before May 31, BusinessDesk relays.

SeaDragon has previously attributed the loss to the length of
time it has taken to transition from its legacy Omega-2 business
to Omega-3 fish oil produced by its new refinery, BusinessDesk
notes.

SeaDragon Limited -- http://www.seadragon.co.nz/-- is engaged in
the manufacture of refined fish oils. The Company is a producer
of refined New Zealand fish oils, which are suitable for human
consumption. The Company's products include Omega-2 and Omega-3.
The Company's Omega-2 product can be sourced from either animal
or vegetable sources and is primarily used in the cosmetics,
nutraceutical and pharmaceutical industries and also in high-
grade lubrication and fiber coating. The Company produces over 80
tons of Omega-3 finished product from a range of species,
including approximately 60 tons from the new refinery. The
Company exports its products to various countries, which include
Australia, South East and North Asia, Japan, the European Union,
China, the United States and Canada. The Company's subsidiaries
include Omega 3 New Zealand Limited and SeaDragon Marine Oils
Limited, which are engaged in marine oil blending activities.



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


RB OF BAROTAC: PDIC Resumes Deposit Insurance, Liquidation Ops
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced the
immediate resumption of its deposit insurance and liquidation
operations in the closed Rural Bank of Barotac Viejo (Iloilo),
Inc. (RB Barotac Viejo) following the expiration on May 20, 2017
of the Temporary Restraining Order (TRO) and/or Status Quo Ante
Order (SQAO). Upon the application of Ramon Tugbang and Patrick
Tugbang, majority stockholders of RB Barotac Viejo, the Court of
Appeals 19th Division in Cebu City issued the TRO/SQAO on March
13, 2017 effective for a period of 60 days that suspended PDIC's
deposit insurance and liquidation operations in the closed bank.

RB Barotac Viejo depositors may now receive and claim their
insured deposits.

In line with this, PDIC has advised the Philippine Postal
Corporation (PPC) and its local post offices to immediately
resume the delivery of the PPC-Money Order Service (PPC-MOS)
checks representing deposit insurance payments for depositors
whose valid deposits of PHP100,000 and below are eligible for
this mode of deposit insurance payment. Eligible for PPC-MOS
check payments are depositors who have no outstanding loans with
the closed RB Barotac Viejo, and who have complete mailing
address in the bank records or updated this information through
the PDIC Mailing Address Update Form (MAUF). PPC-MOS checks
amounting to PHP15,000 and below may be encashed with the
depositors' respective local post offices or Land Bank of the
Philippines branches.

Depositors may also file their claims either personally at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City, or by mail
addressed to the PDIC Public Assistance Department (PAD), 6th
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City.

When filing deposit insurance claims either personally at the PAD
or thru mail, depositors are required to submit their original
evidence of deposit and present one (1) valid photo-bearing ID
with signature of the depositor. It is recommended, however, to
bring at least two (2) valid IDs in case of discrepancies in
signature.

The procedures and requirements for filing deposit insurance
claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC likewise reminded creditors of RB Barotac Viejo that the
prescriptive date for filing claims against the bank's assets was
suspended during the time the TRO/SQAO was in effect. Given that
the TRO/SQAO has expired, RB Barotac Viejo creditors may now file
their claims against the bank's assets until July 11, 2017.
Claims may be filed personally at the bank premises not later
than June 8, 2017 or at the PDIC Public Assistance Center at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, Monday to Friday, 8:00 AM to 5:00 PM until
July 11, 2017. Claim Form against the bank's assets may also be
filed until July 11, 2017 through mail addressed to the PDIC
Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City.

Sample Claim Forms may be downloaded from the PDIC website:

Claim Form for Deposit Insurance at:

http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf

Claim Form Against the Bank's Assets at

http://www.pdic.gov.ph/files/Approved%20Claim%20Form%20Against%20
Assets.pdf

In addition, all depositors who have outstanding loans with or
payables to RB Barotac Viejo have to coordinate with the duly
authorized PDIC Loans Officer prior to the settlement of their
deposit insurance claim.

RB Barotac Viejo was ordered closed by the Monetary Board through
Resolution No. 284.A dated February 23, 2017. It is a two-unit
rural bank with Head Office located along Zulueta Drive, Brgy.
Poblacion, Barotac Viejo, Iloilo. Its lone branch is located in
Concepcion, Iloilo.

For more information, depositors, creditors and borrowers of RB
Barotac Viejo may contact the Public Assistance Department at
telephone numbers (02) 841-4630 to 31, or e-mail PDIC at
pad@pdic.gov.ph Depositors outside Metro Manila may call the PDIC
Toll Free Hotline at 1-800-1-888-PDIC (7342).



                             *********

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

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

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


                            *********


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

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

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

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

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



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